The CIOT, ICAEW and ICAS have published a factsheet summarising the Taxation (Cross-border Trade) Act 2018, which received Royal Assent on 13 September.
The factsheet describes the Act as setting out the government’s ‘baseline’ position, preparing the ground for a customs regime that can apply assuming that there is no deal with the EU and the UK’s trading arrangements will operate under WTO rules. Any trade agreements reached with the EU or third countries will be an improvement on this baseline position.
With the precise outcomes remaining highly uncertain, the professional bodies advise businesses to plan on the basis that this regime will be the one that applies in April 2019.
Acknowledging the changing nature of Brexit legislation, the factsheet notes: ‘it is entirely possible that new legislation may be introduced to amend/repeal some or all of the Act’.
This is the first in what is intended to be a series of factsheets about Brexit. See https://bit.ly/2zRTvIW.
The CIOT, ICAEW and ICAS have published a factsheet summarising the Taxation (Cross-border Trade) Act 2018, which received Royal Assent on 13 September.
The factsheet describes the Act as setting out the government’s ‘baseline’ position, preparing the ground for a customs regime that can apply assuming that there is no deal with the EU and the UK’s trading arrangements will operate under WTO rules. Any trade agreements reached with the EU or third countries will be an improvement on this baseline position.
With the precise outcomes remaining highly uncertain, the professional bodies advise businesses to plan on the basis that this regime will be the one that applies in April 2019.
Acknowledging the changing nature of Brexit legislation, the factsheet notes: ‘it is entirely possible that new legislation may be introduced to amend/repeal some or all of the Act’.
This is the first in what is intended to be a series of factsheets about Brexit. See https://bit.ly/2zRTvIW.
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