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What VAT might look like after Brexit.
KEY POINTS
- VAT is an EU-wide tax supported by 40 years of legislation and jurisprudence.
- If sovereignty is to be regained why should EU law continue to apply?
- VAT could be used as a social planning tool and to give preference to specific business sectors.
- The loss of the refund procedure could add to VAT compliance burdens.
- Would an overstretched HMRC be able to deal with significant changes to the VAT regime?
Following the outcome of the EU referendum much has been said about the possible implications for direct tax such as the loss of the use of the Parent-Subsidiary Directive and the Interest and Royalties Directive. There has been little commentary on what this means for VAT – the EU-wide tax that each member state...
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