This article looks at the value-added tax (VAT) and customs consequences of Brexit (the withdrawal of the U.K. from the EU) on call-off stock arrangements and returns of goods. It aims to analyze the effect on businesses which have transferred their goods on call-off basis to the EU or the U.K. before the end of the Brexit transition period on December 31, 2020.
An overview is provided of changes and transitional measures applicable to call-off stock arrangements which fell under the EU simplification before the end of the Brexit transition period. The article also looks at the rules applicable to returns of goods after Brexit.
Source Bloombergtax
Latest Posts in "United Kingdom"
- UK Supreme Court Rules VAT Applicable on Success Fees After Exit from VAT Group
- JPMorgan Chase Bank NA v HMRC: VAT Dispute on Intra-group Service Taxability, Appeal Dismissed
- UK Considers VAT Cut on Domestic Fuel: Targeted Relief or Broad Measure?
- Supreme Court Clarifies VAT Grouping and Time of Supply Rules in Prudential Assurance Case
- Guernsey Seeks Companies to Support New GST Administration, Tender Deadline Approaches
