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 to Mandate E-Invoicing for VAT by 2029: Gradual Rollout Planned
- TUC Leader Urges Closer EU Ties, Including Customs Union, to Boost UK Economy and Living Standards
- Navigating Cross-Border VAT: Compliance Essentials for Gibraltar’s Digital Economy and B2B/B2C Risks
- UK Supreme Court Rules on VAT Deductibility for Professional Fees in Share Sale Transactions
- UK Tribunal Rules Personalized Book Services VAT-Exempt as Primary Supply is Book Production
