HMRC has published the third edition of its no-deal Brexit impact assessment, relating to customs, VAT and excise regulations made under the Taxation (Cross-border Trade) Act 2018 and the EU Withdrawal Act 2018.
The first edition was published in December 2018 covering regulations laid in November 2018, with a second edition released in February 2019 to include regulations laid in January. The third edition includes the impacts of regulations laid before Parliament in February, March and September 2019. Most of these regulations will come into force on exit day, should the UK leave the EU without a deal.
HMRC’s current estimate of the total ongoing administrative burden on UK-EU trade is £15bn a year. World Bank analysis of trade statistics suggests costs of completing customs declarations are broadly similar in the EU and the UK.
The impact assessment notes that to understand the impact on UK-EU trade, it is necessary to consider costs on both sides of the border, as costs imposed on UK or EU businesses will have wider implications for supply chains, and therefore for consumers and businesses in either market.
See HMRC impact assessment for the movement of goods if the UK leaves the EU without a deal, http://bit.ly/31ZLTQa.
HMRC has published the third edition of its no-deal Brexit impact assessment, relating to customs, VAT and excise regulations made under the Taxation (Cross-border Trade) Act 2018 and the EU Withdrawal Act 2018.
The first edition was published in December 2018 covering regulations laid in November 2018, with a second edition released in February 2019 to include regulations laid in January. The third edition includes the impacts of regulations laid before Parliament in February, March and September 2019. Most of these regulations will come into force on exit day, should the UK leave the EU without a deal.
HMRC’s current estimate of the total ongoing administrative burden on UK-EU trade is £15bn a year. World Bank analysis of trade statistics suggests costs of completing customs declarations are broadly similar in the EU and the UK.
The impact assessment notes that to understand the impact on UK-EU trade, it is necessary to consider costs on both sides of the border, as costs imposed on UK or EU businesses will have wider implications for supply chains, and therefore for consumers and businesses in either market.
See HMRC impact assessment for the movement of goods if the UK leaves the EU without a deal, http://bit.ly/31ZLTQa.
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