In preparation for the possibility of the UK leaving the EU without a Withdrawal Agreement, the Government has published a collection of documents outlining what a “no deal” Brexit could mean.
They have stated: “The government does not want or expect a no deal scenario. However, it is the duty of a responsible government to prepare for a range of potential outcomes, including the unlikely event of no deal. In the event of leaving the EU without a deal, legislation will be necessary to ensure the UK’s Customs, VAT and Excise regimes function as intended after the UK leaves the EU and so, on a contingency basis, HM Treasury and HM Revenue and Customs will lay a number of Statutory Instruments (SIs) under the Taxation (Cross-border Trade) Act 2018 (TCTA) and the EU Withdrawal Act 2018 (EUWA).”
As events unfold in the rundown to 29 March, please reach out to us for help to understand how it may impact your business.