UK legislates for stand-alone customs regime and VAT changes

A bill to lay the foundations for a stand-alone, post-Brexit customs regime will help ensure “that goods can move smoothly and safely in and out of the UK, and that everyone pays the right tax,” the government said, a week after a parliamentary committee warned that failure to establish a Brexit-ready system would be catastrophic.

The 170-page taxation (cross-border trade) bill, formerly known as the customs bill, will allow the UK to set and collect its own duty on goods entering the country and to implement different outcomes of the Brexit negotiations, including an implementation period, HM Treasury and the Department for International Trade said in a joint release on November 21.

My news story for Tax Analysts, November 23 (paywall)