A no-deal Brexit cannot be “managed” and is “certainly not desirable,” said Carolyn Fairbairn, Confederation of British Industry director general, as business leaders expressed frustration over the continued political impasse.
“The responsibility to ensure an orderly exit is now in Parliament’s hands. Each MP is democratically chosen to safeguard the security and prosperity of our country. And next week they face a test. If they meet it with yet more brinkmanship, the whole country could face a no-deal, disorderly Brexit. The economic consequences would be profound, widespread, and lasting,” Fairbairn told a business audience in Bristol January 11…
My news story for Tax Notes (paywall), published January 12:
U.K. Business Leaders Vent Frustration Ahead of Brexit Vote
Other stories published in week of January 7:
Labour Leader Prioritizes Election and a New Brexit Deal
MPs Vote to Tighten Grip on Brexit Process
‘Stormont Lock’ Fails to Win DUP Support for Brexit Backstop
The UK Parliament’s vote to restrict a new Treasury power to make tax regulations shows its determination to prevent a “chaotic and damaging” no-deal Brexit, said Labour member of Parliament Yvette Cooper. My news story (paywall) for Tax Notes, January 9:
May Urged to Rule Out No-Deal Brexit After Finance Bill Defeat
Brexit dominates the political agenda, but it is by no means the only issue on tax professionals’ minds. Some of the challenges facing tax advisers were addressed by the House of Lords economic affairs committee in December. The committee’s report is essential reading for policymakers.
Concerns expresses by nine tax specialists in my article for a Tolley Tax supplement (not available online) to the January 2019 edition of Tax Adviser included the complexity of tax law, the impact of automation, the quality of HMRC’s service, and the department’s approach to avoidance and evasion.
Prime Minister Theresa May continued to seek reassurances from European leaders about the EU withdrawal agreement as it emerged that most members of her own party would favour a no-deal Brexit.
Three-quarters of respondents in a survey of 1,215 Conservative Party activists said they regarded as “exaggerated or invented” warnings that a no-deal Brexit could cause severe short-term disruption, such as shortages of food and medicines. My news story (paywall) for Tax Notes, January 7:
May Suffers Setback as Conservatives Back No-Deal Brexit
HM Revenue & Customs is seeking feedback on existing processes for amending tax returns, as the January 31 self-assessment deadline approaches with more than 5.5 million returns outstanding.
My news story (paywall) for Tax Notes, January 3:
HMRC Consults on Tax Return Processes as Deadline Approaches