Commentary

V1.314 Brexit—postponed accounting, import VAT on parcels and recovery of overseas VAT

Part V1 General principles and rates of tax

V1.314 Brexit—postponed accounting, import VAT on parcels and recovery of overseas VAT

Brexit—returns, payments and repayments

V1.314 Brexit—postponed accounting, import VAT on parcels and recovery of overseas VAT

This paragraph details the possible impact of Brexit in the field of returns, payments and repayments. Specifically it considers:

  1.  

    •     postponed accounting

  2.  

    •     accounting for acquisition tax

  3.  

    •     import VAT on parcels

  4.  

    •     recovery of VAT in EU member states

For an overview of the VAT implications of Brexit more broadly, see V1.301.

Brexit—postponed accounting for imports and accounting for acquisition tax

The abolition of acquisition VAT (see V1.308) could have had an important cash-flow impact on businesses in Great Britain importing goods from the

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