UK’s temporary 2% DST likely to remain beyond 2024 as global deal stalls; Parliament wary this will encourage aggressive tax planning UK MP’s at the Public Accounts Committee (PAC) have been reviewing the UK’s temporary Digital Services Tax – a 2% turnover tax on search
2023 budget restates aim to review VAT treatment of banking, fintech and insurance In yesterday’s annual Budget, the UK Chancellor confirmed ongoing work to review the current VAT exemption for financial services. In addition to Value Added Tax, this will cover Insurance Premium Taxes which
Northern Ireland Protocol replacement removes most customs controls; gives back many reduced VAT and excise rates powers to UK; and introduces ‘Stormont Brake’ to Northern Ireland Assembly to block EU rules changes in the province The UK and EU have agreed today the Windsor Framework to replace
UK may gain more powers over goods VAT rate setting under Northern Ireland Brexit renegotiation The UK government and EU are in advanced discussions to renegotiate the Northern Ireland Protocol. This is the Brexit settlement alongside the UK-EU Withdrawal Agreement that gave the province a
HM Treasury – how proposed EU ViDA overlaps and complicates Northern Ireland’s post-Brexit position in EU VAT regime for goods The UK’s HM Treasury has issued a policy paper discussing how elements of the EU’s proposed VAT in the Digital Age (‘ViDA’) reforms may affect goods
New penalties and interest regime for VAT return periods beginning 1 January 2023 The new UK VAT penalties regime for late returns and payments is now in place, with a system of penalty points that can build towards an eventual fines. This has replaced the
HMRC confirms reporting thresholds for goods moving between EU and Northern Ireland will remain unchanged for 2023 The Northern Ireland to EU Intrastat thresholds for 2023 will remain at the 2022 levels of: £500,000 for arrivals £250,000 for dispatches The delivery terms threshold remains at
UK Treasury abandons 2% Online Sales Tax on e-commerce goods and services In the latest Autumn Statement, the UK confirmed that it will stop its review of a potential online sales tax. Following consultations with industry, it was considered the tax on e-commerce would be
