Brexit: Implications for tax

Brexit: Implications for tax

The impact on foreign companies.

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Partner and Brexit Tax & Location Lead

KPMG in the UK

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Tax

Fiscal matters lie at the heart of the EU and Brexit will have potentially significant implications for multinationals doing business with the UK. Tim Sarson, Tax Partner, KPMG in the UK, explains why, from a tax perspective, these companies will need to consider the following three areas in particular: customs, VAT and corporation tax.

Highlights 

  • Companies could face import VAT on goods entering the EU from the UK and vice versa
  • By 2020 the UK will have the lowest corporation tax rate in the G20 at 17 percent
  • The UK may now be able to negotiate free trade agreements on potentially even more favourable terms than previously.
  • Brexit will restore the UK’s right to alter its VAT after four decades of harmonisation inside the EU.

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