Tighter offshore trust and tax regulation in budget says RSM
By Tom Carnegie, 14 Nov 17
A potentially misconceived public perception of offshore trusts and tax law is putting pressure on chancellor Philip Hammond to further tighten regulations in the upcoming UK budget, according to experts from consulting firm RSM.
VAT and indirect taxes
RSM says it is confidant a post-Brexit UK customs bill will be outlined in the budget as the European Union withdrawal bill cannot be used to impose or increase taxation.
They believe new legislation, mainly based on the European Union Custom Code, will be put forward which will give the UK the power to:
- Charge customs duty on goods.
- Define how goods will be classified.
- Set and vary the rates of customs duty and any quotas.
- Set out the rules governing how HMRC will collect and enforce the taxes and duties owed.
The proposed legislation will also allow the VAT to excise systems to continue to function by giving the government the flexibility to deal with VAT on movements of goods and services between the UK and the EU.
Tags: Brexit | Budget | Paradise Papers | VAT | Wills And Trusts
