VAT recovery for financial services exports in a no deal scenario
The government will allow companies to reclaim VAT on supplies of certain financial services (made to the EU 27 in the event that the UK withdraws from the EU with no deal.
The legislation allowing this has been laid today and is available here.
This will bring the VAT treatment of such supplies to EU customers into line with the treatment that applies to supplies made to customers in the rest of the world. It will also ensure that UK companies compete for business in the EU on an even footing with companies in other non-EU countries.
This legislation provides for a situation where the UK withdraws from the EU without a deal. If a deal is agreed, the legislation will not be enacted and the current VAT treatment will continue throughout the implementation period set out in the Withdrawal Agreement.
Latest News from
Plan for Jobs: Chancellor increases financial support for businesses and workers23/10/2020 08:20:00
The government yesterday announced it will significantly increase the generosity and reach of its winter support schemes to ensure livelihoods and jobs across the UK continue to be protected in the difficult months to come, supporting jobs and helping to contain the virus.
Spending Review to conclude late November22/10/2020 15:20:00
The Chancellor has decided to conduct a one-year Spending Review in order to prioritise the response to Covid-19, and our focus on supporting jobs.
Financial Services Bill introduced today21/10/2020 16:25:00
A new Bill designed to ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage will be introduced to Parliament today (21 October 2020).
Stamp duty holiday continues to help hundreds of thousands of jobs after further 21.3% boost in September21/10/2020 13:33:00
House sales rose by 21.3% in September following the introduction of the stamp duty holiday – helping to protect hundreds of thousands of jobs in the housing sector and wider supply chain, new figures revealed today.
New 'Diversity Built Britain' coin unveiled19/10/2020 11:10:00
A new coin to mark the profound contribution minority communities have made to the shared history of the United Kingdom will enter circulation next week.
UK Government helps more than 79,000 businesses in Scotland16/10/2020 15:20:00
Businesses in Scotland have benefited from more than £2.9 billion of UK Government support to protect and support jobs across the country.
£500 million Film and TV Production Restart Scheme officially opens from today16/10/2020 14:45:00
£500 million scheme to cover Covid-related insurance costs formally launches for registrations.
Covid support for Welsh businesses - Job Support Scheme expanded16/10/2020 12:34:00
Welsh Secretary welcomes the expansion of the UK Government’s Job Support Scheme.