Tax planning is going to be difficult in the immediate aftermath of the vote, but “we can be sure that there will be no major tax changes without legislative process and announcement”, comforted Kevin Conway, a partner in the London office of US firm King & Spalding.
In addition, Brexit is likely to result in the UK government having increased discretion over the structure of a sales tax system, as it will no longer be bound by the EU’s VAT directive. According to Adam Craggs, a partner at RPC, a City law firm, that means ministers could vary the rates and the types of goods and services subject to VAT.
“It could now,” said Craggs, “set its own lower tariffs and determine the type of goods and services subject to each. However, UK businesses transacting with suppliers or customers in EU member states are likely to face increased administrative costs if they have to apply different rates.”
DNDLAW Solicitors
Donnelly Neary & Donnelly offer a full range of legal services including Conveyancing Tax Commercial Criminal Family Law Divorce Wills Probate Immigration Notary Public from offices in Newry Castlewellan Dublin Portadown serving all of County Down Armagh and Belfast
For more information visit our offices or telephone 028 30264611
Our website is www.dndlaw.com & www.notaryni.co.uk
Offices at
1 Downshire Road Newry County Down BT34 1ED
21 Deans Court Christchurch Dublin 8
31 Main Street Castlewellan County Down
17/19 Church Street Portadown County Armagh
Facebook https://www.facebook.com/Donnelly-Neary-Donnelly-Solicitors-149619965051500/info?tab=overview
Twitter @kevinneary
DNDLAW
