OPINION | Tax Policy
Stephen Herring, Head of Taxation at the Institute of Directors, picks his top five tax
concerns as the UK prepares to leave the European Union
High Five
L
ittle attention has been given to the taxation implications of the UK’s exit from the European Union, which we presume will happen in 2019. The only area
which has received significant national media coverage has been customs duties. There’s been widespread discussion of the risk of duties being imposed by the EU27 upon imports from the UK post-Brexit and conversely, the chance of eliminating or reducing many of the thousands of customs tariffs currently imposed by the European Union upon goods imported into the UK.
24 DIRECTOR OF FINANCE There are certainly more than five
taxation areas which Theresa May’s government will need to address in the coming months and years, as the UK negotiates its exit from the European Union. I have selected my five areas below but each finance director will have their own priorities, depending on their business. Other tax commenters will no doubt highlight other technical options I should have included. The formal negotiations leading up to
Brexit will, of course, involve both issues and opportunities. Wherever you stood before
the referendum, everyone should accept this now. Perhaps understandably, as most tax advisers (generally being lawyers, accountants or both!) are pessimists by inclination, there is oſten a preference for accentuating the negative and finding a cloud around every silver lining. The current government has committed
itself to re-establishing the UK’s position as the most attractive tax regime for both entrepreneurs and foreign direct investment by multinational companies. These focuses are complementary; there is no need to choose between
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