The Taxation (Cross Border Trade) Bill, which effectively commits the UK to a separate VAT scheme from the EU, last week cleared the House of Commons. It is one of a series of Brexit Bills proposed by the Government.
A new system, independent of the EU, presents both challenges, but also great opportunities for the sector. A move away from the EU system, for example, presents an opportunity to reassess the existing 20% VAT on restoration work and materials.
The Bill now moves on to the House of Lords.