Financial Services: VAT

Treasury written question – answered on 19th September 2018.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask Her Majesty's Government what plans they have, if any, to recover any VAT tax receipts from City businesses lost in the event of a no-deal Brexit; and what estimate they have made of the amount of any such loss.

Photo of Lord Bates Lord Bates The Minister of State, Department for International Development

It is our duty as a responsible Government to prepare for all possible outcomes of negotiations with the EU, including the unlikely scenario in which no mutually satisfactory agreement can be reached. This is why the Government will continue to publish a series of Technical Notices to help businesses and citizens prepare in the event of a ‘no deal’ scenario. However, the Government does not want, nor expect, this scenario to arise.

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