LONDON (Reuters) - Britain will prepare to implement a customs, sales tax and excise regime that could operate in the event that no deal is reached with the European Union on its future trading relationships, the government said on Monday.
The government document on plans for customs and trade said Britain believed it was prudent to prepare for every possible outcome and had set out its plans in a new piece of legislation.
“Therefore, the paper covers provisions for the implementation of customs, VAT (Value Added Tax) and excise regimes in the event that no deal is reached, and sets out the steps the government would take to minimize disruption for businesses and travelers,” the government said.
“It also enables the UK to prepare for a range of negotiated outcomes including an implementation period.”
Reporting by Elizabeth Piper and Kate Holton; editing by Michael Holden