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Brexit may be expensive for Scottish businesses

29 November 2016
Issue: 4578 / Categories: News

CIOT warns of the tax implications on leaving the EU.

The tax implications for Scotland of leaving the EU are ‘detailed and complex’ and could have significant consequences for businesses and taxpayers there warns the Chartered Institute of Taxation (CIOT).

It was responding to a call for evidence issued by the Economy Jobs and Fair Work Committee of the Scottish Parliament to support an inquiry into the economic impact on Scotland of the UK leaving the EU.

The institute suggested it may cause workers to pay social security contributions in more than one country. Although EU regulations prevent this now people who move between the UK and other member states for work after leaving risk having to double their social security contributions because bilateral social security treaties with other nations are limited.

The CIOT also said that the UK would need to decide on whether to introduce new legislation to impose duties on imports from EU member states....

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