Tag: HM Revenue and Customs

From George Osborne, the Evening Standard editor and former Conservative chancellor (@George_Osborne) What a bargain this is all turning out to be .... BBC News - Brexit: Technology-based customs system 'could cost £20bn' https://t.co/W6ICo5eE47 From the FT’s Jim Pickard (@PickardJE) Chief executive of HMRC thinks "max fac" could cost companies up to £200bn over a decade: yet Eurosceptic Tory MPs still believe they are *pro business* https://t.co/b7ySOyjQs6 pic.twitter.com/Pja40dFjjT From Hugh Bennett, deputy editor of BrexitCentral (@HughRBennett) HMRC offers hypothetical figure of £17-£20bn cost of customsIn the real world, former Swiss Foreign Secretary Prof Michael Ambuhl says the cost of customs is 0.1% of the value of trade for Switzerland - translates to around £500m a year for the UKhttps://t.co/SE6hUuELmq And Jon Thompson, the HMRC boss, also explained why he thought the new customs partnership (NCP) proposal could cost business nothing once it was up and running. (@jrmaidment) Downing Street says HMRC estimate that max fac Brexit customs option could cost businesses £20bn is “speculation”. The question is, how much does it cost to complete a customs declaration? The highly streamlined option is going to cost businesses £32.50, approximately, per customs declaration. That’s a cost of between £17bn and £20bn a year. She says the “max fac” customs system would involve firms having to pay £32.50 per customs declaration. This would cost them up between £17bn and £20bn a year, she says. (@jl_owen) HMRC say Max Fac could cost business up to £20bn...Last September, we @instituteforgov looked at potential costs - declarations alone could cost business up to £9bn pic.twitter.com/ecUlz3sXPx Thompson confirms that HMRC has asked firms to sign non-disclosure agreements before it discusses with them how customs arrangements might work after Brexit. Thompson says the “max fac” system could cost business between £17bn and £20bn. HMRC says “max fac” customs system preferred by Brexiters could cost business up to £20bn.