HMRC suspects that large UK businesses have underpaid £25.3m in import duties this year up from £260,000 (2021), according to new data by Pinsent Masons
The data provided by the multinational law firm showed that HMRC suspects large UK companies have underpaid millions of pounds of post-Brexit import taxes from the EU.
The jump in the amount of tax HMRC believes is being underpaid by corporates on imports, known as ‘tax under consideration’, came after Brexit rules came into force at the start of 2021.
Pinsent Masons added that the amount of tax HMRC considers underpaid is to increase even further after stricter ‘rules of origin’ requirements were introduced on 1 January 2022.
The ‘rules of origin’ means that anything imported into the UK from the EU must largely originate in the EU or those goods will attract customs duties when it enters the UK.
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