The result of last week’s referendum on the UK’s membership of the European Union is likely to lead to a prolonged period of uncertainty in many areas of taxation, particularly those relating to “harmonised” or “partially harmonised” taxes, such as Value Added Tax.

It is unlikely that VAT, in one form or another, will cease to exist after the formal process to extricate the UK from the European Union has been completed, however, the details, and the level of connectivity to the European Union are not likely to be known for some time.

For now, nothing has changed as a consequence of the referendum result and businesses, HMRC and the courts/tribunals will carry on as before.