According to a briefing paper published by the UK House of Commons, the tax-related implications of the UK exiting the European Union mainly concern indirect taxation. The impact on indirect taxation is due to EU law that has established common rules regarding value added tax (VAT), which limits the UK's ability to set particular rates for various goods and services, as well as the ability to provide exemptions. Regarding other forms of taxation, the paper states that no such direct rules exist, although the overarching provisions of the Treaty for the Functioning of the EU, which provides for the free...