BritNed uses cookies to make sure that the website works correctly and provide a better experience. Please click the button to accept the use of cookies or view the Privacy Statement for more information.

Home Brexit Finance (Customs & VAT)

Finance (Customs & VAT)

Summary of Key Changes

As a result of Brexit, there are a few changes related to finance.

  • Electricity will be subject to customs declarations in the United Kingdom and The Netherlands.
  • VAT treatment may change depending on your circumstances.
  • Customers will need to ensure their collaterals on JAO cover the participation in the Day Ahead (Explicit) auction

Customs Declarations

Our assumption is that BritNed will make the declaration for our customers, the specific details of which is still to be determined and we are working with our respective finance teams and tax authorities in the UK and NL to agree the details.

UK guidance:

NL guidance:

The following links are from the Tax and Customs Administration in the Netherlands. The websites are in Dutch but can be easily converted to English using Google Chrome, simply right click on the page and select' Translate to English'

This is our view but please consult with the HMRC or a customs expert for your specific circumstances. Other companies such as Customs Support have put together Brexit Customs Checklist that may be of help.

VAT Treatment

Long Term & Day Ahead

JAO does not charge Market Parties who are not registered in Luxembourg with VAT. It is the responsibility of each Market Party to declare the invoices to their local revenue authority and pay the VAT at the country of their registration under the reverse charge procedure. This information is in the footer of each JAO invoice. Further questions should be directed to JAO.

Intraday

This is how BritNed treats VAT for Intraday:

GB to NL Flow NL to GB Flow
UK VAT Return No change

VAT remains at 20%
UK customers need to register invoices under non-EC transactions instead of EC transactions

VAT remains at 0%
NL VAT Return EU customers need to register invoices under non-EC transactions instead of EC transactions

VAT remains at 0%
No change

VAT remains at 21%

This is our view but please consult with the HMRC or a tax expert for your specific circumstances.