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I have a Canadian Corporation which is considering providing

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I have a Canadian Corporation which is considering providing equipment and installation of the same , related to the oil and gas industry to a UK Corporation .
Upon fulfillment of contract , is it plausible that before release of said contractual funds to be forwarded to Canada that HM Treasury would require a "Tax Clearance Certificate" along with payment for the taxable element related to contract , before the actual payment or funding is consummated or is there a hold provision that would provide for this provision ?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. On importation to the UK the equipment would be charged Import Duty, there are literally hundreds of these, and VAT. The import duty would form part of the recipient's cost of sales and the VAT could be reclaimed as input tax. These are paid by the organisation to which the items are consigned and on settlement the goods will be released from bond. The UK has no Exchange Controls, They were finally abolished in 1979. Moneys can freely flow between the UK and Canada, however, you should warn your bankers of the incoming funds and the source to preclude any money laundering inquiries a large transfer might attract. Tax clearance certificates are only used in Inheritance Tax (IHT) cases, so are irrelevant to your business. I do hope that you find my reply of assistance.
bigduckontax, Accountant
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Expert:  bigduckontax replied 1 year ago.
Thank you for your excellent support.

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