Brexit Loss for U.K.'s May Means Pain for Business, Say Tax Advisers

U.K. lawmakers’ rejection of the Brexit agreement reached between Prime Minister Theresa May and the European Union puts businesses in peril of higher trade tariffs, value-added tax and EU withholding taxes, as a no-deal Brexit now looms larger, tax advisers warned.

“The result of today’s meaningful vote shows that the certainty businesses are seeking is still out of reach. Until a way through can be found, it is important to remember that ‘no deal’ is the default outcome,” said Andrew Gray, PwC’s global head of Brexit for financial services.

He said businesses in the U.K. and EU need to ...