Tax Clouds Loom as U.K. Lawmakers Reject Brexit Deal

U.K. companies face the prospect of incurring EU withholding tax and losing preferential trade tariffs and value-added tax arrangements after U.K. lawmakers voted Jan. 15 to reject the agreement negotiated by Prime Minister Theresa May for the country’s exit from the European Union.

• Legislators voted 202-432 against the agreement after May failed to convince members of her Conservative Party to support it, increasing the likelihood of a no-deal Brexit
• Opposition Labour leader was expected to call for a vote of no confidence, where a May loss could lead to a general election
• Labour has called for higher taxes on wealthy ...