It gives rise to an unusually complex mix of legal and technical issues in relation to customs and excise duties and VAT, especially considering the wide range of potential outcomes that the legislation seeks to regulate.

The Act seeks to replace the current EU Union Customs Code and amend current UK VAT and excise duty laws in connection with the withdrawal of the UK from the EU. 

ICAEW, ICAS and CIOT have jointly produced a factsheet on the new act, which you can download.