Brexit—UK tax consequences
Brexit—UK tax consequences

The following Tax practice note provides comprehensive and up to date legal information covering:

  • Brexit—UK tax consequences
  • Tax areas affected by Brexit

Brexit—UK tax consequences

This Practice Note sets out the areas of UK tax law that are affected by the UK's exit from the European Union (EU) (Brexit) and how.

As of exit day (11 pm on 31 January 2020), the UK ceased to be an EU Member State and no longer participates in the political institutions and governance structures of the EU. However, in accordance with the transitional arrangements provided in Part 4 of the Withdrawal Agreement, exit day marked the commencement of an 11-month implementation period (IP) during which the UK will continue to be treated by the EU as a Member State for many purposes.

For more information on the Withdrawal Agreement generally, see Practice Note: Brexit—introduction to the Withdrawal Agreement.

The implementation period ran from exit day until IP completion day (11 pm on 31 December 2020). During this period, the UK continued to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements), and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the Withdrawal Agreement.

Exit day is still key in terms of being the date the UK ceased to be an EU Member State, but in terms of the legal impact, IP completion day is the date that the majority of key domestic legal changes associated with Brexit took effect,

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