Brexit — Important Information as the Transition Period Draws to a Close

The Brexit debate has dominated the headlines since 2013 and has caused controversy within the European Union. When the referendum finally took place in June 2016, around 51.9% of Britons voted in favor of the United Kingdom leaving the EU. On March 29, 2017, Theresa May officially triggered Article 50, marking the beginning of the official deadline for the exit negotiations.

The UK has not been a member of the EU since February 1, 2020, which means the transition phase for exiting will now end on December 31, 2020.

Brexit will not only mean that the EU loses its second-largest economy and the country with the third-largest population, but it is also a significant blow for Germany. The UK is the third-most important export market for German products, after the USA and France.

Companies are facing great uncertainty about the implications of Brexit. We are keeping up to date with the latest developments in the Brexit process and will explain the risks and potential areas for optimization and how these can affect companies.

With insights from our colleagues from the UK, we will also be providing first-hand information directly to you. They highlight what they see as the five key business areas: taxes, strategic business planning, questions relating to talent and personnel, regulatory implications and any announcements of trade agreements.

After Brexit - German-UK Tax Aspects

On 24 December 2020 the negotiators from the European Union (EU) and the United Kingdom (UK) reached an agreement on a new partnership. This agreement marks the end of the transition period and the UK will be fully separated from the European single market and customs union. This has also a significant direct and indirect tax impact for EU companies with business activities in the UK and UK companies with business activities in the EU.

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Trade and cooperation agreement between the EU and the United Kingdom enters into force

After almost a year of negotiations, the negotiated partnership agreement on Brexit provisionally entered into force on January 1, 2021. Thus, the no-deal scenario was just averted.

 

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Questions as the Brexit Transition Period Draws to a Close

Due to the ongoing negotiations, there are still many areas of uncertainty with regard to the procedures and formalities that will apply from January 1, 2021.

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