Tax Impacts of Brexit

The withdrawal of the United Kingdom from the EU of 31 January 2020 was based on a deal. The deal ensured the so-called transitional period that will last until 31 December 2020, during which the United Kingdom will temporarily remain in the Single Market and negotiate an agreement regarding the future long-term relations with the EU and its Member States. Until 31 December 2020 business and other related relationships will continue to operate according to the existing procedures.

As such, there are no changes in the area of income taxes as well as the application of VAT during the transitional period.