BREXIT – KEY TAX-RELATED CONSEQUENCES

Overview

The ratification of the United Kingdom’s withdrawal agreement from the European Union was concluded on 30 January 2020 with approval by The Council of the EU. From 1 February 2020, therefore, the United Kingdom is no longer a Member State of the Union and ceases to be represented within European institutions.

Part IV of the Withdrawal Agreement provides for a transition period through 31 December 2020 (barring a possible extension). During the transition period, European laws and regulations will continue to apply to the United Kingdom, as if it were still a Member State.

The provisions of Italian Decree-Law No. 22/2019 will therefore not be applied. Said decree had provided for rules for the transition only in the event of the United Kingdom leaving the EU without an agreement (see Press Release No. 19/2020 from the Italian Ministry of the Economy and Finance).

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