The tax implications of Brexit
Frank Haskew, head of the ICAEW Tax Faculty, considers how tax professionals can prepare for the big unknown: Brexit.
It is now over two years since the UK voted to leave the EU and we are rapidly approaching ‘exit day’ on 29 March 2019. To misquote former prime minister Winston Churchill: never has so much needed to be done, by so few, in such a short space of time. It is hardly surprising that HMRC is at full stretch, as it is in the front line when it comes to implementing and policing any changed trading arrangements once we leave the EU.
So how problematic are potential changes to our trading and customs arrangements? A look at the trading statistics gives a scale of the challenge.