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The EU referendum result will have significant long term economic consequences for the UK and many areas of law will need to be adapted to the new era. What are the possible tax consequences of the UK ceasing to be a member of the EU?
In the short term there will actually be no changes. EU influence on our tax system continues to apply as it did before the referendum and is likely to continue to apply for at least two years after the UK notifies the European Council of its intention to withdraw from the EU.
Included in this edition are some of our thoughts on the tax consequences of Brexit.
Of course, the nature of the changes will depend on the system adopted for trade between the UK and the EU. At one end of the spectrum is the 'Norwegian model' which is closest to the UK's current relationship with the other EU member states. At the other end is simply to rely on membership of the World Trade Organisation which would mean the acceptance of tariffs on the trade of goods but with caps on those tariffs.
We will continue to inform you of significant developments that may affect you and your business and help you manage the opportunities and threats that may arise in the next few years.
06 Feb 2024
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
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