Brexit

Insight / Limited data on government’s £4.4bn Brexit spend

Government departments spent at least £4.4bn on preparing for the UK’s exit from the EU, but Treasury data showed only a limited picture of overall Brexit spending and little information was put in the public domain, the National Audit Office (NAO) has found

Insight / Points-based immigration system to prioritise most skilled

The government is to bring in a points-based immigration system from the start of next year, which will give priority to highly-skilled workers but will not offer a general low-skilled or temporary work route, raising concerns about the potential impact on the labour pool

Accounting / Brexit transition guidance for accountants released

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published guidance for accountants and auditors confirming that there will be no substantive changes during the transition period post Brexit

Insight / Challenger bank N26 quits UK market

German digital bank N26 is pulling out of the UK market citing post-Brexit regulatory issues as the reason for closing all UK accounts

Tax / £7.5m grant pot for post-Brexit customs declarations extended

Exporters can still apply for the remaining £7.5m of funding to help businesses change their systems to handle post-Brexit EU customs declarations after the government extended the deadline 

Tax / Consultation on plans for 10 freeports

The government is consulting on plans to create up to 10 freeports across the UK, with tariff flexibility, customs facilitations and tax measures designed to encourage global trade and attract inward investment post-Brexit

Insight / Government plans points-based immigration system

The government plans to introduce a points-based immigration system from 2021, based on the recommendations of the Migration Advisory Committee (MAC) review

Insight / Brexit must release bank lending for business

A rising number of company failures isn’t always a bad sign for the economy, says Ian Defty, insolvency practitioner at CVR Global, who is hoping for a post-Brexit injection of capital

Insight / £800 gold sovereign marks Brexit

It’s Brexit day and the Royal Mint has released its commemorative silver and gold minted coins including a strike on the day sovereign

Insight / Commemorative Brexit 50p coin revealed

The Chancellor has revealed the Brexit coin, a 50p inscribed ‘Peace, prosperity and friendship with all nations’ and the date the UK leaves the EU

Insight / £46m Brexit ad campaign ‘ineffective’

A £46m government advertising campaign ahead of the October 2019 date for the UK’s departure from the EU did not result in the public being significantly better prepared for Brexit

Insight / Brexit Withdrawal Act given Royal Assent

Brexit is moving a step closer with the Withdrawal Agreement Act now in statute following Royal Assent and completion of the implementation period by 31 December 2020 

Tax / Framework for UK/EU double taxation dispute resolution

HMRC has outlined proposals for new regulations designed to provide a more efficient framework for the resolution of double taxation disputes arising between the UK and other member states post-Brexit

Insight / FS firms pause post-Brexit relocation plans

With 10 days to go until the UK officially leaves the EU, financial services firms have gone quiet on relocation announcements, and are focusing instead on the nature of post Brexit relationships, according to research from EY

Tax / VAT in 2020 – post-Brexit implications

With Brexit on the verge of being finalised, at least at stage one, Alison Horner, indirect tax partner at MHA MacIntyre Hudson, looks at the impact on VAT and cross-border transactions post 31 January
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