24 August 2018

UK Government issues guidance on preparing for "No Deal" on Brexit

The United Kingdom (UK) Government published its first batch of notes on August 23, setting out some of its unilateral actions and recommended steps for businesses in a "No Deal" scenario related to Brexit. This scenario would be one in which the UK leaves the European Union (EU) on March 29, 2019, without an agreed EU Withdrawal Agreement and without a framework in place for a future relationship between the UK and the EU. However, in such a scenario, the Government does expect that some agreements can still be reached with the EU given the number of inter-dependencies between the UK and the EU's respective contingency plans.

A Global Tax Alert, attached below, provides additional details.

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Document ID: 2018-1694