On 25 March 2019, the European Commission published a press release announcing that the EU’s preparations for a no-deal Brexit, which could occur as early as 12 April 2019, are complete.
Currently, the UK will leave on 12 April 2019 if the EU Withdrawal Agreement agreed by the UK government and the EU is not approved by the UK Parliament by this Friday, i.e. by 29 March 2019, and at the same time the UK does indicate (or the EU rejects) an alternative plan to Brexit. Any alternative plan would most probably mean that the UK’s departure will be significantly postponed, according to some sources by a year.
In the event that the EU Withdrawal Agreement is approved by the UK Parliament by 29 March 2019, the extension will be until 22 May 2019. In this scenario, a transition period will follow 22 May. From a commercial perspective, Britain will be able to enjoy all EU benefits in the transition period, especially the free movement of people, goods, services and capital.
For more information on the tax and legal implications and practical tips please follow our articles on Brexit: for example the article about Lex Brexit or the article advising how to prepare for “no deal” option.
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