On 9 October 2018, Germany’s Ministry of Finance (MOF) issued a draft law that would introduce tax measures to protect German taxpayers from potential negative consequences of the UK leaving the EU (Brexit Tax Implementation Act).
After the UK leaves the EU without a transition period or a withdrawal agreement (“hard Brexit”), the UK will be treated as a country outside of the EU and will no longer be able to benefit from certain German tax measures that are available only to EU-resident taxpayers. To mitigate the most disadvantageous tax consequences resulting from Brexit, the draft law clarifies that Brexit itself will not constitute a “harmful event” for purposes of certain German tax law provisions. If approved, the draft law would become effective on 29 March 2019.
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