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Has the Chancellor really just announced a UK corporation tax rise of over 30%? TLDR – yes, it seems he has. The Chancellor is still trumpeting the rate as the lowest in the G7, even after the rise. But for those watching as the effective corporate tax rate shoots up above those of many of the UK’s competitors, the impact on the UK’s...

EU publishes draft adequacy decisions for transfers of personal data to the UK The EU Commission has published two draft adequacy decisions for transfers of personal data to the UK, one under the GDPR and the other for the Law Enforcement Directive. This will be welcome news to many UK and EU businesses grappling with the...

Towards a home-grown subsidy regime for the UK As of 1 January 2021, the UK no longer applies the EU State aid rules (except as provided for in the NI Protocol to the EU-UK Withdrawal Agreement) but the EU-UK Trade and Cooperation Agreement (TCA) contains relatively detailed subsidy control...

What the deal means for financial services: No change for now The Brexit trade deal lays down the details of the future relationship between the UK and the EU. The main document is the UK-EU Trade and Cooperation Agreement (TCA) which (at the time of writing) is in force provisionally, with ratification to follow ....

A reprieve for EU-UK data flows but other data privacy implications remain Many will have breathed a sigh of relief when the news filtered through that the EU-UK Trade and Cooperation Agreement agreed on 24 December included a temporary solution for the continued free flow of personal data between the EU and the UK. This...

UK tax after IP completion day Although the UK left the EU at 11pm on 31 January 2020, most people would not have noticed any change because the effect of the transitional arrangements under the UK-EU Withdrawal Agreement deferred many of the legal effects of Brexit in UK law. The UK...

More questions than answers in the Gallaher appeals The Upper Tribunal has decided in the Gallaher case that a number of questions should be referred to the CJEU prior to the end of the transition period on 31 December 2020, although Judge Beare in the First-tier Tribunal (FTT) had decided such a reference...

KISS - Keep it Strong and Simple Sam Woods, CEO of the UK's Prudential Regulation Authority (PRA), gave a speech in November 2020 introducing plans for a 'simpler' regime of prudential regulation for small banks and building societies. Mr Woods explained that Brexit allows the PRA to...

EU-UK double tax treaty dispute resolution after 2020 With effect from the end of the Brexit transition period, the UK will revoke the Double Taxation Dispute Resolution (EU) Regulations 2020 which had come into effect on 14 February 2020. The Regulations implemented the EU Directive on tax dispute...

Northern Ireland Protocol: agreement in principle The co-chairs of the EU-UK Joint Committee stated that, following their meeting on 8 December 2020, agreement in principle had been reached on the outstanding issues in relation to the implementation of the Withdrawal Agreement and the Northern Ireland...