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- British government will not use extension for Brexit transition phase beyond 2020 -
31 January 2020 is the last day of UK membership of the European Union after 47 years. The exit agreement, which sets out the conditions for Britain's withdrawal from the EU, cleared its final hurdle on Wednesday when it was ratified by the EU Parliament in Brussels.
The exit agreement repeals the European Communities law that brought Britain into the EU, but immediately restores it by the end of 2020 when the transition period ends. It also contains rules on how the new protocol on Ireland - which establishes a customs and regulatory frontier between Northern Ireland and Britain - will work in practice and sets out how the UK will meet its final financial obligations to the EU budget.
The UK and the EU will enter a transitional phase during which the UK will continue to apply EU law in almost all areas. For the time being, the UK will retain many of the benefits and obligations of EU membership without being a voting member.
In the meantime, the British government has announced that it will not make use of the possibility of extending the brexite transition phase beyond the end of 2020 (status 6/2020).
With the end of the brexit transition phase on 31 December 2020, the UK will also leave the regulatory areas of the EU internal market and the customs union, with far-reaching consequences for the trade in goods and services between the UK and the EU.
Please do not hesitate to contact us if you have any further questions:
Björn Christian Gerow
Steuerberater/Fachberater IStR
+49-211-17257-15
