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BREXIT: The new legal, financial, tax and social matters affecting your relations with the UK

As EU law ceased to apply in the United Kingdom on 31 December 2020, we have now entered into a new age of EU-UK economic ties.

State of play 

Following the United Kingdom’s withdrawal from the European Union on 1 February 2020, EU law continued to apply for a transitional period up until 31 December 2020.

Under the exit agreement, EU law will continue to apply temporarily to legal situations that arose before the United Kingdom left the Union.

Furthermore, a special status will be given to Northern Ireland – at least for the next four years – where certain rules relating to the principle of free movement of goods with the European Union will continue to apply.

For the most part however, EU law ceased to have effect in the United Kingdom on 1 January 2021 and British-EU relations are now governed by the last-minute trade and cooperation agreement reached on 24 December 2020. Yet this does not cover all areas of law affecting businesses.

While companies have been able to get ready for some of the changes being brought in by Brexit, it is now time to become familiar with this monumental agreement (over 1,500 pages long) and answer the many questions that remain outstanding in order to achieve all your plans and secure your operations in the UK and/or with UK stakeholders.

Outlook

The situation is not set in stone.

On one hand, there are already expected to be further agreements between the United Kingdom and the European Union and/or Member States.

Yet on the other, “Brexit is Brexit”, as announced by British Prime Minister Boris Johnson:  the United Kingdom will use its autonomy in the future to cut itself loose from certain national rules coming from EU law.


Our firm shares with you our vision for this critical time that companies are facing in their relations with the United Kingdom. With our cross-cutting and customised services, our teams will guide you through this new landscape.

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