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Brexit

The successful completion of the Brexit negotiations marks the beginning of a new chapter in EU-UK relations.

Information on Brexit

As of 1 February 2020, the United Kingdom (UK) is no longer a member of the European Union (EU). The agreed transition period ended on 31 December 2020. The EU and the UK concluded a comprehensive Trade and Cooperation Agreement on 24 December 2020, opening a new chapter in EU-UK relations. The agreement was reached after less than a year of intensive negotiations, during which time the EU and the UK fundamentally reshaped their future relationship.

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Relations with the United Kingdom

On 29 March 2017, the United Kingdom notified the European Council of its intention to withdraw from the European Union in accordance with Article 50 of the Treaty on European Union. The European Commission has created a dedicated page on Brexit preparedness, which provides comprehensive information on preparedness notices, legislative initiatives and other preparedness activities.

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Brexit and taxation

What are the tax implications of Brexit? Germany adopted the Tax Act Relating to Brexit (Brexit-Steuerbegleitgesetz), which was intended to prevent detrimental legal consequences occurring solely as a result of Brexit for taxpayers who have completed all essential tax-relevant actions prior to the UK’s departure from the EU.

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Brexit and Customs

How does Brexit affect customs? The customs administration thoroughly prepared for Brexit in terms of staffing, IT-assisted customs clearance and awareness-raising among companies. The aim was to ensure that it had the resources and staffing needed to continue performing its tasks as effectively as possible post-Brexit.

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Brexit and Financial Markets

How does Brexit affect the financial market? The Trade and Cooperation Agreement covers financial services in the same way as they are generally covered in the EU’s other free trade agreements with third countries. In particular, both parties have committed to keeping their markets open for operators from the other party seeking to supply services through establishment.

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