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Brexit
As negotiations continue to determine the shape of the future relationship between the UK and the European Union, this page will keep you updated on the key developments and provide you with the insight that you need to ensure you and your business are prepared for the upcoming changes.
The European Commission (EC) has released its draft legislative proposals as part of reforms to the Alternative Investment Fund Managers Directive (AIFMD). The overall process to finalise the new rules is likely to last between 12 to 24 months, so there will be no immediate changes to AIFMD. However, clients should continue to monitor the process as, although the changes are not wholesale or as yet final, there will still be some significant amendments.
Over the last 6 months, PwC’s Asset and Wealth Management EMEA Brexit team have been hosting a series of client webinar events focused on the "Beyond Brexit" phase. These webinars have been looking at some of the post Brexit open-issues which could affect AWM’s in 2021 and beyond. In this article, we have summarised some of the key issues that we explored in our most recent webinar on the topic of business travel, immigration and cross border working in 2021.
Over the last 3 months, PwC’s Asset and Wealth Management EMEA Brexit team have been hosting a series of client webinar events focused on the "Beyond Brexit" phase. These webinars have been looking at some of the post Brexit open-issues which could affect AWM’s in 2021 and beyond. In this article, we have summarised some of the key issues that these webinars have explored.
Deal or No Deal? Finally, the UK and EU managed to conclude a deal and that would be the end of social security complications coming out of Brexit. Right?
Not entirely - in this insight, we will bring you closer to the details of the transitional rules from a social security perspective. Which gaps does the transitional rules close, which gaps don’t they close and a look into the future to understand future milestones from a social security perspective.
As the prospect of a No Deal Brexit moves closer, increased focus on No Deal planning has become inevitable.
If the Government secure a deal, it should trigger the transitional rules in the Withdrawal Agreement. In practice, that would mean status quo for social security coordination rules remain in place until 31 December 2020.
However, a No Deal Brexit will remove the current EU coordination rules on social security and they will be replaced by a country-by-country approach for any moves into or out of the UK.
The UK’s delayed departure from the European Union gives asset and wealth
managers a potential window of opportunity to finalise their post-Brexit arrangements
– but does not change the necessary choices firms must make about how they operate in the future.
Both the UK and EU27 Member States are working towards a Brexit deal, which will ensure a transition period that includes continued application of the current social security coordination rules on social security.
However, no deal is still not off the table and the implications therefore remain a cause of concern for employers with mobile employees.
A number of EU countries had curtailed A1 certificates for UK outbound assignees until 29 March 2019 and so these should now be extended to 31 October 2019, or longer, if possible.
This insight is a follow up on our previous Brexit insight which you can find here and we seek to address which social security coordination rules employers need to consider over the course of the following six months and afterwards.
In this podcast, Loic Webb-Martin (Transfer Pricing Partner), Susan Edwards (Transfer Pricing Director), and Steven Brown (Transfer Pricing Senior Manager) provide insights on BREXIT from a transfer pricing perspective. Among other topics, they discuss long-term TP consequences of BREXIT restructuring, VAT considerations, and possible controversy solutions.
Following an emergency Summit on 10 April, the EU and UK have agreed to delay Brexit until 31 October 2019.
The latest extension includes a mechanism for bringing forward this date should the UK be in a position to ratify the Agreement at an earlier date. If this occurs, the transition period will take effect from the earlier departure date.
Although Brexit has been delayed, there remains the possibility that the UK could leave the EU on 1 November 2019 without a deal.
Recent developments regarding the postponement of Brexit will impact cross-border assignments between Germany and the UK. Actions should be considered for the period between the previously fixed and the newly agreed withdrawal date. Specifically, mobile individuals should consider applying for an A1 certificate before 12 April 2019.
HMRC has published guidance about the changes to tax deductions on interest, royalties and dividends (paid both by and to UK companies) if the UK leaves the EU without a deal.
If the event of a no deal Brexit, the way that interest, royalties and dividends are paid between UK and EU companies may change, requiring tax to be deducted from some payments.
With the ongoing political uncertainty and the 29th March rapidly approaching, it's vital that businesses act now to be ready for no deal, or a late agreed deal. Brexit is coming, and irrespective of how much you've done so far, there are still actions you can take to be ready for Brexit. Our experts will discuss what practical actions organisations at different stages of readiness can take now to prepare. So, whether you think you're ready for anything, or haven't made a start yet, this webcast will help you take the steps you need as we approach 29 March 2019.
Host Emily Khan is joined by Mike Jakeman and Barret Kupelian, both Senior Economists at PwC, to discuss how we can expect Brexit to impact the UK economy in 2019, how economic analysis can help businesses prepare, and what the longer term outlook for the economy is as we move into the 2020s
The EU and UK have published the latest draft agreement on the UK’s withdrawal from the European Union. The latest draft agreement incorporates the earlier agreement reached between the UK and EU on Citizen’s Rights.
With progress being made in the negotiations between the UK and the EU, and the announcement of an extraordinary EU Summit later this month we have renewed optimism that a deal will be done soon. So what an agreement in November means in practice for the remainder of the Article 50 period, the transition and beyond is now front of mind for businesses in the UK and the EU.
PwC’s Asset and Wealth Management (“AWM”) Brexit Conference, held in London on 25 September, considered how asset managers will have to rethink their product ranges in the post-Brexit landscape. We asked ‘what are the challenges and opportunities?’
PwC’s Brexit Conference, held in London on 25 September, discussed the people challenges for asset managers as they prepare for the post-Brexit landscape
At PwC, we're still clear that a deal is more likely than ‘no deal’, and that at the end of status quo transition, the UK will leave the EU with a Free Trade Agreement which builds upon the existing EU-Canada deal.
With the future of customs arrangements between the UK and the EU so hotly debated both in the UK Parliament and with the European Commission, many businesses are feeling uncertain about how they can progress with their plans and preparations for future proofing their cross-border supply chain. However, as the potential scenarios and the common impacts between them become clearer, more and more businesses across the Pharmaceuticals and Life Sciences sector are starting to examine, test and adapt their supply chains.
With the EU encouraging people to make contingency plans for a ‘no deal’ scenario and no major breakthroughs in the negotiations in time for the June summit of the EU, there's increasing imperative to consider the impacts of a ‘no deal’ Brexit scenario, including the move to World Trade Organisation (WTO) Rules. PwC's Phil Brown examines what a 'no deal' Brexit would mean for businesses. Find out more: https://www.pwc.co.uk/Brexit
The prospective withdrawal of the United Kingdom (UK) from the European Union (EU) – so-called Brexit – is expected to have a significant impact on the social security arrangements for mobile employees.
Anna Wallace, Head of Political Relations and Emily Khan, who runs our Trade and Investment Hive, share some of the top questions clients ask about Brexit. They will dispel the myths and explain why it’s time to act.
Julia Onslow-Cole, partner and head of global immigration, provides advice for organisations on the impact of Brexit on workforce strategies. There's a lot businesses can do now to support and engage their workforce. It’s time to act.
Following our ‘Time to act’ series, Glen Babcock discusses how simplifying your corporate structure can be the dynamic force in helping your company thrive Beyond Brexit.
Sally Cosgrove is joined by Andrew Gray, PwC's Brexit leader and Anna Wallace, Director of Political Relations to discuss the potential impact the recently announced transition agreement will have on business and what organisations now need to prioritise in their Brexit planning.
The biggest overhaul of data protection in two decades - the General Data Protection Regulation or GDPR - comes into force across the EU in May. In this Beyond Brexit episode, our new host, Sally Cosgrove, is joined by Kevin Burrowes, head of clients and markets, and Stewart Room, lead partner for GDPR and data protection, to discuss the potential impact arising from Brexit.
The end of the Phase One Brexit talks should be welcomed as it offers business some clarity in important areas such as citizens' rights. We now move into the next Phase to discuss the complex matter of future UK-EU trading relations and transitions. So what milestones should businesses look out for and what detail can we expect in the coming months?
The UK's decision to leave the EU has, and will continue to have, implications for pensions. As the impact of Brexit unfolds, we believe the focus for pension scheme sponsors and trustees should be on good governance and vigilance. In practice though, what impact could Brexit have on the returns that UK pension schemes can expect to receive from their investments?
Gaenor Bagley is joined by Andrew Kail, Head of Financial Services at PwC, and Mark Hoban, Board member at TheCityUK , to discuss how the UK financial services sector is preparing for the challenges ahead and why collaboration between the industry, government and regulators is key.
