TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

What’s next?

While the UK cease to be an EU member state during the transition period, the following stays the same:

1. Travel

UK nationals will still be treated the same as EU nationals during the transition. Flights, boats and trains will operate as usual. The Common Travel Agreement between Ireland and UK is retained as well.

When it comes to passport control, during the transition period, UK nationals will still be allowed to queue in the areas reserved for EU arrivals only.

2. Pensions

UK nationals living in the EU will continue to receive their state pension and will also receive the annual increase.

3. EU Budget contributions

The UK will continue to pay into the EU budget during the transition.

4. Trade

UK-EU trade will continue without any extra charges or checks being introduced.

While Mr. Johnson is confident that the transition period is a sufficient amount of time to negotiate a viable trade deal, his EU counterparts are less optimistic about reaching an agreement by 31 December 2020. However, while the new EU Commission President Ursula Von der Leyen stresses the necessity to uphold the integrity of the European Union, she also highlights the importance of establishing a partnership “beyond trade” with the UK.

Even though there is much to be said about the future of the UK-EU trade partnership, areas such as climate action, data protection, fisheries, energy, transport, financial services, and security are key areas that have yet to be touched upon.

As we look forward to the UK navigating the unchartered waters of negotiating a viable trade agreement with the European Union, the clock continues to tick. In the words of Ms. Von der Leyen, the story of old friends and new beginnings continues.