The UK government released the first batch of technical notices advising businesses and the public on how to prepare for the possibility of a no-deal Brexit.
Key points:
“¢ Britain will create a subsidy control framework to ensure the continuing control of anti-competitive subsidies in a no-deal Brexit scenario.
“¢ EU State aid rules will be transposed into UK law, mirroring existing block exemptions as allowed under the current rules.
“¢ There will be some specific changes to the Value Added Tax (VAT) rules if Britain leaves the EU without a deal.
“¢ Britain will introduce postponed accounting for import VAT on goods brought into the UK if it leaves the EU without a deal.
“¢ UK authorities would seek to minimize delays and additional burdens for legitimate trade and ensure compliance if no deal.
“¢ Companies should consider renegotiating commercial terms to reflect any changes in UK customs and exercise procedures, new tariffs.
“¢ Customs declarations will be needed when EU Goods enter the UK or UK goods leave for EU.
“¢ The carrier of goods would need safety and security declarations to move goods.
“¢ UK banks in EU to default to member state rules in a no-deal event.
“¢ Credit card payments likely to increase.
“¢ Costs and processing time for euro transactions could increase.
“¢ UK citizens in EU risk losing access to UK bank accounts.
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