HMRC has issued Customs Information Paper 42 (2016) in relation to the referendum vote to leave the European Union (EU). The paper clarifies that there will be no immediate change to the movement of goods in or out of the UK. Until Article 50 invoked the UK will continue to engage in UK business as usual. When Article 50 is invoked the UK will remain bound by EU law until the exit has been determined but will not be involved in decision making in the EU. The period from invoking Article 50 until the completion of negotiations for the exit is expected to be at least two years.
Related Posts
UK: HMRC publishes draft CBAM regulations covering emissions monitoring and administration
April 15, 2026
The UK’s HMRC has issued draft regulations on the carbon border adjustment mechanism (CBAM) on 9 April 2026. The draft covers the administration of the tax, including emissions, as well as the monitoring and verification of emissions data. This
Read MoreUK: HMRC updates guidance on foreign income and gains regime (FIG)
April 10, 2026
UK’s HMRC has issued updated guidance on the foreign income and gains (FIG) regime on 6 April 2026, setting out eligibility criteria, claim procedures, qualifying income and gains, and the implications for tax allowances. Background: FIG
Read MoreUK: Financial Reporting Council issues guidance on generative, agentic AI in audits
April 06, 2026
The UK’s Financial Reporting Council (FRC) announced it has published guidance for audit firms on using generative and agentic AI tools in audit engagements on 30 March 2026. The guidance sets out how firms can mitigate risks to audit quality
Read More
Estonia: Government approves signing of income tax treaty with UK
March 27, 2026
Estonia’s government approved the signing of the income and capital tax treaty with the UK on 19 March 2026. The updated treaty is structured to comply with current international norms, in accordance with the OECD/G20 Base Erosion and Profit
Read More
UK: HMRC issues guidance on tax adviser sanctionable conduct
March 27, 2026
The UK’s HM Revenue & Customs (HMRC) has published guidance on handling tax adviser sanctionable conduct, effective from 16 March 2026. From 1 April 2026, HMRC can take stronger action against advisers who deliberately contribute to tax
Read MoreUK: HMRC proposes broader digital tax reporting under MTD
March 27, 2026
UK’s His Majesty’s Revenue and Customs (HMRC) has introduced regulations requiring the use of compatible software to submit information on business and property income and to maintain associated records. This information will be used to
Read More