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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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