In this article, we set out an overview of the status of Brexit in relation to issues in finance transactions. We look at the position where there is a deal between the EU-27 and the UK and where there is no trade deal. The European Union (Withdrawal) Act 2018 (“2018 Act”) repeals the European Communities Act 1972 (the “ECA”) on 31 January 2020, (“exit day”). However, the European Union (Withdrawal Agreement) (“2020 Act”) amends this providing
(largely) for the ECA to continue to have effect until the end of the implementation period (defined as “IP completion day”), the end of the transition period, which UK legislation is calling the implementation period. The 2020 Act also revises the date on which the bulk of the statutory instruments dealing with Brexit will come into force from exit day to IP completion day. For the most part, there will, therefore, be little or no change to the current position during the implementation period.
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