Latest Articles

Cryptoassets are coming out of the shadows. Slowly but surely. Over the past decade or so, perhaps principally driven by huge gains (and losses) in the value of Bitcoin, there has been a palpable dawning recognition that cryptoassets, and the distributed ledger technologies (DLT) that underpin and encrypt them (such as Blockchain), are here to stay. Mainstream financial services are testing (and increasingly grappling to control) the investment market. At the same time, the rapid…
With continuing uncertainty, there is still a lack of clarity on what the final Brexit arrangements will look like. Many companies have been planning for the implications of Brexit for some time, whereas some still need to consider how Brexit may affect their operations. Both the UK government and the EU are encouraging businesses to prepare for the possibility of a no-deal Brexit. Regardless of size, plans need to be put in place so that…
In an Opinion released today Advocate General Campos Sánchez-Bordona has proposed that the Court of Justice should declare that Article 50 TEU allows for the unilateral revocation of a notification by a Member State of an intention to withdraw from the EU. The Advocate General’s Opinion is not binding on the Court of Justice. Many expect the Court will give an expedited ruling on the matter before Christmas but there is currently no certainty that…
Brexit gives rise to significant challenges for the UK in relation to VAT. The UK aspires to frictionless cross-border trade with the EU after it has left, or at least borders that are as frictionless as possible, but, at least until technology has further advanced, VAT necessitates a border between those who are inside a common VAT area and those who are not. What then is the future for VAT in the UK?  In this provocative…
Faisal Islam, Political Editor at Sky News, today reported that the Trade Secretary Liam Fox is visiting Korea, a key trade partner of the UK. I noticed that Islam tweeted what has long been suspected regarding the possible rollover of the EU-Korea FTA, namely that “the EU has not and will not write key letter to Seoul and the other dozens of trade partners asking them to treat UK as a continuing EU member in…
On Friday, the British Cabinet met in Chequers, the Prime Minister’s country retreat, to agree among itself, a position to propose to the EU27 on its intended future relationship with the EU after Brexit. A mere two years after the referendum. Key points involved agreeing to maintain a “common rulebook” for all goods and agricultural products and the establishment of a “combined customs territory”, under which the UK would apply its own, possibly lower, tariffs…
Some surprises have been unearthed in a report from Parliament’s European Scrutiny Committee on the future of VAT in the UK after Brexit. Published in accountingweb.co.uk this week, Jeremy Cape examines the report and demystifies what it means. The European Scrutiny Committee, chaired by long-time eurosceptic Sir William Cash, published its report on VAT: EU proposals for reform and the implications of Brexit on 3 April 2018. While this report attempts to look in isolation…
On 28 February the EU27 produced a draft Withdrawal Agreement about which many have already written. Notably the UK had not previously produced its own draft (lawyers generally like to produce first drafts of documents as it gives control of the negotiation to them). To those of us unfortunate enough to live and breathe Brexit on a daily basis, there was little surprising contained within, and it merely reflected in legal form the principles contained…