Find out more about the international tax implications of Brexit.
Some of the questions covered included:
- Following Brexit, how can the UK broaden its horizons and become a great trading nation again?
- How could the UK remain a world top investment destination in the wake of the Brexit? Would Brexit put you off investing in the UK or using UK companies as part of structures?
- How will the British economy reshape itself following Brexit?
- How will Brexit be practically realized?
- Do you agree with a “hard” Brexit in which the borders of the UK would be closed to the free movement of people coming from the EU?
- Generally speaking, how do you think corporate taxation will be affected by Brexit?
- With Brexit in mind, which are the primary tax-related considerations for multinational companies operating in the UK?
- Will Brexit have any effect on the UK's commitment to any of BEPS' 15 Actions?
- How will Brexit affect future free trade agreements (‘FTAs’) with countries outside the EU?
- How will the UK government balance the political imperatives deriving from the referendum vote (primarily, the perceived need to control immigration) with the economic imperatives of maintaining open and dynamic markets? Will this mean that the UK tax system will diverge from the EU’s system or remain closely aligned with it?
- What will have the greater impact: changes to the UK tax system following Brexit, or a change in the way that other European tax systems apply to the UK once it is no longer an EU member?
Submit Your Questions
As usual, our members submitted the questions answered by our distinguished group of panelists.
If you have any follow-up questions, please feel free to submit as many as you’d like following the link below.
University of Edinburgh,
Dr. Luca Cerioni is Lecturer in Tax Law at the University of Edinburgh’s School of Law. He gained his Ph.D from the University of Essex and his main research interests lie in the areas of international tax law, comparative tax law and EU tax law & policy. Furthermore, he carries out research on topics that are at the interface between tax law, on the one hand, and company law, corporate governance & CSR on the other. Dr. Cerioni authored the two books "EU Corporate Law and EU Company Tax Law" (2007) and "The European Union and Direct Taxation: A Solution for a Difficult Relationship" (2015). Regarding the potential tax implications of Brexit, prior to the June referendum, Dr. Cerioni co-authored the article “Brexit and Direct Taxation: What are the Implications?” in the European Futures blog of the University of Edinburgh.
S H Landes LLP Chartered Accountants,
Steven qualified as a Chartered Accountant with a medium-size central London firm and following a spell at Ernst & Young became a partner at Berg Kaprow Lewis before launching S H Landes LLP. He has had articles published on tax issues affecting leisure developers and on the international environment affecting offshore and onshore companies.
Steven provides a wide array of services to the financial services sector ranging from FCA application sign off, providing a totally outsourced back office support function for such entities, acting as FCA auditor and also offering tax and financial planning advice on a proactive basis. Steven also has particular experience with overseas entrepreneurs looking to trade on an international basis using UK companies.
Business Development & Marketing Director,
Felix is the Business Development and Marketing Director for Cobus Group, a fiduciary firm based in London that has been providing corporate business solutions since 1995 and has set up and administered over 4,000 companies to date.
His firm formulates and provides global solutions and essential support services to start-ups and established companies, as well as to professional, legal and financial intermediaries in an international business environment, structuring tailor-made solutions for their clients, ensuring long-term asset protection and tax optimisation, whilst working closely with its network of agents worldwide.
The company’s services include incorporation & administration of UK & international companies; wealth structuring; asset protection; advisory & business development; foundation & trust formation; provision of professional directors & nominee shareholders; opening & management of bank accounts; registered offices & representative offices; accounting & tax management; document legalization, and; assistance for clients wishing to invest and trade in Europe.
McDermott Will & Emery,
James advises clients on a broad range of international and domestic corporate/commercial tax issues, including corporate restructuring, transfer pricing and thin capitalisation, double tax treaty issues, corporate and structured finance projects, mergers and acquisitions, and management buyouts. He counsels US groups in the structuring of UK and European inbound investments, including in relation to redomiciliations and providing advice on technical issues in the context of revenue investigations and statutory audits. He is particularly adept at advising on intellectual property holding structures.
James also helps clients with employment tax issues (including the taxation of equity incentives), and tax aspects of private equity transactions. He has experience advising on the negotiation of the tax provisions of numerous mergers and acquisitions transactions.
He has been recognized by The Legal 500 UK (2012 to 2016) and World Tax and World Transfer Pricing (2013 to 2016), and serves on the editorial board of Bloomberg BNA Tax Treaties Analysis.
Centre for International Fiscal Studies (CINFIS),
Giancarlo is a freelance journalist in Italy and Switzerland who specializes in international tax planning. He has twenty-six years experience in consultancy for major banks and tax firms on anti-money laundering legislations, banking and tax planning.