Business

Department for Business, Energy and Industrial Strategy written question – answered on 1st August 2019.

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Photo of Chuka Umunna Chuka Umunna Liberal Democrat, Streatham

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the Guidance on how to prepare for Brexit if there's no deal, published by his Department, what parts of the plan for structuring businesses in the event that the UK leaves the EU without a deal have been implemented.

Photo of Kelly Tolhurst Kelly Tolhurst Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

If the United Kingdom were to leave the European Union without a withdrawal agreement in place, UK businesses would be treated as businesses from a “third country” in the EU, and vice versa. The guidance[1] on structuring businesses in the event of “no deal” sets out the implications of this for businesses operating across the EU/UK border.

The Statutory Instruments referenced in this guidance have now been made:

  • The Accounts and Reports (Amendment) (EU Exit) Regulations 2019;
  • The European Economic Interest Grouping (Amendment) (EU Exit) Regulations 2018;
  • The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018
  • The Companies, Limited Liabilities Partnerships and Partnerships (Amendment)(EU Exit) Regulations 2019;
  • The Accounts and Reports (Amendment) (EU Exit) Regulations 2019; and
  • The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.

[1] https://www.gov.uk/government/publications/structuring-your-business-if-theres-no-brexit-deal--2/structuring-your-business-if-theres-no-brexit-deal

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