The UK has formally begun the process of negotiating its withdrawal from the European Union. The outcome of these negotiations will determine whether various exemptions and reliefs existing under EU tax legislation will continue to be available to entities in the UK and EU.
Our view is that where an entity identifies potentially negative tax exposures from the UK’s withdrawal, it will not be appropriate to provide for them in the immediate future due to the uncertainty that currently exists. Entities should give comprehensive disclosures instead.
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