Britain has left - What will happen next?
Today the United Kingdom (UK) is officially leaving the European Union (EU). Whilst the UK leaves the EU today and enters the Transition Period for the next 11 months to 31 December 2020 (assuming this transition period will not be extended), the UK and EU still have to negotiate the terms of their future trade relationship.
The Transition Period means the status quo is preserved in almost every regard for businesses. However, the changes that take effect at the end of the Transition Period may have a fundamental business impact on Luxembourg companies that export or import goods or services to and from the UK.
Businesses will need to consider, if they have not done so already, what this will mean for their activities. The level of business preparedness will directly influence the impact of Brexit on our companies. Our advice thus remains to start planning early, identify known areas of change and start acting now.
For additional information about the concrete steps to take, please consider the following resources:
- Brexit Helpline@CC : Any Luxembourg-based company seeking further information on Brexit issues can contact this helpline by calling (352) 42 39 39 - 372 or by emailing : brexit(at)cc.lu.
- FAQ Brexit on Guichet.lu
- Administration des douanes et accises - Brexit
- The consequences of Brexit for international data transfers - National Commission for Data Protection
- Brexit Preparedness Notes - European Commission
- Brexit Negotiations - European Commission