The 1972 Brussels Act has been repealed – no deal here we come?

If you doubted the resolve of our government regarding the implementation of the 2016 referendum the following announcement may clarify matters.

The Government has signed into law legislation to repeal the Act of Parliament which set in stone Britain’s EU (EEC) membership in 1972. The 1972 Act is the vehicle that sees regulations flow into UK law directly from the EU’s law making bodies in Brussels.

The announcement of the Act’s repeal marks a historic step in returning law making powers from Brussels to the UK.

The repeal of the European Communities Act 1972 will take effect when Britain formally leaves the EU on October 31.

As we have indicated in previous posts, there is growing evidence that a no-deal Brexit is on the cards. Even if this proves to be incorrect, we all need to consider how are lives may be changed.

  • Business owners will have to adjust to the changed relationship with the EU: tariffs, VAT charges, transport complications, delay at ports of entry and so on. Google “EORI” now and apply for the number.
  • Travellers to the UK will no longer be recognised as EU citizens – check your passport.
  • UK citizens resident in the EU may face changes to their access to local healthcare, and the payment of taxation and National Insurance liabilities in their country of residence and possibly the UK.

 

The government have issued a fairly robust list of the issues that we will have to deal with, visit their information page:

https://www.gov.uk/government/collections/how-to-prepare-if-the-uk-leaves-the-eu-with-no-deal

The repeal of the 1972 Brussels Act is just one of the many legislative changes that will need to take place from 31 October 2019, unless we manage to agree a formal withdrawal agreement or extend the present deadline.

Be prepared.

Find out more through THP Chartered Accountants

If you have any queries as you get up to speed, do be sure to get in touch with us here at THP Chartered Accountants.

Our team can provide you with everyday assistance with bookkeeping and accountancyauditing and business management or company restructures and acquisitions.  We offer everything you need to take your start-up or SME forward, with offices in ChelmsfordCheamWansteadSaffron Walden and London City.

Our Brexit related blogs as we approach the present deadline can be considered a Brexit weather forecast – if you need a raincoat, you will be advised…!

 

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