Brexit update: Deal or no Deal

Brexit Update

Deal or no Deal Time is running out, make sure you are ready for the new rules

Brexit Update | Deal or no Deal

Importing/Exporting into the UK and from the UK to the EU

People-Post transition guidance

Tariffs will be payable on imported goods from 1 January 2021.

EU citizens and their family members resident in the UK need to apply to the EU settlement scheme to continue to live, work, and study in the UK.

Check the UK's new Global Tariff to get goods commodity

If you intend to hire from the EU after 1 January 2021, the

code, and also if a specific licence to import into UK is

UK is changing to a points based immigration system. The

required. Safety and Security declarations are not needed

rights of EU citizens will remain the same up to the 30 June

for the first 6 months for imports into the UK, but will be

2021. For EU citizens living in the UK, subject to meeting the

required from July 2021. Verify if a physical check on entry

conditions, they will receive either settled status or pre-

into UK is required. Consider appointing a customs agent

settled status. With settled status, individuals can stay in the

or freight forwarder to assist in customs clearance, as this

UK as long as they like, and for pre-settled status, within

is much easier. Apply for an EORI number to export and

five years of it being granted, they have to apply for settled

import goods; goods will not clear customs without this.

status.

Comply with any VAT requirements.

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Brexit Update | Deal or no Deal

Banking and financial services postBrexit

Data Flows from the 1st January 2021

UK financial services will not be allowed to provide the full range or regulated activities into the EU after the 31 December 2020.

The UK has confirmed it will continue to recognise EU standards of personal data protection.

The UK has established the Temporary Permissions Regime

The UK government intends to incorporate GDPR into

(TPR) to enable EEA firms that operate within the UK to continue temporarily using an EEA “passport�. UK firms that use the services of an EEA based financial service firm should have temporary cover to service UK clients, if they have been granted temporary permission. Alongside this is the Financial Service Contract Regime which will temporarily allow the EEA passporting for firms that have entered UK contracts prior to the end of the transition period, if those firms have not entered the TPR.

law and GDPR will continue to apply from 1 January 2021.

Although the UK has said that it will continue to honour data flow to the EU, the EU has not confirmed that the UK has adequate privacy protection standards. This has been made all the more significant following the ECJ decision on data flow to the U.S. If data is exchanged between the UK and EU, you will need to consider where do you make the main decisions about your data processing activities, where do these data processing activities take place, and identify their Lead Supervisory Authority. Until there is clarity, following Brexit, cross border processing should be considered and organisations will need to look at whether this processing will affect individuals in one country or across the UK and EEA countries.

AND REMEMBER, where contracts refer to EU law and terminology, have them reviewed to ensure that they protect you!

Liza Zucconi Partner liza.zucconi@laytons.com +44 (0)20 7842 8092

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Brexit Update | Deal or no Deal

Expertise

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Our teams focus on acquiring a deep understanding of the particular needs and objectives of our clients to deliver advice and outcomes that are tailored to those needs and objectives and which meet them swiftly and cost-effectively. The approach to technical problems is informed, insightful and proportionate, and we take pride in viewing problems from a fresh perspective to provide innovative solutions.

John Gavan

Esther Gunaratnam

Dimitri Iesini

Partner john.gavan@laytons.com +44 (0)20 7842 8000

Partner esther.gunaratnam@laytons.com +44 (0)20 7842 8000

Partner dimitri.iesini@laytons.com +44 (0)20 7842 8081

Robert MacGinn

Daniel Oldfield

Daniele Penna

Partner robert.macginn@laytons.com +44 (0)20 7842 8000

Partner daniel.oldfield@laytons.com +44 (0)20 7842 8037

Partner daniele.penna@laytons.com +44 (0)20 7842 8053

Johnathan Rees

Christopher Sherliker

Cameron Sunter

Partner johnathan.rees@laytons.com +44 (0)20 7842 8009

Partner christopher.sherliker@laytons.com +44 (0)20 7842 8015

Partner cameron.sunter@laytons.com +44 (0)20 7842 8036

Liza Zucconi Partner liza.zucconi@laytons.com +44 (0)20 7842 8092

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