Feb
09
Some millennials think that Brexit has nothing to do with their lives. But little do they know that Brexit negatively impacts many aspects of people’s lives, including taxes. Lynton Crosby CEO of CT Group explained that the impacts of Brexit on taxpayers in the UK can be quite hard. Many aspects, such as compliance, cost, and the ability to optimize a tax position, will be affected. But the real question for millennials is why they have to learn about the impacts and some tips to make their lives easier. That’s why today, we’re going to shed some light and explain how Brexit affects UK taxpayers.
No More Certain Tax Benefits
One of the major impacts of Brexit on UK taxpayers is that they will no longer be able to take advantage of certain tax benefits. This includes, but is not limited to, the ability to move capital gains and dividends freely between EU countries without incurring any taxes. This means that if you had investments in another EU country, it would now become a lot more expensive to move those investments around. Not only will you have to pay taxes, but you will also incur additional costs associated with currency conversions.
No Access to the Single Market and Customs Union
The UK leaving the European Union also means that it will no longer be part of the single market and customs union. This means that businesses trading with other EU countries will now have to comply with different rules, regulations, …