Brexit: tax implications for multinationals

On 23 June 2016, the UK voted to leave the EU. No immediate emergency Budget is expected but the Autumn Statement may provide an indication of future tax policy. Whilst the terms of the UK’s future relationship with the EU remain hard to predict, some tax consequences of the UK’s withdrawal from the EU can be anticipated. Tax directors should review their existing corporate structures, and any new investment structures, for possible post-Brexit tax inefficiencies. Mitigating action may be possible. Looking further ahead, the UK may have more flexibility in setting UK tax policy, whether to attract investment or otherwise, although radical changes seem unlikely.