Brexit 2 Personal and Business Identity
Status Changes
When the UK leaves the EU then the UK stops being part of the single market, and they become different territories. Previously all EU now UK or EU, and so UK nationals stop being part of the group of EU nationals.
EU rules are that individuals and businesses should not be treated differently, across intra EU borders. However, now that the UK is not part of that group, then they can be treated differently.
Individuals
So, the first question is, are you a UK citizen or an EU citizen? Many people are able to claim dual citizenship e.g. get two passports and hence claim to be both or either as the need arise.
After Brexit UK and Irish citizens will have full rights to live and work in the UK. But others may not have such rights after 30th June 2021.
EU, EEA and Swiss citizens, who have lived in the UK before 31st December 2020, may be able to claim settled status, before 30th June 2021, and hence retain full rights to live and work in the UK after Brexit too.
Different rules may apply to family members.
UK citizens traveling to other EU countries may also have restrictions – so check before you travel
https://www.gov.uk/visit-europe-brexit
Business & Property Ownership
As the UK splits from the EU, the nationality or residency of managers or owners may change and hence so may the business. This can have a big effect on partnerships, subsidiaries and other European specific entities.
- Has this changed the balance, nationality or location of the business/trade?
- Is the business subject to new restrictions or requirements e.g. on equity or accounts production?
- Has this changed how the business is perceived e.g. some countries do not recognise an LLP?
- Is the business subject to new regulations e.g. those of a different territory?
- Can you continue to trade or own the business/property or do you need to consider more major changes e.g. sale, merge or move?
- Will staff and owners be taxed differently as a result?
Do see HMRC guidance at https://www.gov.uk/guidance/structuring-your-business-if-theres-a-no-deal-brexit
