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The corporate tax implications of Brexit for the UK’s small and medium-sized companies.
KEY POINTS
- Will some UK SMEs benefit from increased costs imposed on EU competitors?
- Further government assistance could be forthcoming if EU state aid rules no longer apply.
- Retaining access to the EU free market may restrict the room for tax manoeuvres.
- Past policies on tax incentives indicate that small rather than large businesses are likely to benefit most.
- UK employees operating in other EU member states could be subject to multiple social security contributions on earnings.
The abiding theme of commentators discussing the potential tax implications of Brexit has been uncertainty almost entirely derived from the uncertainty and lack of clear direction from the government on the consequences of leaving the EU. Although this uncertainty is bad from a wider perspective in terms of potential damage to economic confidence...
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