We are able to discuss post BREXIT planning measures and the impact with Isle of Man businesses
The Isle of Man is in a transition phase following the withdrawal of the United Kingdom from Membership of the European Union on 31 January 2020 (‘Exit Day’).
The Isle of Man had had a special relationship with the EU. The Treaty of Rome provides for its application to all European territories for whom a member state is responsible. In the case of the United Kingdom, however, Protocol 3 was added to the United Kingdom Treaty of Accession of 1972. This provided that the Treaty of Rome does not apply to the Isle of Man. However, the Isle of Man was included within the customs territory of the EU and was subject to the rules on the free movement of goods.
Both the UK and the EU have agreed that BREXIT will be followed by a time-limited implementation period, which will last until 23:00h on 31 December 2020 (IP completion day). During the implementation period EU law continues to apply to the UK and (in so far as it falls within the scope of Protocol 3) the Isle of Man. As a result, the retention of EU law as Manx law will now take place at the end of the implementation period on IP completion day rather than on exit day.
The European Union and Trade Act 2019 and The European Union and Trade Act 2019 (Withdrawal Agreement) Regulations 2020 give effect in the Isle of Man to this agreement.
Post BREXIT Planning | What we do
We are on hand to assist businesses with post BREXIT planning. We take into account both the transition period and the possibility that following IP completion day the version of EU legislation retained in Manx law will be ‘frozen’ in the form it took that day. As a result it will no longer be synchronised with future EU laws as amended and increasingly divergent from it.
We are taking a very strong interest in how the law may change and subsequently affect the Isle of Man and all it’s asosciated industries and businesses. Consequently, we will ensure that we keep our clients informed and up to date of any changes, and how any post BREXIT planning may evolve.