Key points in EU / UK Trade and Cooperation Agreement

As previously reported, the Trade & Cooperation Agreement (TCA) between the EU and UK came into provisional effect at 11pm GMT on 31 December 2020 and establishes the commercial and regulatory arrangements between the EU and the UK. The agreement is provisional upon ratification by the European Parliament which is expected by the end of February/early March. The TCA sets out preferential arrangements in a number of areas. The most relevant from a tax perspective being trade in goods, trade in services, the digital economy, intellectual property, and social security. It also contains arrangements to ensure a level playing field and maintain minimum standards in key areas of tax policy.