Brexit regulations

The Taxes (Amendments) (EU Exit) (No 2) Regulations, SI 2019/818, make further consequential amendments to various pieces of tax legislation to maintain their effect after exit day.

The regulations include changes:

• to preserve the range of intellectual property rights qualifying for corporation tax relief under the patent box legislation, and permit the use of international accounting standards as adopted and modified by the Secretary of State in the UK, coming into force on exit day;
• updating amendments to a range of taxes, coming into force immediately after entry into force of the Taxes (Amendments) (EU Exit) Regulations, SI 2019/689; and
• updating amendments to keep stamp duty and SDRT consistent with certain financial services legislation, maintaining their effect in relation to entities based in Gibraltar, coming into force immediately after entry into force of the Stamp Duty and Stamp Duty Reserve Tax (Amendment) (EU Exit) Regulations, SI 2019/515.

The Welsh Tax Acts (Miscellaneous Amendments) (EU Exit) Regulations, SI 2019/833:

• update references to EU legislation in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 in relation to leases;
• amend the definition of charities for land transaction tax purposes;
• specify that co-ownership authorised contractual schemes constituted, managed, or authorised under the law of an EEA state are not to be treated as co-ownership authorised contractual schemes for land transaction tax purposes;
• make various amendments to the Tax Collection and Management (Wales) Act 2016.