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Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

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Publication of Repeal Bill

The UK government published its Repeal Bill last month, along with its negotiating positions on nuclear issues, judicial matters and the privileges and immunities of EU institutions post-Brexit.

The Repeal Bill (formerly known as the Great Repeal Bill) sets out how the UK will repeal the European Communities Act 1972 and how the UK will copy EU Law (around 12,000 regulations) into UK law. Therefore on Brexit, UK law does not change overnight. Once the UK leaves the EU in March 2019 and is free to make its own laws, we may begin to see a divergence.

A paper explaining the process states: ‘The Bill sets out how we will prepare our statute book for exit but will not make major changes to policy or legislation beyond what is necessary to ensure the law continues to work properly on day one’.

On Brexit, the UK will bring in seven other pieces of legislation including bills on customs and immigration.

One controversial element of the Bill is the introduction of powers for ministers to change legislation using statutory instruments that require very little scrutiny in Parliament. The government says it will not use the new powers to change policy; rather it will be used to make small changes to text.

Scottish and Welsh governments have already said that they will not support the Bill. In a joint statement from both leaders, they called the Bill “a naked power grab, an attack on the founding principles of devolution and could destabilise our economies.” It is unfortunate that Stormont is not in a position to offer comment due to the breakdown of power sharing talks in recent weeks.

In a time when the UK is trying to put forward a united front in the Brexit negotiations, these comments are likely to highlight the underlying divisions within the UK government. Something the EU will not be pleased to hear.

The Repeal Bill will be debated in parliament after the summer break.