TaxSource Total

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

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Brexit Business Developments

Jaguar issues stark warning

Jaguar Land Rover Chief Executive Officer Ralf Speth has warned UK Prime Minister Theresa May that a bad Brexit deal could put tens of thousands of jobs at risk and cost the company £1.2 billion pounds a year. Jaguar employs more than 40,000 people in the UK and told attendees at the government electric vehicle summit that Brexit had the potential to wipe out its profit. Mr Speth told the Birmingham audience that he didn’t even know if any of the company’s manufacturing facilities would be able to function on 30 March 2019; the day after the UK departs the EU.

Will flights be grounded?

CEO of Ryanair, Michael O’Leary warned that in the event of a hard Brexit, flights between the EU and UK could be grounded. While it has been reported that the CEO of EasyJet has received an assurance from both the EU and the UK that a basic agreement in the least will be in place to allow flights between the two jurisdictions, Mr O’Leary said that there could be no guarantee.

UK manufacturer stockpiling chocolate

And finally, for the sweet toothed among us Cadburys is reportedly stockpiling stocks of chocolate and biscuits in case supply is diminished by a hard Brexit because the UK is not self-sufficient to supply enough of these ingredients.

Other Brexit Business Developments

  • RBS says it may have to shed a number of business customers in the event of a no deal Brexit.
  • Panasonic to move its headquarters from the UK to Amsterdam.
  • Pfizer says Brexit could cost them €84 million goods are slowed at borders firms have to duplicate regulatory efforts.
  • Brexit won’t stop Aston Martin floating on London Stock Exchange.
  • Global central banks holding sterling could reportedly sell £100bn of the currency in case the currency slumps in the event of a no deal Brexit.
  • To help cope with potential shortages in fruit and vegetable, the UK will grant six month visas to non-EU nationals to come work in the UK to pick fruit and vegetables on a trial basis.

More information

Chartered Accountants Ireland and The Institute of Chartered Accountants of England and Wales have released a joint publication entitled Taking the Lead: Chartered Accountants & Brexit which gives practical details of how traders could cope with the new trading landscape that will come with a no deal scenario.

Read all of our Brexit updates and Back to Brexit Basics on the dedicated Brexit section of our website.