The UK will no longer be an EU country from 1 February 2020. The EU and the UK have negotiated a treaty to withdraw the UK from the EU (Brexit). The treaty will enter into force on February 1, 2020. The Brexit Treaty provides for a transitional period until 31 December 2020. The withdrawal agreement between the UK and the EU guarantees the right to social security benefits acquired during MEMBERSHIP of the UK and during the transitional period, even after the end of the transitional period. If, at the end of the transitional period, the stay in Finland or the United Kingdom is maintained without interruption, the right to social security benefits is generally unchanged. The withdrawal agreement also includes a protocol on the UK`s basic sovereign territories in Cyprus and a protocol on Gibraltar, which provides for the specific issues raised by the UK`s withdrawal from the EU with regard to Gibraltar. The withdrawal agreement will automatically reduce all cooperation on the basis of the UK`s accession to the EU. The withdrawal agreement contains no provision on future relations between the EU and the UK.
The UK sent its withdrawal notification to the EU on 29 March 2017. This triggered a process of withdrawal within the meaning of Article 50 of the Treaty on european Union. Negotiations ended on October 17, 2019. Information, for example, on the negotiation process and the withdrawal agreement, as well as on how British and Finnish citizens and businesses should prepare to withdraw without agreement: this means that the current rules will continue to apply in 2020, as if the UK were still a member of the EU. The European Union and the United Kingdom will discuss their future relations in the year 2020. Due to the negotiating plan, certain sectors will not be able to enter the scope of the agreement as of January 1, 2021. Businesses, in particular, should be prepared for this possibility. The agreement provides for a period up to the end of 2020, known as the transitional period during which relations between the EU and the UK will continue in accordance with current EU rules, as if the UK were still a member state. The only important exception is that the UK no longer participates in EU decision-making or the activities of EU institutions.
The UK`s exit from the EU has no direct impact on corporate taxpayers` income tax. The withdrawal agreement consists of 185 articles, three protocols and nine annexes. The agreement is divided into six parts. Among the main provisions of the withdrawal agreement is the fact that after the withdrawal from the EU, the UK is no longer present in the EU internal market. As a result, it will no longer remain under the suspension of rights regime. The UK and EU have agreed on a withdrawal agreement that is expected to include a transitional period until 31 December 2020. Although the UK will no longer become a member of the EU from 1 February 2020, the withdrawal agreement ensures that social security rights will remain unchanged during the transitional period. 1.
The „common provisions“ part of the agreement (Articles 1 to 8) mainly include provisions relating to the implementation, application and interpretation of the agreement. 4. The following part (Articles 126-132) contains provisions relating to the transition period that extends to the end of 2020 and is necessary to move from withdrawal to future relations. The transitional period involves extending the application of existing EU legislation. The only important exception is that Britain will no longer be part of the EU`s institutions and bodies and will no longer participate in EU decision-making.