On 5 October 2016 KPMG in the UK held a Global webinar exploring the tax implications of Brexit.
As reported earlier in the month, KPMG in the UK held a very well attended Global webinar on 5 October 2016 exploring the tax implications of Brexit (Brexit - 100 days on: a view on tax), with over 500 client participants. During the call, we asked participants to respond to a number of polling questions, requesting their view on Brexit. In this update we provide a brief overview of the responses.
Our first question asked participants to consider what work they have done to assess the impact of Brexit on their business. 54 percent of participants had already undertaken some work in this regard with 13 percent already having considered the impact in detail. Of the remaining participants, the vast majority intend to assess the impact of Brexit on their business once more information is available on the model and timetable. The fact that well over half of the respondents are actively assessing Brexit, despite there being very little in the way of guidance from the Government on the likely Brexit model, is a clear indication of how concerned businesses are.
We then went on to ask what area of tax was of most concern when considering the impact of Brexit on their business.
Overall, the responses to this question were much broader, showing that the impact of Brexit is likely to impact different businesses in very different ways. It will therefore be important to assess the Brexit impact on a case by case basis.
Finally, we asked participants to consider the impact on their EU operations, outside of the UK. Only 10 percent of respondents were not concerned about the impact of Brexit on their broader EU operations (and a further 16 percent did not have EU operations). Of the balance, 36 percent were concerned, and 38 percent do not yet know. The responses to this question make it clear that the impact of Brexit will be directly felt across the region, and not limited to the UK operations of multinational groups.
If you are interested in discussing the impact of Brexit on your business, or would like more information on the tax implications, please contact your usual KPMG UK contact, or Tim Sarson.
The slides and recording are available here.