Brexit has, with effect from 1 January 2021, moved into full blown reality. Whilst the Deal agreed on the terms of future trade and cooperation was very welcome, there are a number of further developments and key dates that businesses should keep in mind as they adjust. Brian Daly, Head of Brexit at KPMG in Ireland, sets out these milestones below.
1 January 2021
TCA provisionally took effect on 31 December 2020 at 11pm
End of March 2021
3 month grace period from requirement to provide export health certificates (EHCs) on food supplies from GB to NI ends.
End of March 2021
A framework for regulatory cooperation in financial services between the EU and the UK is to be agreed by March 2021
End of April 2021
Temporary Data Adequacy ends, unless extended until the end of June 2021.
End of June 2021
End of phased introduction of border controls on imports of goods into NI from GB
Temporary equivalence for settlement of EU securities trades by UK CSDs ends
Regulatory requirements under EU law applicable to the import of certain meat products cease to apply in respect of exports of meat products from GB to NI
31 December 2021
Relaxed rules regarding the documentary evidence required for exporters preparing statements of origin for exports to the UK cease to apply
1 August 2023
Either the EU or the UK may notify the other if either considers goods to be “at risk” of moving into the EU from NI under the UK Trader Scheme
1 August 2024
Either the EU or the UK may decide to apply an emergency break to the UK Trader Scheme if it is being abused
First consent vote on whether to continue Northern Ireland Protocol by NI Assembly
First general review of Trade and Cooperation Agreement, with subsequent reviews every 5 years thereafter
End of fisheries adjustment period, by which time the value of the catch the UK can take in its own Economic Exclusion Zone will increase to an average of 25%
If you have any queries on how Brexit will affect your business, please get in touch with our dedicated Brexit Response Team.