Welcome to our Brexit update. We must apologise to those already tired of hearing the dreaded ‘B’ word, however there are some key considerations for all of us to be aware of and particularly those in business and importing from or exporting to the EU.
Although the Isle of Man is not an EU member, its close links with the UK and the limited relationship under Protocol 3 mean that Brexit will likely have a significant impact on the Island and those who live here and are in business.
At Harding Lewis we are not experts on this subject, and indeed, the Brexit impact is not fully known in any event. However, if you want to do your best to keep up to date with developments there are many sources available and it is difficult to know where to focus your research. One useful source to know about is as follows:
This is an IOM Government dedicated web page for staying up to date with the subject and any factors effecting the Island.
We also recommend that anyone in business who imports from or or exports to the EU keeps in close contact with Customs and Excise (and relevant Isle of Man Government departments) and there are links in the above mentioned web link in this regard. Advice has already been issued to Isle of Man VAT registered businesses in December by Customs & Excise and this letter can be found at https://www.gov.im/media/1363860/2018-12-05-customs-letter-to-iom-businesses.pdf. Action is recommended now to those relevant businesses.
Whatever your views on Brexit and its longer term implications, leaving the EU without a deal will have implications for some.