Hard Brexit Impact Analysis

Page 33 of 106 Category If no agreement is reached: Consequence EU Document Finance VAT As of the withdrawal date, UK Taxable persons wishing to use one of the special schemes of the so-called Mini One-Stop Shop or MOSS), who supply telecommunications services, broadcasting services or electronic services to non-taxable persons in the EU, will have to be registered for the MOSS in a Member State of the EU. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF CUSTOMS AND INDIRECT TAXATION Finance VAT As of the withdrawal date , Taxable persons established in the United Kingdom purchasing goods and services or importing goods subject to VAT in a Member State of the EU who wish to claim a refund of that VAT may no longer file electronically. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF CUSTOMS AND INDIRECT TAXATION Finance VAT As of the withdrawal date a company established in the United Kingdom carrying out taxable transactions in a Member State of the EU may be required by that Member State to designate a tax representative as the person liable for payment of the VAT in accordance with the EU VAT Directive. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF CUSTOMS AND INDIRECT TAXATION Finance Asset management As of the withdrawal date, the EU rules in the field of asset management, in particular Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities4 and Directive 2011/61/EU on Alternative Investment Funds Managers5 no longer apply to the United Kingdom. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF ASSET MANAGEMENT Finance Asset management UK ASSET MANAGEMENT ACTIVITY: As of the withdrawal date UK UCITS management companies and UK AIF managers will no longer benefit from authorisation7 (they will lose the so-called "EU passport") and will be treated as third-country AIF managers. This means that those UK entities will no longer be able to manage funds and market funds in the EU on the basis of their current authorisations WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF ASSET MANAGEMENT