Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Brexit definition

What does Brexit mean? Brexit is the practical shorthand in legal drafting and advice for the United Kingdom’s withdrawal from the European Union and the legal, regulatory and trading changes flowing from it. It covers the UK’s cessation of EU membership on exit day (31 January 2020) and the cessation of the EEA Agreement’s application, the end of the implementation/transition period on IP completion day (31 December 2020), and the commencement, expiry or variation of post‑withdrawal trading and regulatory arrangements, including the UK‑EU Trade and Cooperation Agreement, the Windsor Framework (amending the Northern Ireland Protocol), and UK agreements with third countries...

Post-Brexit UK accounts and corporate reporting: IFRS adoption via UKEB, Companies Act 2006 Part 15 changes, group exemptions, overseas companies, and EEA listing implications (from 1 January 2021)

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Practice notes

At 11pm UK time on 31 January 2020 (Exit day), the United Kingdom departed the European Union, doing so under a ratified Withdrawal agreement concluded by the UK and the EU. This marked exit took place strictly in accordance with that ratified agreement between the two sides. The EU now treats the UK as a ‘Third country’, i.e. a state that is neither an EU Member State nor part of the European Free Trade Association (EFTA). Throughout the implementation period (running to 11pm UK time on 31 December 2020), the UK and EU aimed to negotiate and conclude an accord to oversee their future relationship, between the parties concerned together, with both sides participating. A political declaration outlined the framework for that future relationship, with its terms settled alongside the Withdrawal Agreement. The EU–UK Trade and Cooperation Agreement (TCA)—the post‑Brexit trade deal between the UK and EU—was ultimately concluded only days before IP completion day. Following agreement of the TCA, the European Union (Future Relationship) Bill was laid before Parliament on 30 December 2020 and, having passed all Parliamentary stages in one day, obtained Royal Assent as the European Union (Future Relationship) Act 2020....

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Web page updated on 21/05/2026

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