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...

UK statutory audit post‑Brexit: retained EU law, FRC powers, EEA/third‑country qualification recognition and firm ownership rules, PIE scope, group audits, audit committees and exemptions

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Practice notes

At 11pm UK time on 31 January 2020 (Exit day), the United Kingdom formally departed the European Union pursuant to a duly ratified Withdrawal agreement concluded between the UK and the EU. The EU now treats the UK as a ‘Third country’, ie a state that is neither an EU Member State nor a member of the European Free Trade Association (EFTA). Throughout the implementation period (up to 11pm UK time on 31 December 2020), the UK and the EU worked diligently to negotiate and conclude an agreement intended to govern their future relationship. A political declaration set out the framework for that future relationship, with its detailed terms settled by the parties at the same time as the Withdrawal Agreement. The EU–UK Trade and Cooperation Agreement (TCA), ie the post-Brexit trade accord between the UK and the EU, was ultimately settled only a few 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 completed all its Parliamentary stages within a single day, the Bill thereafter secured Royal Assent as the European Union (Future Relationship) Act 2020...

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Web page updated on 22/05/2026

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