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Brexit no-deal papers (IV): Key points for foundations

After a short break for party conference season, the Government has resumed publishing its plans in the case that an agreement with the EU is not reached. We’ve read through the latest set and drawn out the key points for foundations. You can also catch up on our summaries of the first, second and third sets of papers.

Funding for British Overseas Territories

The Government has already set out plans to underwrite EU-funded programmes up to the end of 2020 – see our summary here. Now those guarantees have been extended to cover British Overseas Territories that are eligible for funding under various EU funding programmes. Discussions continue about consortia and projects involving participants from the UK and British Overseas Territories. More detail is reported to become available about the “precise arrangements” for specific programmes.

Accounting and auditing

The Government’s plans for accounting and auditing are most likely to be of interest to multinational companies structured across the UK and EU. However some incorporated foundations may also be affected. Companies operating with branches across borders may be subject to additional requirements and certain exemptions may no longer apply; those who might be affected are advised to familiarise themselves with these issues now. These requirements will also affect accounting service providers, who may in turn seek additional information from clients.

What next?

There are already more papers published than had been anticipated, and there are still many points left to cover. ACF will continue to provide updates as and when they emerge. If you’d like to discuss this issue any further, please contact emma@acf.org.uk

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