- The UK joining the European Free Trade Association and the European Economic Area, and so retaining access to the single market, in the same way as Norway, Iceland and Liechtenstein;
- The UK negotiating a standalone free trade agreement with the EU, as Switzerland does; or
- The UK negotiating an ongoing customs union with the EU, as Turkey does.
On 23 June 2016, in an historic referendum, the UK public voted to leave the European Union (“EU”). The following weeks have been filled with political and financial uncertainty, as the country contemplates its future outside the EU. However, one thing seems to be certain: in the words of our new Prime Minister, Theresa May, “Brexit means Brexit”. The precise impact of Brexit on UK taxes will depend on the new terms negotiated with the EU. The most likely scenarios for a post-Brexit UK include: