01.31.2020 - By PwC
Doug McHoney (PwC's US International Tax Services Leader) and Matt Ryan (Leader of PwC UK's International Tax and Treasury Network) avoid the temptation of debating Megxit and dive quickly instead into Brexit. More specifically they cover: the importance of the monarchy to the UK's identity; a primer on the Brexit votes and the Prime Ministers in power during those votes; the treaty implications of Brexit; the importance of the ‘principal purpose test’; how Brexit will impact the new controlled foreign corporation (CFC), Permanent Establishment (PE), and dividends-received rules; how Brexit will impact global trade; and key considerations for companies in a post-Brexit world.