This Guidance Note outlines some key tax implications of Brexit on the pharmaceutical industry. The EU and UK have agreed the terms of a future economic partnership in the EU-UK Trade and Cooperation Agreement, with only days left before the end of the transition period. The agreement provides some clarity and certainty on VAT, customs, and excise duty in relation to trade between EU and UK. The changes to indirect tax for UK/EU trade are of upmost significance but the impact on Corporation Tax
are also of importance. This Note does not cover every aspect of UK and international taxation that could be affected but draws out those considered to be of greatest significance for the Life Sciences sector.

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