Some company laws are abolished after Brexit. They are necessary changes to reflect the current status of the UK has left the EU. This change come into effect on the exit day on 31 January 2020.
The revocations of some company laws are brought into effect through The Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019 on the exit day.
Summary of abolished company laws
To cut the long story short, the following company laws are revoked on exit day on 31 January 2020.
- The Companies (Cross-Border Mergers) Regulations 2007(1) in their entirety.
- The Companies (Cross-Border Mergers) (Amendment) Regulations 2008(2) in their entirety.
- Part 4 (Amendments to the Companies (Cross-Border Mergers) Regulations 2007) of the Companies (Reporting Requirements in Mergers and Divisions) Regulations 2011(3).
- The Companies (Cross-Border Mergers) (Amendment) Regulations 2015(4) in their entirety.
- The Commission Implementing Regulation (EU) 2015/884 of 8 June 2015 establishing technical specifications and procedures required for the system of interconnection of registers established by Directive 2009/101/EC of the European Parliament and of the Council in its entirety.
Practical changes for UK companies after Brexit
Companies House forms
Consequently, Companies House introduced changes to UK companies filing and disclosure requirements through Companies House forms on exit day. This includes some Companies House forms were discontinued after Brexit and minor changes to the Confirmation statement CS01 and other forms too.
Concurrently, the accounting rules after Brexit also took effect on 31 January 2020 on exit day. For this purpose, all UK companies who currently use EU adopted IAS to prepare their company accounts must now us the UK adopted IAS.
Practically, this change has a minimum impact on UK companies because the EU adopted IAS and the UK adopted IAS is technically the same at the moment. However, future developments make to the UK adopted IAS may not hold the status quo.