Economics
U.K. Could Avoid $1.5 Billion EU Tax Bill on No-Deal Brexit
- Crashing out raises questions over EU investigations of U.K.
- EU courts could cease to be main appeals forum from March 30
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A no-deal Brexit could create yet another headache for the European Union as it prepares to hand dozens of U.K.-based companies a tax bill that is expected to top $1.5 billion.
With just over two months until Britain’s scheduled departure date of March 29, time is running out for the European Commission to order the U.K. to recoup money from companies granted illegal tax breaks. A decision is likely just before Brexit, people familiar with the case have said. But how the EU could ensure U.K. compliance with any order isn’t clear.