The United Kingdom (UK) and Australia announced on June 14 that a Trade Agreement (the Agreement) has been agreed in principle between the two countries. The announcement was recently made by UK Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a meeting in London. It is understood that the Agreement will include provisions on temporary entry that are designed to support economic recovery, enhance opportunities for business travel, and encourage citizens and residents of each of the two countries to travel to, and work in, each other's territories on the basis of reciprocity. The Agreement in principle was published on June 17 but is not expected to enter into force until early 2022.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
