Transitional provision on the Brexit Tax Accompanying Act

(1) Section 25a(5a), as in force on 29 March 2019, applies for the first time to terminations received after the expiry of eight months following 29 March 2019.
(2) Where the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union takes effect without a withdrawal agreement within the meaning of Article 50(2), second sentence, of the Treaty on European Union having entered into force by that time, section 64x(7), first sentence, applies to undertakings with their registered office in the United Kingdom of Great Britain and Northern Ireland on the basis that the exemption under section 2(5) is deemed to have been provisionally granted from the date of withdrawal until the European Securities and Markets Authority's decision on an entry of the undertaking in the register under Article 48 of Regulation (EU) No 600/2014, where the undertaking submits a complete exemption application under section 2(5), first sentence, within three months of the date of withdrawal.