The UK electorate voted in June 2016 by a narrow majority to leave the EU, although the formal exit process has not yet begun and it is at this stage unclear what the UK's continuing relationship with the EU27 will be post-"Brexit". It is possible that the UK might not implement any of the ATAD measures. It could benefit the UK's competitiveness to retain or relax, for example, its current exit tax system, its narrowly-focused GAAR and its CFC regime (which includes some important exemptions) rather than enacting the ATAD versions. The UK has already committed to introducing interest deduction limitation rules, following BEPS Action 4, with effect form 1 April 2017, and anti-hybrid mismatch rules, following BEPS Action 2, from 1 January 2017.