The United Kingdom (UK) government’s formal notification of its intent to withdraw from the European Union (EU) raised the question of whether that action constituted a change in tax law for income tax accounting purposes. We believe that the withdrawal notification does not trigger immediate income tax accounting consequences. Companies should instead account for changes to their income tax accounts when a new tax law or treaty is enacted or the UK actually withdraws from the EU, whichever is earlier. Affected companies should disclose information about the status of the UK withdrawal efforts and the potential income tax effects of its eventual withdrawal.