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Managing expectations: key considerations for early stage start-ups and their investors
Peter Sugden discusses "good leaver / bad leaver" provisions in early-stage venture capital investment to help explain key terms for start-up business.
Read morePart 2: What does the SMCR mean for me?
The new “Conduct Rules” are a minimum, basic standard of good personal conduct and behaviour applicable to all financial services personnel, and against which the FCA will hold individuals to account.
Read more#Ad-vice for Influencers and Brands: how to comply with CAP's new Influencer's Guide
To help influencers and brands comply with the legal requirements around influencer marketing the CAP issued An Influencer's Guide to making clear that ads are ads, developed in conjunction with the CMA.
Read moreReeves - CGT holdover relief available where transferor is foreign controller of transferee
In Reeves v HMRC [2018] UKUT 293 (TCC), the Upper Tribunal (UT) has held that a non-resident taxpayer was entitled to holdover relief from capital gains tax (CGT) on a disposal he had made when he gifted his interest in a limited liability partnership (LLP) to a UK-resident company, of which he was the sole shareholder.
Read moreHong Kong's Securities and Futures Commission to target cryptocurrency exchanges
The outgoing chairman of Hong Kong’s Securities and Futures Commission (the “SFC”), Carlson Tong Ka-shing, has reportedly stated that the SFC is looking to extend its regulatory reach to Hong Kong’s cryptocurrency exchanges, which have so far been operating in a largely unregulated sphere.
Read moreVAT Update October 2018
In this month’s update we report on changes to the VAT treatment of supplies of digital services, the European Parliament’s adoption of changes which are intended to simplify VAT for small businesses and the European Commission’s proposals for VAT rates and intra-EU supplies. We also comment on three recent decisions relating to the VAT option to tax a property third party access to documents filed at the First-tier Tribunal and the validity of Alternative Dispute Resolution agreements that are wrong in law.
Read morePart 1: What is the SMCR?
The Senior Managers & Certification Regime (“SMCR”) will replace the FCA’s existing approved persons regime and represents a paradigm shift in the financial services industry in the UK.
Read moreReflections on the UK Bribery Act seven years on
Following the appearance of RPC's Sam Tate at the annual IBA conference earlier this month, where he joined a panel of experts discussing Corruption and Corrupt Contracts, here are our reflections on how the Bribery Act has changed the landscape of bribery offences and corporate criminal liability, first published by the IBA earlier this year and now updated.
Read moreProfessional Game Match Officials – football referees not employed for tax purposes
In Professional Game Match Officials Ltd v HMRC [2018] UKFTT 528, the First-tier Tribunal (FTT) has held that football referees and other match day officials were not employees of Professional Game Match Officials Ltd (PGMOL).
Read moreStephen Hawking's big questions for Life Sciences
Stephen Hawking's posthumously published "Brief Answers to the Big Questions" is a fascinating foretelling of legal challenges that the life sciences sector may face.
Read moreHMRC cannot require an auditor to provide information regarding a taxpayer's audited accounts even if the auditor also acts as the taxpayer's tax accountant
In HMRC ex parte a Taxpayer [2018] UKFTT 541 (TC), the First-tier Tribunal (FTT) has held that paragraph 24, Schedule 36, Finance Act 2008 (FA 2008), protects a taxpayer's auditor, who also prepares and files the taxpayer's tax returns, from having to disclose information and documents to HMRC regarding the taxpayer's audited accounts.
Read moreInformation requirements to change under European communications contracts
The rules around what needs to be provided to consumers under communications contracts are going to be changing under the new European Electronic Communications Code. This will have implications for consumer contracts provided by communication providers in Europe, including broadband, voice and "over the top" providers.
Read moreCorporate tax update
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this third 2018 edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2018.
Read moreFCA proposes FOS award limit increase to £350,000
The FCA has announced plans for an increase in the current FOS compensation cap. Currently standing at £150,000, the changes would see the limit increase to £350,000, an increase of 133%. It is also proposed that the limit will further increase automatically each year in line with inflation.
Read moreOil or nothing: Court of Appeal considers damages in continuing misrepresentation claim
The Court of Appeal recently held that a director who had made continuing fraudulent misrepresentations was liable for damages calculated at the point of sale and not at the point of entering into the contract. This judgment is a reminder that, in the right case, deceit may be used to pierce the corporate veil. It also highlights the considerations when assessing damages regarding continuing representations, particularly when there is time between the representation being made and the performance of the contract.
Read moreDone Brothers – supplies through fixed odds betting terminals exempt from VAT
In Done Brothers (Cash Betting) Ltd v HMRC [2018] UKFTT 406 (TC), the First-tier Tribunal (FTT) has held that supplies made through fixed odds betting terminals (FOBT) are exempt from VAT.
Read moreWhat's next for the FCA after Brexit?
Brexit - you can rarely go a day without hearing this word. But what does it mean in real terms for financial professionals? The FCA has acknowledged that a looming Brexit will have implications for how the FCA works in the future and has begun to discuss its plans.
Read moreMeet your new loss adjustor: the drone
Listed by Lloyd's in 2016 as an 'emerging risk', drones have caught insurers' attention in the last few years. However, the potential benefits for the industry go further than the new capital received from premiums.
Read moreAtherley - qualifying loan write off created an allowable loss
In Douglas Atherley v HMRC [2018] UKFTT 0408 (TC), the First-tier Tribunal (FTT) has found that the taxpayer's partial writing-off of a loan made to a company of which he was the sole shareholder, created an allowable loss under section 253(3), Taxation of Chargeable Gains Act 1992 (TCGA).
Read moreCourt of Appeal enforces fraudster’s claim against lawyers
In Stoffel & Co v Maria Grondona the Court of Appeal applied Lord Toulson’s judgment in Patel v Mirza to permit a fraudulent mortgagor to enforce her claim against her conveyancing solicitors. There may though be stronger grounds for the defence in other claims against professionals.
Read moreThe Latin American challenge – a London market perspective
If the London market wants to maintain its leadership in the region, London reinsurers need to look at ways to improve direct communication with local players.
Read moreRelief for Skilled Persons as the Court of Appeal rules they are not amenable to judicial review
In what circumstances might skilled persons appointed under FSMA be subject to judicial review? The Court of Appeal recently explored the vulnerability of skilled persons to judicial review and dismissed an application for judicial review against KPMG, acting as a skilled person on behalf of Barclays Bank, as it found the framework in which KPMG operated was not sufficient to bring it into the public law arena.
Read moreSFC Disciplinary Action – Customer/Personal Data
On 20 September 2018, the Securities and Futures Commission (“SFC”) banned an individual named Ngo Wing Chun from re-entering the industry for 12 months (the “Decision”) for having taken the personal data of approximately 995 customers from his employer and emailed it to his personal email. The evidence showed that none of the information had been disclosed to any third parties.
Read moreTax update October 2018
In this month’s update we report on HMRC’s Spotlight 45 on umbrella company avoidance schemes, an update to HMRC’s Venture Capital Schemes Manual; and call for evidence on HMRC powers.
Read moreESMA renews restrictions on CFDs and binary options
The European Securities and Markets Authority (ESMA) has decided to renew intervention measures, which restrict the sale of contracts for difference (CFDs) and binary options to retail investors, for a further three months.
Read moreNewton – Tribunal confirms that "statutory records" should be narrowly construed
In Newton v HMRC [2018] UKFTT 513 (TC), the First-tier Tribunal (FTT) has held that, due to the lack of taxpayer appeal rights, the definition of "statutory records" for the purpose of an information notice issued pursuant to Schedule 36, Finance Act 2008 (FA 2008), must be construed narrowly.
Read moreHealth and safety update September 2018
Welcome to the latest edition of our health and safety update where we look at the health and safety stories that have recently hit the headlines as well as the latest fines and sentences that have been handed down.
Read moreCJEU proves even easy copyright cases make bad law
Commentary on the recent CJEU decision in Renckhoff C-161/17 about the communication to the public right.
Read moreForce Majeure – specificity is vital – Seadrill v Tullow
Force majeure clauses in contracts must be clear on the events that can excuse a party from fulfilling its obligations. Inability to perform under the contract must be wholly caused by that event. So said the High Court in the case of Seadrill Ghana Operations Ltd v Tullow Ghana Ltd.
Read moreVAT update September 2018
In this month’s update we report on the ECON committee’s amendments to the European Commission’s proposal for simplification of VAT for SMEs, the government’s technical note on the impact on VAT in the event of a no-deal Brexit; and Revenue and Customs Brief 6 (2018) on VAT exemption for all domestic service charges.
Read moreHigh Court warns directors to get match fit for new reporting regulations
It is understandable that directors might be reluctant to seek legal advice – be it due to concern about time or cost or a potential conflict of interest if seeking advice internally. However, as a recent case demonstrates, this is a small price to pay to avoid the time and financial cost of a claim, especially when a company's subsequent precarious financial position shines a light on an officer's behaviour and competence.
Read moreSnapshots - Autumn 2018
This is your roundup of all recent legal updates spanning advertising & marketing, commercial cases,technology / digital, data protection and intellectual property.
Read moreOnline advertising to tackle copyright infringement and counterfeit good
How is industry responding to the threat of advertising on websites and apps which infringe copyright or disseminate counterfeit goods?
Read moreEU takes on the power of online intermediate services
What steps is the EU taking in response to concerns over the growth in power of online intermediation services?
Read moreASA ruling on prize promotions: Highland Spring
What information must be made available to prospective participants of a prize promotion in order to avoid unnecessary disappointment?
Read moreTaking on the ticket touts - Ticket sales regulations 2018
What are the new rules banning the automated purchasing of tickets in the UK for reselling at a higher price?
Read moreASA ruling on significant information: I Can Have It Ltd
Is including significant information on a competition landing page enough? Or do you need to include this information in an individual competition listing? And how clear do you have to be if there is no closing date about how a competition is administered and the potential length of each competition?
Read moreFairly administering a prize promotion: Walkers Snacks Ltd t/a Quaker Oats
What steps are needed for a prize promotion to be fairly administered in accordance with the terms and conditions of the promotion?
Read moreInfluencer disclosures: remember #ad! – Daniel Wellington
What disclosures need to be made in influencer marketing to ensure ads are easily identifiable?
Read moreRestriction on "political advertising" – Saudi Centre for International Communication
Read moreGambling acts of "particular appeal" to children
How easy is it for gambling websites to stray into creating content which is of "particular appeal" to children and therefore banned under the CAP Code?
Read moreAmazon Prime's "one day delivery" service misleading
Will a 'One-Day Delivery' claim be misleading if not all products under the relevant service are delivered the next day?
Read moreASA HFSS ruling on Cadbury's Easter promotion
When engaging influencers to promote a high in fat, salt or sugar (HFSS) product, how can advertisers ensure that they will not be promoting their product to children?
Read moreYahoo! fined for failure to implement intra-group processing agreement
With the arrival of the GDPR, the focus on third party data processing agreements and ensuring they have the relevant controls in place has never been more intense. But how much do businesses need to focus on their intra-group processing agreements?
Read moreMedia reporting restricted after Sir Cliff Richard decision
In what instances can journalists name the suspect of a police investigation? Do such suspects have a "reasonable expectation of privacy"?
Read moreEuropean Parliament calls for suspension of Privacy Shield
Is the EU-US Privacy Shield in danger?
Read moreNike LDNR campaign sunk by trademark infringement
How careful do you need to be when utilising third party trade marks in advertising campaigns?
Read moreSprint Electric Ltd v Buyer's Dream Ltd and another
How does the use of personal services companies affect IP ownership?
Read moreEuropean Parliament approves draft Directive on Copyright
What is the current status of the draft Directive on Copyright in the Digital Single Market?
Read moreZoella and Nutella - HFSS products and children
When engaging influencers to promote a high in fat, salt or sugar (HFSS) product, how can advertisers help ensure that they will not be promoting this product to children?
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