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Collective redress and class actions regimes – from the US to Asia
Antony Sassi - Partner, Asia - reviews the recent introduction of class action regimes in Asia and discusses why this changed litigation landscape is important for insurers.
Read moreFCA finds shortcomings in principal firms' control and oversight of their ARs
The Financial Conduct Authority's (FCA) report on its thematic review of principal firms and their appointed representatives (ARs) has identified significant shortcomings in their control and oversight.
Read moreMAR: enhancing investor protection, market integrity and harmonising the market abuse regime across the EU
Karen Hendy, Corporate Partner, explains the benefits and implications of the all new Market Abuse Regulation and highlights the grey areas to be aware of.
Read moreSanctions: brainteasers with serious consequences
Failure to comply with financial sanctions carries serious penalties, most notably in the US, where banks have collectively paid billions of dollars in fines.
Read moreThe "purpose" means the "dominant purpose"
The Court of Appeal has recently dismissed an appeal in relation to the interpretation of a clause referring to "the purpose" of a transaction.
Read moreBrexit and the housing crisis – where are we now?
It is only a couple of months since the Government restated its 'one million homes by 2020' pledge. How does Brexit impact on this
Read moreBrexit and the housing crisis – where are we now?
It is only a couple of months since the Government restated its 'one million homes by 2020' pledge. It was always going to be a big ask, with talk of land banking, constructions skills shortages and delays in the planning system being bandied about on a regular basis
Read moreMaking a racket about the tennis pay gap
In 2015 Novak Djokovic, men’s world number one, received $21.65m in prize money whereas Serena Williams, women’s world number one, won less than half of that amount
Read morePart VII transfers: Court protects policyholder interests by modifying guarantees
High Court uses its powers to ensure third party guarantees continue to apply in the same way following Part VII transfer
Read moreVAT update, July 2016
In this month’s edition of our VAT update we will report on (1) the EU Council’s variation to the Principal VAT Directive relating to vouchers, (2) HMRC’s update on VAT Notice 708, and (3) a variation in the law on the applicably of VAT to offshore property held by insurers. We also comment on three recent cases concerning the supply of services by a bank, the applicability of VAT to an incomplete transfer of title, and whether VAT is payable on charitable donations.
Read moreFollow the money
How do you get your money back from a potential fraudster who has siphoned the money off into planes, luxury houses abroad and mysterious accounts? The English courts have a broad range of remedies available to help.
Read moreTribunal allows taxpayer's appeal as notice of enquiry was invalid
First-tier Tribunal (FTT) determined that HMRC had not given a valid notice of intention to enquire into the taxpayer's return because the purported notice of enquiry referred to tax year ended 6 April 2009, rather than 5 April 2009.
Read moreDrones: don't fly out of bounds (legally)
Various commercial industries have already woken up to the myriad opportunities offered by drone technologies. Whilst the regulatory regime evolves, it is important that companies don’t fall foul of the law.
Read morePlanning: the sequential test
For those involved in retail development, a recent Planning Court case serves as a helpful summary and update on the interpretation of the sequential test set out in para 24 of the NPPF.
Read moreWinning the battle but losing the war
We have previously commented on the need for claimants to establish all elements of a claim (duty, breach, causation and loss) if they want to achieve more than a Pyrrhic victory. The case of Mortgage Express v Countrywide Surveyors Limited provides another example of this, but with a slightly different twist.
Read morePensions freedoms where are we now?
On 14 July 2016 the Financial Conduct Authority published three releases relating to pension freedoms. The releases provide an insight into the FCA's areas of concern following the introduction of the pension freedoms in April 2015.
Read moreChina’s richest man strikes deal to host new global football tournament
Earlier this month, it was reported that the Dalian Wanda Group planned to create a European club tournament to rival the UEFA Champions League.
Read moreHigh Court criticises HMRC's conduct finding that it breached taxpayer's legitimate expectation
High Court criticises HMRC's conduct finding that it breached taxpayer's legitimate expectation
Read moreCorporate tax update, second quarter 2016
On 23 June 2016 the UK voted to leave the EU in an historic referendum result. A period of some political, economic and social uncertainty will undoubtedly follow (and we've already had a turbulent few weeks) but as far as corporate tax is concerned there should be no immediate consequences. It remains to be seen what happens to the planned further reduction in corporation tax to 15% as announced by the then-Chancellor George Osborne. Some initial views on the likely corporate tax consequences of Brexit are set out below. It has also been announced that Royal Assent to this year's Finance Bill is not now expected before the Autumn. In the aftermath of the referendum result, it is perhaps easy to forget that some significant changes to the UK corporate tax regime are planned. Whether all of these changes now proceed, at the pace originally intended, will become clear in due course. In this edition we therefore also highlight some of the key tax developments of interest to UK corporates from the second quarter of 2016.
Read morePrice fixing online – a new competition authority warning
The UK's Competition and Markets Authority ("CMA") has released an open letter to suppliers and retailers warning against online practices which constitute price fixing.
Read moreFailure to comply with direction leads to strike out of taxpayers' appeals
In the recent case of Grindley & Others v HMRC [2016] UKFTT 0834 (TC), the First-tier Tribunal (FTT) has directed that the taxpayers' appeals be struck out for failure to comply with a direction issued by the FTT.
Read moreHigh Court allows claim against foreign subsidiary and English parent company to be heard in the UK
The High Court has rejected applications by an English parent company and its Zambian subsidiary that claims brought against them in London should be dismissed in favour of proceedings taking place in Zambia.
Read more"Mis-selling" claim fails on appeal in Hong Kong
Hong Kong Court of Appeal confirms challenges in bringing mis-selling claims against banks and financial intermediaries.
Read moreTribunal finds HMRC was not entitled to issue a discovery assessment
In Anderson v HMRC [2016] UKFTT 335 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal and held that HMRC was not entitled to issue a discovery assessment pursuant to section 29(1) TMA, as the taxpayer had not been careless.
Read moreTime Charters corrected on underperformance
High Court narrows shipowners' defences to an underperformance claim
Read moreTiuta International Ltd (in liquidation) v De Villiers Surveyors
The Court of Appeal recently overturned a first instance decision in an application for summary judgment in the matter of Tiuta International Ltd (in liquidation) v De Villiers Surveyors Ltd [2006] EWCA Civ 661
Read moreTax update, July 2016
In this month's edition of our Tax Update we will report on HMRC's (1) revised corporate interest deductibility rules consultation, (2) new company taxation manual, and (3) off-payroll working and IR35 consultation. We also comment on three recent cases concerning 'trading', the applicability of income tax on employment termination payments, and SDLT planning.
Read moreISPs' appeal is "blocked"
In a judgment handed down today, the Court of Appeal, led by Lord Justice Kitchin, has overwhelmingly rejected the appeal by the five largest ISPs and upheld the High Court decision to grant Richemont a blocking order requiring those ISPs in the UK to prevent access to various third party websites from advertising and selling goods which infringe Richemont's trade mark rights.
Read morePension freedom advice complaints: Delays and insistent clients cause of concern for the FOS
Following reassuring news about low pension-related complaint numbers, the Financial Ombudsman's latest newsletter has revealed further details of the types of complaints they have received since the sweeping changes to the pension freedom rules in April of last year.
Read morePre-judgment interest rate – prime plus 1%
In May 2016 the Court of Appeal in Hong Kong handed down three consistent decisions confirming that (among other things) prime rate plus 1% should continue to be used as the starting point for awarding pre-judgment interest on damages awarded by the courts in civil disputes.
Read moreTribunal dismisses taxpayer's appeal as trade not conducted on a commercial basis
In Gray v HMRC [2016] UKFTT 0379 (TC), the First-tier Tribunal (FTT) has held that a taxpayer conducting promotional activities for his musician wife was not entitled to set losses from those activities against profits from his legal business.
Read moreVAT update, June 2016
The result of last week's referendum on the UK's membership of the EU is likely to lead to a prolonged period of uncertainty in many areas of taxation
Read more6 top priorities for GCs following the Brexit vote
6 clear priorities for in house legal leaders emerged from the dialogue that I had with Bruce Macmillan, the former in-house lawyer who heads our Centre for Legal Leadership:
Read morePension Deed rectified by Summary Judgment without a hearing
The High Court has recently granted summary judgment for rectification of a trust deed without a hearing. The judge did this "in such plain circumstances" where the evidence demonstrated that there was "no real prospect of a realistic challenge" to the position that the final version of the deed should have been executed, not an earlier draft.
Read moreBrexit - a legal analysis: Competition
The implications for competition law and practice will very much depend on what form of Brexit the UK will end up negotiating. At one end of the spectrum the UK could join the European Free Trade Association and the European Economic Area, an avenue that is likely to generate the fewest changes. If the UK were to seek a total exit, falling back on World Trade Organisation (“WTO”) rules to continue trading with the EU, the potential changes would be more wide-ranging as outlined below.
Read moreBrexit - a legal analysis: IP rights
IP rights in the UK are all influenced and moulded to a greater or lesser degree by European law.
Read moreHigh Court encourages use of FOS to resolve disputes
The Commercial Court has encouraged the use of the FOS to resolve disputes, by granting a stay to enable claimants to benefit from what it described as a more economical and informal process.
Read moreHong Kong - China's window of the business world
David Smyth - Senior Partner, Asia - considers Hong Kong's role in a global market.
Read moreBrexit and "Topsyturvydom": Wish-casting and dog-whistles portrayed as "fact" and vice versa
While I have been absorbing the "debate" about Brexit over the past few weeks, the comic operas of Gilbert and Sullivan have increasingly been coming to mind. Those gentlemen were legendary for creating comic "Topsy Turvy" situations where absurd scenarios were taken to even more absurd, but apparently logical, conclusions to great comic effect. More recently the term "topsy turvy" has also come to mean "Upside down" and/or "a state of total chaos".
Read morePRA gold plates EU audit committee requirements for significant insurers
Is your audit committee PRA compliant? New PRA rules out this month require designated "significant" insurers to fill their audit committees solely with independent non-executive directors.
Read moreHow would a Brexit affect the NHS?
The potential effect of a Brexit on the NHS has become a key political battleground with wildly divergent statistics being quoted and outlandish claims being made by both campaigns. Should the UK vote to leave the EU on 23 June there are a number of potential impacts on the NHS, outlined below.
Read moreHow would a Brexit affect employment in the UK?
Whilst the papers tell us to panic and the politicians speak of a potential apocalypse, the general view is that there will likely be very little immediate change to employment law should we vote to leave the EU on 23 June 2016.
Read moreHow would a Brexit affect Intellectual Property laws in the UK?
The future of IP law in the UK might not be at the top of your list of considerations when thinking about which way to vote on the 23 June. However, this area of law is heavily harmonised across the EU meaning that a vote to leave could have serious ramifications for businesses relying on IP rights.
Read moreCaveat Emptor: Buyer's inadequate notice precludes £3.5m warranty claim
In Teoco v Aircom (unreported), the High Court has held that a buyer gave inadequate notice of certain breach of warranty claims, thereby preventing it from pursuing those claims (worth c. £3.5m).
Read moreHow would a Brexit affect the banking and finance sector in the UK?
Financial services represent around £26bn or 57.5% of the City of London's total income and accounts for 7.5% of the total national income of Great Britain; 18% of cross-border lending is arranged in the UK and over 250 foreign banks are in London. A Brexit could threaten the City of London's well established reputation as detailed below.
Read moreThe new 'notification injunction'
In Holyoake v Candy the High Court considered the court's power to grant a "notification injunction" requiring the Defendants to give written notice before disposing or dealing with their assets. The decision is of interest to applicants seeking an alternative to a freezing injunction where there is concern that a respondent may deal with their assets so as to frustrate the enforcement of any future judgment.
Read moreAnti-suit injunctions
In Sea Powerful II, the Court of Appeal in Hong Kong recently dismissed a plaintiff ship owner's appeal against a judge's refusal to grant an anti-suit injunction to restrain the holder of a bill of lading from continuing with court proceedings in mainland China in breach of a Hong Kong arbitration clause
Read moreHow would a Brexit affect the property market in the UK?
Industry participants have forecast a slowdown in residential and commercial property markets in the lead up to polling day on 23 June.
Read more