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Cowboys and followers: HMRC's latest consultation on tax avoidance
On 12 August 2013 HMRC launched a new consultation document: Raising the stakes on tax avoidance. The consultation is open for a short period, the closing date for comments being 4 October 2013.
Read moreHigh Court considers non-party costs order on appeal
The High Court recently gave judgment on an appeal against a master's costs decision in AP (UK) Limited v West Midland Fire & Civil Defence Authority.
Read moreSDLT group relief anti-avoidance – good news from HMRC
Last week saw some (much needed) good news on the topic of SDLT avoidance, that should clarify HMRC's approach to the common commercial practice of transferring a property intra-group, following the acquisition of a property-owning company (PropCo).
Read moreA new approach to corporation tax?
On 31 July 2013 the House of Lords Select Committee on Economic Affairs published its first Report in the 2013-2014 session:
Read moreSupreme Court sheds light on service of English proceedings abroad
The Supreme Court in its decision in Abela & Ors v Baadarani considered the requirements for service of English proceedings abroad, ...
Read moreCalculating the value of a restitutionary award in a claim for unjust enrichment
The Supreme Court judgment in Benedetti v Sawaris and others ([2013] UKSC 50) clarified the basis on which a court should evaluate the remuneration (or quantum meruit) for the value of a person's services based on the unjust enrichment of the person receiving the services.
Read moreFirst reported vibration white finger professional negligence claim brings white knuckle decision to those advising defendants
The first reported professional negligence case arising out of under-settlements for former miners in the government's vibration white finger ("VWF") compensation scheme has recently come to trial.
Read moreThe rule of law, tax avoidance and the GAAR
Tax is in the news and making the headlines as seldom before, but the debate is not always as informed as it might be...
Read moreBSKYB on cloud 9 as court rules Microsoft's "SkyDrive" infringes its marks
The High Court has ruled in favour of British Sky Broadcasting Group plc ("BSkyB") following a trade mark dispute with Microsoft Corporation ("Microsoft") over Microsoft's "SkyDrive" online storage facility.
Read moreVestergaard – guarding trade secrets
The Supreme Court has ruled, in the final stage of this case, that an ex-employee could not have misused confidential information if she did not know about (i) the confidential information; and (ii) the fact of its misuse.
Read moreFCA remains committed to the reduction of financial crime
In the first anti-money laundering annual report published by the FCA yesterday, the FCA has concluded that the level of anti-money laundering compliance in financial services firms is a "serious concern".
Read moreSDLT avoidance - HMRC victorious regardless of taxpayer 'motive'
HMRC has scored a resounding victory in the first case[1] to consider in any detail the wide-ranging SDLT anti-avoidance provision (section 75A of Finance Act 2003).
Read moreCompetition Commission releases proposed remedies on the supply of statutory audit services
Earlier this week the Competition Commission ("CC") published its provisional decision on the remedies it is considering introducing when it publishes its final report on the supply of statutory audit services to large companies in the UK.
Read moreGovernment signals the dawning of a new regulatory era – whilst providing a damning indictment of the current regime
The Parliamentary Commission on Banking Standards has proposed to bring about significant change in the banking sector.
Read moreThe new UK GAAR – a journey into the unknown?
The Finance Bill 2013 received Royal Assent on 17 July. We are now in uncharted territory.
Read moreThe FCA – a "very different animal", that bites harder
Two notable recent fines, £2.8m levied against Policy Administration Services for poor complaints handling in relation to mobile phone insurance and £7.38m levied against Swinton for aggressive selling of add-on insurance, have a key common feature.
Read moreThe FCA – a "very different animal", that bites harder
Two notable recent fines, £2.8m levied against Policy Administration Services for poor complaints handling in relation to mobile phone insurance and £7.38m levied against Swinton for aggressive selling of add-on insurance, have a key common feature.
Read moreForce India in the Court of Appeal – a winning formula?
The Court of Appeal in Force India has recently provided some helpful guidance on breach of confidence in the commercial arena1.
Read moreThe English court's power to grant anti-suit injunctions in support of arbitration
The Supreme Court judgment in Ust-Kamenogorsk Hydropower Plant JSC v AES Ust-Kamenogorsk Hydropower Plant LLP [2013] ...
Read moreFCA confirms market study into general insurance 'add-ons'
The nascent Financial Conduct Authority (FCA) confirmed on 9 July 2013 that it will undertake its first market study since becoming responsible for the promotion of competition in the financial services industry1.
Read moreRegister of beneficial company ownership
The "Transparency and Trust" discussion paper published by the Business Secretary Vince Cable earlier this week outlines various proposed measures to help improve corporate transparency.
Read moreHong Kong regulator takes second shot at Asian Tiger
Hong Kong's principal regulator (the Securities and Futures Commission) has confirmed that it has launched proceedings before the Market Misconduct Tribunal (MMT) against Tiger Asia Management LLC and three of its principal officers.
Read moreHigh Court confirms accountant's duty to alert client to tax saving opportunity
The recent decision of Mr Justice Silber in Hossein Mehjoo v Harben Barker (A Firm) and Harben Barker Limited[1] has attracted a great deal of publicity in both professional journals and the general press as it considers the important issue of an accountant's duty to his client in the context of tax mitigation opportunities.
Read moreProposals to increase claims against directors
We note with interest the Government's Discussion Paper, 'Transparency & Trust: Enhancing The Transparency of UK Company Ownership And Increasing Trust in UK Business', published yesterday.
Read moreHMRC's approach to statutory interpretation – literally, if convenient!
There is a growing body of recent case law in which HMRC have favoured a literal approach to statutory interpretation, as opposed to the usual purposive approach they adopt when challenging what they consider to be 'aggressive' tax avoidance schemes.
Read moreFOS publishes first decisions naming insurers
The FOS has today published 110 of its insurance (non PPI) decisions on its website.
Read moreInsurers as lenders: what borrowers need to know
Insurers are the new show in town The make-up of providers of debt secured against UK real estate has changed dramatically.
Read moreDefining 'directorship' for director disqualification
The recent High Court decision in Re UKLI Limited provides a useful summary of both the factors that the court will take into account when determining whether an individual is a shadow director or a "de facto" director and the differences between these two concepts.
Read moreThe corporate veil: Prest, but not pierced
The Supreme Court has recently given judgment in the case Prest (Appellant) v Petrodel Resources Limited and others (Respondents), following an appeal from the Court of Appeal.
Read moreTaxpayer wins penalty shootout against HMRC
The recent case of CED Limited v HMRC [2013] UKFTT 219 (TC) illustrates the importance of preparing thoroughly for the hearing of a tax appeal – even an apparently straightforward penalty appeal - before the First-tier Tribunal ('FTT').
Read moreAnother speech, another thematic review – this time into conflicts management
The insurance sector has been informed through another speech by the FCA of plans for a potentially very important thematic review.
Read moreCost Budgeting – more guidance please
Troy Foods v Manton, concerns an application for permission to appeal an approval of a costs budget.
Read moreGeneral insurance conduct supervision takes shape
Thematic reviews are not new but, since April, the production of thematic review reports by the FCA is.
Read moreWhen should a penalty be suspended?
The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Testa v HMRC,[1] against HMRC's refusal to suspend a penalty imposed under paragraph 1, Schedule 24, Finance Act 2007...
Read moreRegulatory rope? FCA guidance on 'super-complaints' offers firms chance to condemn themselves to a public hanging
FCA Guidance published on Wednesday invites firms to make 'comprehensive and robust' reports about their own 'regular' failures where they give rise to consumer detriment and to require the FCA to publish its planned response, with a copy of the firm's original report.
Read moreFlood risk insurance: disaster averted?
In a press release co-ordinated with the Government's announcement to Parliament on 27 June 2013 on infrastructure spending ...
Read moreGuillotine for ATE/CFA recoverability?
A Law Society Gazette report emanating from a recent conference suggested that introduction of a six month time limit is under consideration by MOJ for recoverability of CFA/ATE premiums entered into prior to the 1 April cost reforms.
Read moreTribunal allows taxpayers' appeals against daily penalties as HMRC had failed to give proper notice
The First-tier Tribunal ('FTT') has allowed the taxpayers' joined appeals in Morgan v HMRC and Donaldson v HMRC1 against daily penalties for late filing of their self-assessment returns, because HMRC had failed to give notice to the taxpayers of the date from which the daily penalties would start to accrue.
Read moreWhat does crime have to do with it…?
Two important recent developments touch upon a crucial issue: to what extent should misconduct or misbehaviour in the City sound in the criminal law?
Read moreFCA winning its battle to name and shame
Last week the Court of Appeal handed the FCA a significant fillip in what has become a notable goal of the regulator – to see that those subject to its disciplinary proceedings are exposed to public scrutiny.
Read moreWhen the levee breaks
Whilst the stalled talks between ABI and Government have recently re-started, in less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.
Read moreTempered approach by Singaporean regulator into LIBOR equivalent reveals inconsistencies in approach to global rate rigging scandal
On Friday 14 June, the Monetary Authority of Singapore ("MAS") announced that it had completed its year-long review into the Singaporean equivalent of LIBOR – the Singapore Interbank Offered Rate ("SIBOR").
Read moreInsurer collapse adds to mounting financial pressures within the legal sector
Latvian insurer Balva announced yesterday that it has called in liquidators, leaving approximately 1,300 firms of solicitors across England and Wales effectively without PI insurance cover.
Read moreRedress for unsuitable mortgage advice set to increase as Court of Appeal upholds High Court decision in Emptage v Financial Services Compensation Scheme
The Court of Appeal has today dismissed the appeal in the case of Emptage v Financial Services Compensation Scheme.
Read morePunched drunk by ICOBS and CIDRA? FCA proposes sobering detox
There has been surprisingly little fuss about the new Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) that came into force 6 April.
Read moreTribunal allows taxpayer's appeal in share options case and criticises HMRC's 'mechanistic' approach to statutory interpretation
The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Bennedict Manning v HMRC.[1]
Read moreSubstantial delays and the FOS - R (on the application of CALLAND) v FINANCIAL OMBUDSMAN SERVICE LTD (2012)
The court has recently decided that a six and a half year delay between the FOS receiving a complaint from an investor and making a final decision against an IFA did not breach the IFA's rights under Article 6 of the ECHR.
Read moreThe Goldman Sachs settlement – 'not a glorious episode in the history of the Revenue'
I commented, in my blog on 15 May 2013 on the continuing controversy surrounding HMRC's deal with Goldman Sachs, in which a large amount of interest that was properly recoverable from the bank was written off by HMRC.
Read moreFlood risk insurance open market – countdown to 31 July
In less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.
Read moreWhen the going gets tough, the tough must keep their standards….
The Solicitors Regulation Authority (SRA) yesterday warned solicitors of the danger of the non-compliance trap in tough financial times.
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