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Warshaw – Cumulative preference shares constituted ordinary share capital and qualified for entrepreneurs' relief

Published on 10 February 2021. By Alexis Armitage, Associate

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In HMRC v Stephen Warshaw [2020] UKUT 366 (TCC), the Upper Tribunal (UT) has upheld the First-tier Tribunal's (FTT) decision that cumulative preference shares with rights to compound accrued but unpaid dividends constituted "ordinary share capital" for the purposes of section 989, Income Tax Act 2007 (ITA) and therefore qualified for entrepreneurs' relief (ER).

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Podcast

The role of claims in client service

08 February 2021

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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. For this episode we are doing something a bit different.

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Podcast

Taxing Matters: Sanctions in a post-Brexit landscape

08 February 2021

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From the 1st January 2021 the new UK sanctions framework officially came into force under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA).

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Publication

Tax Bites - February 2021

Published on 04 February 2021. By Adam Craggs, Partner and Harry Smith, Senior Associate

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Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.

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GameStop – a game of chicken?

Published on 04 February 2021. By Simon Goldring, Partner

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The race to purchase shares in ailing American video game retailer, GameStop, has taken the investment world by storm over the last week, with amateur traders waging war on professional hedge funds.

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Time for public companies to come clean: New UK climate-related disclosures and ESG guidance

Published on 03 February 2021. By Connor Cahalane, Partner

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Companies listed on the London Stock Exchange's Main Market will need to include a statement in their annual report confirming if they have made climate-related disclosures consistent with the recommendations of Task Force on Climate-related Financial Disclosures (TCFD). Companies planning to IPO, or move from AIM to the Main Market, are also affected by these new Listing Rules.

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Blog

Rialas: UT dismisses HMRC's appeal in transfer of assets abroad case

Published on 03 February 2021. By Harry Smith, Senior Associate

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Taxpayer succeeds in defending HMRC appeal against transfer of assets abroad / TOAA regime application; anti-avoidance measures did not apply, held the Upper Tribunal.

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Blog

Trainees take on 2021

Published on 02 February 2021. By Elizabeth Zang, Trainee Solicitor and Georgia Durham, Trainee Solicitor and Matt Davies, Trainee Solicitor and Nicole Clerk, Trainee Solicitor and Poppy St John, Trainee Solicitor and Rebecca Baker , Trainee Solicitor

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Publication

Sports Ticker (1 February 2021) - Investment in esports, Snodgrass omission and Sixth Street's takeover

Published on 01 February 2021. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Stuart Harris, Associate and Samuel Coppard, Associate

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Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

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Podcast

Diversity & Inclusion in the insurance industry

29 January 2021

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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Marc McKenna-Coles, Global Diversity & Inclusion Manager at Lloyd's, and we will be discussing diversity and inclusion in the insurance industry.

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Blog

Cyber_Bytes - Issue 28

29 January 2021

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Welcome to latest edition of Cyber_Bytes, our bi-weekly roundup of key developments in cyber, tech and evolving risks.

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Blog

RPC Insurtech in brief – January 2021

Published on 29 January 2021. By Neil Brown, Partner and Lauren Murphy, Associate

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Welcome to the latest edition from RPC Insurtech in brief providing you with a handful of snappy monthly updates from the industry.

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Publication

V@ update - January 2021

Published on 28 January 2021. By Adam Craggs, Partner and Rebekka Sandwell, Associate

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Welcome to the January 2021 edition of RPC's V@, an update on developments in the VAT world that may impact your business.

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RPC Bites #24 - Brexit hits Percy Pigs, HFSS restrictions to become law in 2022 and a reminder that despite popular belief, honey is not medicinal

Published on 27 January 2021. By Ciara Cullen, Partner and Ben Mark, Partner

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Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure. Enjoy!!

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Blog

Development Securities – Court of Appeal considers company tax residence

Published on 27 January 2021. By Rebekka Sandwell, Associate

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In HMRC v Development Securities PLC and Others [2020] EWCA Civ 1705, the Court of Appeal (CoA) has allowed HMRC's appeal against a decision of the Upper Tribunal (UT) and confirmed that certain Jersey based companies were resident in the UK, rather than in Jersey.

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Blog

The Brexit deal and tax – what did we end up with?

Published on 26 January 2021. By Ben Roberts, Partner

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Over the festive period a Brexit deal was finally agreed between the UK and the EU, just in time for the end of the transition period on New Year's Eve.

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Part 2: Top 5 corporate crime compliance trends for the year ahead

26 January 2021

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As we commence a new year in the midst of unprecedented global challenges, here is our take on the key financial crime risk and compliance trends you need to be aware of in 2021.

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Dry January? No/lo drinks to start 2021

Published on 26 January 2021. By Ciara Cullen, Partner and Elizabeth Zang, Trainee Solicitor

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The popularity of no/lo drinks has skyrocketed with no/lo drinks toppling craft beer as the UK's top tipple in 2020 (the SIBA British Craft Beer Report 2020).

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Podcast

What "winning on a technicality" really means in disputes with HMRC and why technical points are very important

25 January 2021

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In the latest episode of the Taxing Matters podcast, Harry Smith gives a crash course in procedural arguments in the context of a dispute with HMRC.

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Blog

The risks of going large (again)

Published on 21 January 2021. By Katharine Cusack, Senior Associate and Michael Porter, Trainee Solicitor and Alexandra Anderson, Partner

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In our July 2020 article , we looked at the case of Hart and Hart v Large, which concerned a survey undertaken by Mr Large for the Harts.

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Project Blue (No 2): HMRC must refund overpaid SDLT

Published on 20 January 2021. By Constantine Christofi, Senior Associate

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In Project Blue Ltd v HMRC [2020] UKFTT 475 (TC), the First-tier Tribunal (FTT) held that the taxpayer was entitled to repayment of SDLT, as part of the consideration for the property in question was contingent, within the meaning of section 51, Finance Act 2003 (FA 2003) and was never paid.

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Publication

Hong Kong courts further expand remote hearings for civil cases

Published on 20 January 2021. By Jonathan Crompton, Partner and Rebecca Wong, Senior Associate

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Blog

Part 1: Top 5 corporate crime enforcement trends for the year ahead

19 January 2021

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As we commence a new year in the midst of unprecedented global challenges, here is our take on the key financial crime risks and trends you need to be aware of in 2021.

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Video

Financial CrimeCast: Fidelis Omozuapo

Published on 19 January 2021. By Sam Tate, Partner and Emily Pica, Associate (Australian Qualified)

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Welcome to Financial CrimeCast. In this series, the Centre for Legal Leadership, supported by RPC, talks to leaders in the field of financial crime, compliance and ethics. Guests discuss their career journey, what they have learnt along the way and the financial crime issues they see on the horizon.

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Publication

Sports Ticker (15th Jan 2021) - Ice skating body infringed competition law, Sport in England will not be banned under the new national lockdown, British Boxing Board of Control suspend all tournaments

Published on 18 January 2021. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Stuart Harris, Associate and Samuel Coppard, Associate

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Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

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Publication

Corporate Tax Update - January 2021

18 January 2021

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Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team. This month’s update reports on some of the key developments from December 2020. Included in this update are summaries of an unexpected twist in the DAC6 saga, a call for evidence on VAT and the ‘sharing economy’, and the Court of Appeal decision in the Development Securities case. As ever we hope you, your family and friends are all staying safe.

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Snapshot

Snapshots Winter 2020

15 January 2021

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A roundup of key legal developments for the modern commercial lawyer.

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Snapshot

A holistic assessment of the fairness of penalty terms in consumer contracts

15 January 2021

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Case C-738/19 A v B EU:C:2020:687 (10 September 2020)

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Publication

Annual Insurance Review 2021

14 January 2021

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Welcome to RPC's 2021 annual insurance review. No prizes for guessing what we will be talking about this year.

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Podcast

A look at cyber insurance

14 January 2021

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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Dania Rifaat, Speciality Claims Manager at Hiscox, and we will be looking at cyber insurance.

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Blog

What if the CEO asks me about... protecting our supply chain?

13 January 2021

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The interlinked and complex nature of modern global supply chains make them vulnerable to a range of risks, including multiple potential points of failure and slimmer margins of error to account for delays or disruptions. The COVID-19 pandemic, coupled with Brexit, have created a once-in-a-generation test of supply chain planning, agility and flexibility for retailers and their suppliers. While these circumstances may lead to a revisiting of supply chain strategy and optimisation in the long term, short-term actions will need to be taken to meet the immediate challenge.

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Podcast

The new corporate criminal offence of failure to prevent tax evasion

11 January 2021

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In this episode, we are joined by Sam Dean, who spearheads HMRC's campaign to raise awareness of the corporate criminal offence of failure to prevent tax evasion.

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Blog

London Clubs Management - non-negotiable chips and promotional vouchers not part of casino's "banker's profits" for the purpose of calculating gaming duty

Published on 11 January 2021. By Alexis Armitage, Associate

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In HMRC v London Clubs Management Ltd [2020] UKSC 49, the Supreme Court held that where casinos provide gamblers with non-negotiable chips and/or promotional vouchers (Non-negs) which could be used for gaming but not encashed or exchanged for goods or services, they do not form part of the casino's "banker's profits" for the purpose of calculating its liability to gaming duty.

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Beware of trying to address gaps in your evidence during trial: High Court refuses permission to rely on a new witness statement prepared part-way through trial

Published on 07 January 2021. By Alastair Hall, Associate and Dan Wyatt, Partner

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The "inherent unreliability" in evidence prepared during trial, and the high risk that the evidence had been tailored to fit the current state of the claimant's case, caused the High Court to refuse the claimant permission to rely on a witness statement of one its in-house lawyers, prepared during an ongoing trial, and to call that witness to give oral evidence during the trial. (1)

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Blog

Covid-19 vaccines: an injection of politics

Published on 07 January 2021. By Peter Rudd-Clarke, Legal Director

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A legacy of the pandemic will be greater debate, amongst politicians and the public, about how life sciences products are brought to the market.

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Hold your horses: Raceday data dispute likely to head to Supreme Court

Published on 06 January 2021. By David Cran, Head of IP and Tech and Georgia Davis, Of Counsel

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In a dispute, between suppliers of live betting and raceday data from racecourses, the Court of Appeal was asked to consider whether a duty of confidence could be applied to live sports data between its creation and broadcast when that information was available in real time. We look at the Court's decision, and the reasons for it, in more detail below.

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Publication

Halliburton v Chubb

Published on 06 January 2021. By Paul Baker, Legal Counsel

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Repeat arbitrator appointments in the context of trade credit and political risk insurance arbitration

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Eurochoice: Company and its director held jointly and severally liable for HMRC's costs

Published on 06 January 2021. By Harry Smith, Senior Associate

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In Eurochoice Ltd v HMRC [2020] UKFTT 449 (TC), the First-tier Tribunal (FTT) has held that a company and its director are jointly and severally liable for HMRC's costs in circumstances where only the company was party to the appeal proceedings.

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Total – Court of Appeal considers meaning of "just and reasonable" apportionment of profits

Published on 23 December 2020. By Rebekka Sandwell, Associate

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In Total E&P North Sea UK Ltd and Another v HMRC [2020] EWCA Civ 1419, the Court of Appeal (CoA) allowed the appellant companies' appeal and decided that the basis of the companies' apportionment of adjusted ring-fence profits was just and reasonable, for the purposes of an election under section 7(5), Finance Act 2011 (FA 2011).

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Buy Now Pay…after Christmas? The ASA's new guidance on BNPL advertising

22 December 2020

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The ASA has published detailed guidance to retailers when advertising delayed payment services (Guidance), often called Buy Now Pay Later products (BNPL).

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Podcast

Recruitment in the insurance industry

22 December 2020

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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Paul Miller, Senior Consultant at HFG Insurance Recruitment, and our topic for discussion will be recruitment in the insurance industry.

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Publication

Sports Ticker (21st Dec 2020) - post-Brexit football signings, claim against Rugby Unions’ governing bodies for brain damage and the provision of free-to-air coverage of the Tokyo 2020 Paralympics

Published on 22 December 2020. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Stuart Harris, Associate and Samuel Coppard, Associate

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Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

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Publication

Upcoming changes to data protection legislation in Asia

Published on 22 December 2020. By Jonathan Crompton, Partner and Summer Montague, Partner and Stephanie Northcott, Registered Foreign Lawyer and Sumyutha Sivamani , Senior Associate and Sakshi Buttoo, Registered Foreign Lawyer

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The data privacy landscape in Asia is varied, complex and evolving. We are already seeing the wheels of change in motion as the data privacy laws of several Asian jurisdictions are being updated to reflect more closely the European data protection regime. This article summarises some of those changes.

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Podcast

CumEx - probably the biggest tax scandal you've never heard of

21 December 2020

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In this episode, we are joined by Bloomberg finance reporter Donal Griffin. For the past 18 months Donal has been following the development of the multi-billion tax trading scandal known as CumEx.

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Blog

Die Hard and the importance of insurance

18 December 2020

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Insurance is at the heart of modern life; and what better way to remind ourselves of this fact, at this festive time of year, than to consider the film Die Hard and all its many insurance claims.

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Publication

The Week That Was - 18th December 2020

Published on 18 December 2020. By Simon Laird, Global Head of Insurance and Rachael Healey, Partner and David Allinson, Senior Associate

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Welcome to the final The Week That Was of 2020, a round-up of key events in the financial services area over the last seven days.

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Regulatory update - December 2020

17 December 2020

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Welcome to the December edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators – to help you navigate the regulatory maze.

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RPC Bites #23 - Northern Ireland Protocol breakthrough, victory for the UK organics sector and eco faux pas for Gousto

Published on 17 December 2020. By Ciara Cullen, Partner and Ben Mark, Partner

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Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure. Enjoy!!

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Blog

The Court of Appeal provides useful reminder of the force of the "subject to contract" label in the context of settlement negotiations

Published on 17 December 2020. By Sean Cannon, Associate and Daniel Hemming, Partner

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A Part 36 offer does not alter the status of "subject to contract" protection in solicitors' correspondence settling a dispute.

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Blog

Late service of evidence requires relief from sanctions

Published on 16 December 2020. By Christina Gleeson, Senior Associate and Daniel Hemming, Partner

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An application to admit witness evidence outside the directions timetable should be treated like an application for relief from sanctions under CPR 3.9 according to the High Court in Wolf Rock (Cornwall) Ltd v Langhelle

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