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Adams v Carey – where does the Court of Appeal's decision leave the SIPP market?
The Court of Appeal has today dismissed Mr Adams' appeal against Carey in respect of COBS 2.1.1R. However, the appeal in relation to s.27 FSMA has been upheld. We discuss the background to the proceedings, the Court of Appeal decision and where it takes the SIPP (and wider financial services) market.
Read moreCompany Top Guns may face HMRC investigation
HMRC clamping down on furlough fraud by companies in Danger Zone
Read moreThe Turnover Rent Condurum: Tips For Retailers
Protections provided to commercial tenants under CIGA and the Coronavirus Act 2020 are due to end on 31 March 2021 and now, more than ever, landlords are having to explore the possibility of entering into non-standard leasing arrangements.
Read moreBall Europe - Accounting entry not included in tax return sufficient to preclude discovery assessment
In Ball Europe Ltd v HMRC [2021] UKFTT 23 (TC), the First-tier Tribunal (FTT) has held that the presence of amounts in a taxpayer's accounts but not its tax return was sufficient for a 'hypothetical officer' of HMRC reasonably to be expected to be aware of a tax insufficiency and this prevented HMRC from issuing a valid discovery assessment
Read moreIt's Cocoa, Jim, but not as we know it: Court's modern interpretation of underwriters' and brokers' duties #1 - An overview of the case
In this series of articles we take a look at the decision in ABN Amro Bank N.V. v Royal & Sun Alliance plc and 13 Underwriters and Edge Brokers (London) Limited. In this article we give an overview of the case. The remaining articles will focus on particular areas of the case, these will be: 1. Underwriters' duties 2. Brokers' duties 3.Witness evidence
Read moreTime to hit the reset button
The insurance industry is uniquely placed to confront issues, such as climate change, rather than simply picking up the pieces from disaster.
Read moreSports Ticker (26 Mar 2021) - Women's Super League, FIFA influencer advertising and the Six Nations
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreLife sciences and the Brexit trade agreement of Christmas Eve 2020
As the nation prepared for muted Christmas celebrations at the end of last year, those in industry were able to feast on the Trade and Cooperation Agreement settled between the EU and UK on 24 December 2020 (the TCA). The TCA concluded months of uncertainty for the life sciences sector. Companies had been waiting to see how far the UK government would go in agreeing to follow EU standards concerning medicines and medical devices. By the time the EU and UK finally agreed the TCA, questions over life sciences regulations had rocketed up the agenda against a backdrop of vaccines and treatments developed to combat Covid-19.
Read moreV@ update - March 2021
Welcome to the March 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreSpotlight on private wealth - March 2021
Our quarterly update is designed to keep you up to speed with developments in the private wealth world.
Read moreAsia: How staying-at-home has driven retail F&D collaborations
Recent social unrest and the COVID-19 pandemic have accelerated the emergence of a new “stay-at-home economy” for groceries and fresh produce in Hong Kong.
Read moreThe long arm of HMRC
Adam Craggs and Alice Kemp outline the powers HMRC has at its disposal when conducting a criminal rather than civil investigation.
Read moreStamp Duty Holiday. Not a "holiday" for conveyancers.
In an attempt to prevent the housing market from stalling during the COVID 19 pandemic, a stamp duty holiday was announced for all residential purchases under £500,000 between 8 July 2020 and 31 March 2021.
Read moreNeed for reasonable enquiries upon receipt of potentially confidential information
The Court of Appeal recently held that a recipient of information will be bound by a duty of confidentiality if it was reasonable for them to have made enquiries as to the confidential nature of the information and they failed to do so (Travel Counsellors Ltd v Trailfinders Ltd [2021] EWCA Civ 38).
Read moreLawyers Covered - March 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreHong Kong Employment Law Changes in 2020 and What to Expect in 2021
2020 has brought about a significant number of changes to working life in Hong Kong. In light of the protests and COVID-19, there has been a widespread adoption of working from home ("WFH"). In addition, there has been new legislation enhancing the statutory rights of employees. In this article, we provide a review of these changes in 2020 and set out what we are to expect in 2021.
Read moreQuentin Skinner – shares sold by trusts not eligible for entrepreneurs' relief
In HMRC v The Quentin Skinner 2005 Settlement L and others [2021] UKUT 29 (TCC), the Upper Tribunal (UT) has held that, for the purposes of entrepreneurs' relief (ER) (now business asset disposal relief), section 169J(4), Taxation of Chargeable Gains Act 1992 (TCGA) requires a beneficiary to have been a qualifying beneficiary throughout a period of one year ending no earlier than three years before the date of disposal of settlement business assets by the trustees.
Read moreA look at the Zong Massacre
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 Trevor Burnard and we will be discussing the most notorious insurance coverage case in history, Gregson v Gilbert also known as 'The Zong Massacre'. Trevor is the Wilberforce Professor of Slavery and Emancipation at the University of Hull and the Director of the Wilberforce Institute.
Read moreRegulatory update - March 2021
Welcome to the March edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators – to help you navigate the regulatory maze.
Read moreThe future of judicial reviews… and what it means for your business
Described by a previous guest on Taxing Matters as “the last bastion of the citizen against the Government", the importance of judicial reviews cannot be overstated.
Read moreInsurance M&A and financing Q1 2021
This blog considers insurance M&A and financing trends over the past 12 months.
Read moreFCA publishes finalised guidance for firms on the fair treatment of vulnerable customers
In February 2021, the FCA published guidance on the fair treatment of vulnerable customers with the aim of improving their customer experience.
Read moreBEIS issues White Paper: D&O perspective
The Department for Business Energy and Industrial Strategy (BEIS) has today released its White Paper, setting out its proposals for audit reforms and corporate governance, entitled "Restoring trust in audit and corporate governance".
Read moreFinancial CrimeCast: Sue Scott
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.
Read moreRPC Bites #27 - Government 'anti-obesity deadlines' are near on impossible warn retailers and further red tape angst is on the cards for composite food products
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!!
Read moreComing to America: United States market entry tips
Most global retailers have contemplated entering the United States market – possibly just because of the sheer scale of the market. American retailers rang up almost $5.5 trillion (£4.1 trillion) in sales in 2019. Plus, for luxury sellers, the US market makes up a huge portion of overall global sales. Additionally, the impact that American consumers have on worldwide traditional and social media is tremendous, which amplifies the value of their purchases of your products.
Read moreOh (no) Polly – clothing brand infringed the design rights of a direct competitor the High Court finds
The High Court has held that G4K Fashion Limited, trading as 'Oh Polly', has infringed UK unregistered design rights (UKUDR) and community unregistered design rights (CUDR) owned by Original Beauty Technology Company Limited (Original Beauty) by copying several of its 'bodycon' and 'bandage' garments. Original Beauty was, however, unable to establish passing off.
Read moreCOVID-19 – Key vaccine considerations for employers
There have been a number of articles which have considered Hong Kong employers' rights to direct their workforce to be tested and vaccinated against COVID-19. The general consensus amongst legal practitioners in Hong Kong is that there is no statutory right to direct an employee to undergo testing and vaccination.
Read moreAtholl House Productions: BBC Presenter wins IR35 case
In HMRC v Atholl House Productions Ltd [2021] UKUT 0037 (TCC), the Upper Tribunal (UT) held that IR35 did not apply to a presenter who provided services to the BBC through a personal service company.
Read moreCyber_Bytes - Issue 30
Welcome to Cyber_Bytes, our bi-weekly round up of key developments in cyber, tech and evolving risks.
Read moreFCA guidance on cancellations and refunds
COVID-19 disruption has caused an unprecedented number of cancellations of trips, holidays, and other events. On 2 April 2021, the temporary guidance which the FCA published in October 2020 setting out its expectations for insurance and card providers, is due to come to an end.
Read moreSunak's new Super-Deduction – now is the time for retail investment?
A significant measure with the potential to benefit the retail industry was announced by the Chancellor last week as part of the Spring Budget. This will take the form of a new 'super-deduction', available from April for a limited 2-year period.
Read moreSports Ticker (12 Mar 2021) - Rugby World Cup, Fenway Sports Group and Dettol
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreSPACs Invaders – Implications for D&O insurers
The EU's former Financial Services Commissioner, Lord Hill, has delivered the anticipated UK Listing Review which contains recommendations for reform of the UK's current listing regime. This included changes to listing rules with a focus, amongst other things, on special purpose acquisition vehicles (SPACs). SPACs are more flexible than formal IPOs and are used to raise capital in order to merge with/acquire another company. In the US, commentators predict an increase in securities claims involving SPACs, so this development is potentially relevant to London market D&O insurers.
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Time for action on abusive card charges
Eyes will be on the British government in 2021 to start paving a new and substantially different pathway for the UK which holds enough merit to justify the upheaval, bitterness and loss caused by its advocacy and delivery of Brexit. One relatively uncontroversial area is the reform of regulation governing retail payments in the UK.
Read moreDitton – HMRC cannot issue daily late filing penalties retrospectively
In Ditton v HMRC [2021] UKFTT 489 (TC), the First-tier Tribunal (the FTT) held that daily late filing penalties, where notice was given by HMRC to the taxpayer after the period in respect of which the penalties were issued, were void; confirming that late filing penalties cannot be issued to taxpayers retrospectively.
Read moreThe RICS key to unlock the market?
In December 2019, the RICS launched a new form, the EWS1, to assist with the process of valuing properties within all residential buildings over six storeys (18 metres). In the wake of the Grenfell Tower tragedy, lenders were needing to understand whether materials used for cladding/insulation were safe and would require remediation at a cost that would have impact on the value of the property. The EWS1 form was intended to provide a quick route to ascertain whether works were required that might have an impact on value.
Read moreTaxing Matters: International Women's Day Special
March 8th is International Women's Day, and to mark the occasion this special episode of the Taxing Matters podcast features five empowering women who have all strived to encourage diversity and inclusion in the workplace.
Read moreHMRC Crackdown on Covid-19 Fraud
In the March 2021 Budget, Chancellor Rishi Sunak announced the creation of a new major fraud taskforce, the Taxpayer Protection Taskforce, established as part of a wide-reaching crackdown on criminals exploiting UK government support schemes. The new taskforce represents one of the all-time largest responses to a fraud risk by HMRC.
Read moreHelpful guidance on the role of statements of case and Lists of Issues for Disclosure in applications to vary an order for Extended Disclosure under the Disclosure Pilot Scheme
The High Court in HMRC v IGE USA Investments Ltd and Ors [2020] EWHC 1716 (Ch) confirms jurisdiction to order specific disclosure under the Disclosure Pilot Scheme is not confined to issues identifiable from statements of case and where there is no agreed or approved List of Issues for Disclosure.
Read moreRPC Insurtech in brief – March 2021
Welcome to the latest edition from RPC of Insurtech in brief, providing you with a handful of snappy monthly updates from the industry.
Read moreRPC Bites #26 - A welcome ASA ruling for HFSS products, the Scotch Whisky industry is calling and the decision to regulate the CBD industry in the UK.
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!!
Read moreDoes an expert owe a fiduciary duty to its client?
For the first time, the Court of Appeal has considered the duties of an expert concurrently engaged on two potentially conflicting disputes. While this case involved an unusual set of circumstances, it provides an interesting review of the duties owed by expert witnesses to their clients and the Court, and highlights important considerations for those engaging expert witnesses and drafting engagement letters Secretariat Consulting Pte Ltd, Secretariat International UK Ltd, Secretariat Advisors LLC v A Company.(1)
Read moreTax Bites - March 2021
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreNew year, new strategy – what to expect in a post-pandemic retail landscape
Most importantly, retailers and brands must be ready to change and evolve to meet the rapidly shifting demands of consumers.
Read moreWhat makes a good underwriter
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 Ben Bolton, Managing Director of Gracechurch Consulting and we will be discussing what makes a great underwriter.
Read moreUK Listing Review wants companies to stay at home
Recommendations will make it easier to list and fundraise on the London Stock Exchange
Read moreUK Listing Review wants companies to stay at home
Recommendations will make it easier to list and fundraise on the London Stock Exchange
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