Search
Lomas – Court confirms statutory interest payable on insolvency is not 'yearly interest' and criticises HMRC's change of position
In Lomas and others v HMRC [2016] EWHC 2492 (Ch), the High Court has confirmed that statutory interest payable on insolvency is not 'yearly interest' for UK tax purposes. The administrators therefore had no obligation to account for income tax on the interest payments made. The Court was also critical of HMRC's contradictory guidance on this issue.
Read moreClinton v Trump: Battle of Policies
Summer 2012: the build up to the election was one of disillusionment, widespread poverty, pervasive economic trouble, and exacerbated inequality. The battle was Obama v Romney. Fast forward four years and here we go again… This time, the battle is Clinton v Trump. The main differential in any political election comes down to policies. So how do the candidates differ?
Read moreThe keys to the White House in six easy steps
Many of us will find the choice between this year's clashing candidates simple, but the system that put these two hopefuls in the frame is slightly less straightforward.
Read moreEnhanced annuity non-advised sales – not as bad as first feared?
The FCA's thematic review into non-advised enhanced annuity sales found no evidence of an industry wide or systemic failure to provide customers with information about enhanced annuities or the open market option. There will not be a general industry wide remedial action.
Read moreChelsea swap Adidas for £900m Nike deal
Chelsea FC and Nike have agreed the largest kit sponsorship/ supply agreement in the English Premier League worth £900m (£60m per year for 15 years). The announcement comes nearly 6 months after the Chelsea and Adidas kit sponsorship/supply agreement was terminated part way through a 10 year term.
Read morePartial success for taxpayer in Dutch-subsidiary quantification judgment following FII
In Six Continents Ltd and Another v HMRC [2016] EWHC 2426 (Ch), the High Court held that the claimants are entitled to a credit at the foreign nominal rate (FNR) of corporation tax in respect of dividends paid from a Dutch subsidiary but are not entitled to a credit in respect of dividends linked to the return of share capital.
Read moreFair dealing defence in copyright infringement – a key summary
A recent key decision on fair dealing defence impacts reporting current events in copyright infringement claims.
Read moreThird Party Rights and the SMR and SIMR: the regulators' Achilles' heel?
The FCA has recently gone to the Supreme Court in an attempt to overturn a significant ruling in relation to third party rights. This could have profound effects on the enforcement of SMR and SIMR.
Read moreVAT update, October 2016
In this month’s update we report on new HMRC guidance in relation to retrospective VAT group treatment, use and enjoyment rules in relation to insurance repaid services and a new consultation on the introduction of a new penalty for those involved in VAT fraud. We also report on three recent cases involving the collection of commercial waste and whether this constitutes a “special purpose regime”, whether a stall at a craft fair amounted to the grant of a licence to occupy land and was not therefore exempt from VAT and whether a taxpayer can withdraw its request that the proceedings be excluded from the costs regime.
Read moreAn acceptable degree of uncertainty
Certainty, we are told, is a good thing, as a matter of both legal principle and commercial common sense. Certainty means predictability, which companies and merchants value because it allows them to plan and make decisions in the knowledge of the likely outcomes. This has been a major feature of English commercial law since at least the time of Lord Mansfield.
Read moreCorporate tax update, third quarter 2016
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. Summer 2016 will certainly go down as one of the more interesting in recent British history but developments in UK tax law continue regardless of the wider political turmoil. In this edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2016. As far as the tax legislative timetable is concerned, in this quarter: the Finance Bill 2016 finally received Royal Assent on 15 September 2016 (known as Finance Act 2016); it was announced that this year’s Autumn Statement will be given on 23 November 2016; it was also announced that draft Finance Bill 2017 clauses will be published on 5 December 2016 (for consultation until 30 January 2017).
Read moreHow can lawyers intelligently use AI?
In recent weeks, the legal press has been inundated with reports of different Artificial Intelligence (AI) tools being utilised by law firms. In case you are wondering what’s what, this post will clarify what a handful of the different systems can do, which firms are using them and the impact on legal services.
Read moreScrapping of secondary annuity markets – a backpedalling on Pension Reforms?
In a further nail in the coffin of the Cameron-Osborne legacy the government announced this week that it would be scrapping one of George Osborne's flagship proposed reforms to the pensions market – a proposed secondary market for annuities.
Read moreInsurance Europe argues draft delegated acts must be consistent with IDD
Insurance Europe has expressed concern that the level 2 delegated acts for the Insurance Distribution Directive do not respect the original agreed framework in the legislative text with significant implications including a potential de facto ban on commission.
Read moreFCA consults on the regulation of GCs
The FCA has outlined in a discussion paper its views about the extent to which GCs should come within its regulatory remit.
Read moreEden Consulting Services - Tribunal has no jurisdiction to consider HMRC's duty to act fairly in administering its statutory powers
In Eden Consulting Services (Richmond) Ltd v HMRC [2016] UKFTT 656 (TC), the First-tier Tribunal (FTT) determined, as a preliminary issue, that it did not have jurisdiction to consider HMRC's alleged conduct, behaviour and abuse of its powers in determining an appeal against unauthorised payment charges and that such issues are properly for judicial review proceedings and/or the HMRC Adjudicator.
Read moreUncrystallised personal pensions safe from creditors
The Court of Appeal has resolved previously conflicting case law to confirm that a bankrupt cannot be obliged to crystallise his pension benefits in order to produce income to pay off creditors.
Read moreEnforcing the duty of responsibility against senior managers: the Regulators' view
The FCA and PRA have issued consultations giving guidance on how they propose to enforce the duty of responsibility against senior managers in banks – and the rest of financial services from 2018.
Read moreStan Murray-Hession: Tribunal allows taxpayer's share loss relief claim
In Stan Murray-Hession v HMRC [2016] UKFTT 612, the First-tier Tribunal (FTT), held that Mr Murray-Hession (the Appellant) had subscribed for shares within the meaning of section 135(2), Income Tax Act 2007 (ITA), so that share loss relief, under section 131, ITA, was available.
Read moreDigital comparison tools under review
The UK's CMA has launched a market study into price comparison tools, such as price comparison websites and smartphone apps. The aim is to establish what action, if any, is required to improve how this market works. The CMA has until 28 March 2017 to decide whether to open an in-depth market investigation.
Read more15% increase in counterfeit goods seized in 2015
According to the "Report on EU Customs Enforcement of Intellectual Property Rights: Results at the EU Border 2015", the number of goods that were detained at the EU's external borders for suspected infringement of an IP right grew by an estimated 15% in 2015 compared with 2014.
Read moreFCA and PRA set out wide-ranging rules and proposals for the SIMR and SMCR
Falling like autumn leaves, the FCA and PRA have published a number of papers relating to the senior insurance managers regime as well as the senior managers and certification regime (which will apply to insurers from 2018).
Read moreICO issues record £400,000 fine for TalkTalk data breach
The record fine is an indication that the new Information Commissioner, Elizabeth Denham, is looking to take a robust approach to enforcement ahead of the introduction of the GDPR in May 2018.
Read moreTribunal rejects HMRC's attempt to transfer PAYE liability to employee
In Stephen West v HMRC [2016] UKFTT 536 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal and confirmed that under the PAYE system the obligation to pay income tax fell on the employer, and liability will only be transferred to the employee under the regulation of the Income Tax (Pay As You Earn) Regulations 2003, if he has received his remuneration knowing that his employer has wilfully and deliberately failed to deduct PAYE.
Read moreNEDs to be subject to FCA's Code of Conduct
The FCA has announced plans to extend the application of the Code of Conduct Sourcebook to standard NEDs in banks and insurers. These changes will apply to all NEDs in regulated financial services from 2018
Read moreFCA plans to apply conduct rules to NEDs in banks and insurers
The FCA proposes to extend the application of the Code of Conduct sourcebook to standard NEDs.
Read moreFCA avoids full market study but what next for Big Data?
This update considers the FCA's feedback statement on the use of "Big Data" in the retail general insurance sector.
Read moreTax update, October 2016
In this update we report on the Worldwide Disclosure Facility recently announced by HMRC, new sanctions for failure to register, and the latest Spotlights published by HMRC. We also comment on some recent tax decisions relating to industrial buildings allowance, offsetting losses arising in a UK permanent establishment against profits earned by its UK business and opting out of the costs regime.
Read moreDigital media: The Digital Economy Bill
The Government has published the Digital Economy Bill (the Bill), which will implement a number of Government commitments on the digital economy made in the Conservative Party manifesto, the ambition being to make the UK “the most digital nation in the world”.
Read moreGood faith: MSC Mediterranean Shipping Company S.A. v Cottonex Anstalt [2016] EWCA Civ 789
Is a party that is entitled to terminate an agreement for breach required to exercise that right in good faith?
Read moreContractual interpretation: Starbev GP Ltd v Interbrew Central European Holdings BV [2016] EWCA Civ 449
How is “the purpose” of a particular activity determined?
Read moreConflicting terms Alexander v West Bromwich Mortgage Company Ltd [2016] EWCA Civ 498
How are conflicts or inconsistencies between terms resolved?
Read moreVariation clauses: MWB Business Exchange Centres Ltd v Rock Advertising Ltd [2016] EWCA Civ 553
Does a standard anti-oral variation clause prohibit oral variations?
Read moreAgency: The Software Incubator Ltd v Computer Associates UK Ltd
Does software amount to goods such that the Commercial Agency Regulations 1993 (the Regulations) are engaged? Note that the Regulations define a commercial agent by reference to the sale of goods, not services.
Read moreImplied contracts: MF Global UK Ltd (In Special Administration), Re [2016] EWCA Civ 569
In what circumstances will the Courts find that there is an implied contract between companies?
Read morePenalty clauses: Edgeworth Capital (Luxembourg) SARL and another v Ramblas Investments BV [2016] EWCA Civ 412
Is a fee that becomes payable on the default of a third party subject to the rule on penalty clauses?
Read moreAgreement by conduct: Reveille Independent LLC v Anotech International (UK) Ltd [2016] EWCA Civ 443
Is an unsigned agreement binding where a written offer states it is not binding until signed and one party has not signed it?
Read moreCopyright: England and Wales Cricket Board Limited v (1) Tixdaq Limited [2016] EWHC 575 (Ch)
Did the fair dealing defence cover the online publication of eight second clips of sports matches?
Read moreData protection: US privacy shield
The EU published the draft text of the much-anticipated “Privacy Shield” deal on 29 February. This was amended following criticisms and the revised text was formally adopted by the European Commission on 12 July 2016. Companies have been able to certify with the US Department of Commerce since 1 August 2016.
Read moreData protection: Bangura v Loughborough University [2016] EWCH 1503 (QB)
Can an organisation’s breach of its data protection policy give rise to a claim under the Data Protection Act 1998 (the DPA) and/or a breach of contract claim?
Read moreChanges to the BCAP code regarding “pester power”
Can you tell when an ad is “persuading” kids to get their parents to buy them something, as opposed to simply “encouraging” them? And did you remember that “pester power” falls within the “Banned List” of the Consumer Protection from Unfair Trading Regulations 2008 (CPRs)?
Read moreCopyright: E-books and the Rental and Lending Right Directive
Advocate General opinion
Read moreASA - Advertising to children: Inappropriate targeting
Will an age warning be enough if placed before a scary ad?
Read moreA new and better approach to claims against financial advisers?
A Judge has found in favour of Coutts in a claim for negligent investment advice for just under £3.3m plus interest. The Judge’s findings are of interest given that he refused to assess whether the investments recommended were suitable for the Claimants according to a body of accepted professional opinion (the so called “Bolam Test”). Instead, the Judge focused on whether the risks of the investments were properly explained to the Claimants, whether they could afford to take such risks and showed themselves willing to do so.
Read moreSidestepping Limitation: A Cautionary Tale
The defendants were able to make a contribution claim from a third party after settling a competition damages claim with the claimant, even though the third party had a limitation defence against the claimant, which could have extinguished both the defendant's and the third party's liability to the claimant.
Read moreABI releases checklist on effective counter fraud practices
Earlier this month, the ABI released a checklist on effective counter fraud practices. The checklist is designed to assist insurers in putting in place strong fraud defences. It is particularly aimed at smaller insurers with limited counter fraud functions.
Read moreHealth and Safety update, September 2016
This edition includes details of Merlin Attractions' £5 million fine following the Smiler crash in 2015 at Alton Towers, in addition to the latest case law and health & safety news.
Read moreFAPL v Wells: High Court orders Norwich Pharmacal Relief Against Publicans Screening Premier League Matches Without Permission
In this article for Entertainment Law Review first published in June 2016, Andrew Crystal and Joshua Charalambous discuss Snowden J's decision in the Football Association Premier League Limited -v- Richard Alan Wells (& Ors) [2015] EWHC 3910 (Ch).
Read moreVat update, September 2016
In this update we report on changes to the VAT treatment of single dwellings with more than one building, an extension to the simplified mechanism for employer input tax deductions in relation to investment management services and new guidance on HMRC’s powers to seek to recover underpaid VAT from online marketplaces. We also report on three recent cases involving MTIC fraud, reasonable excuse for late payment of VAT and whether supplies relating to fractional ownership interests in a property are exempt from VAT.
Read more