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How would a Brexit affect the insurance industry in the UK?
The insurance industry plays an essential part of the UK economy and manages investments equivalent to 25% of the UK’s total net worth.
Read moreHow would a Brexit affect online shopping from the EU?
In or out? No matter which side you’re on, there’s one thing we can all agree on: we buy a lot from Europe.
Read moreHow would a Brexit affect our trade relationship with Europe?
There are a number of variables which would materially shape our trade relationship with Europe in a post-Brexit world.
Read moreHow would a Brexit affect financial services regulation in the UK?
Financial services is one of the UK's most important sectors, contributing over £126bn to the UK economy and representing 10% of GDP. The key post-Brexit issues for the sector are summarised below.
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Tax update
The Finance Bill 2016 contains provisions which will introduce a specific penalty linked to the General Anti-Abuse Rule (GAAR) provisions.
Read moreComic Enterprises remains gleeful as CofA upholds series marks
The Court of Appeal recently ruled on an outstanding aspect of the appeal brought by Twentieth Century Fox in the "Glee" trade mark dispute.
Read more"New" Third Parties (Rights Against Insurers) Act and what corporates need to know
The Third Parties (Rights Against Insurers) Act 2010 and the late payment provisions in the Insurance Act 2015 changes are set out
Read moreMax Schrems toppled Safe Harbor – will the Model Clauses be next?
On Monday, the Irish Data Protection Commissioner announced that it intends to seek clarification on the legal status of the EU Standard Contractual Clauses (the Model Clauses).
Read moreBreak Notice – All 4 one?
The recent Chancery Division case of Levett-Dunn & ors v NHS Property Services Ltd [2016] EWHC 943 (Ch) considers the validity of a break notice served on four landlords, all "care of" the same address.
Read moreWould you know what to do if you received a Production Order from HMRC?
Last year HMRC issued over 1,400 production orders. They were issued by HMRC’s Criminal Investigation Directorate, as part of investigations into tax evasion and money laundering.
Read moreWorld eSports Association formed
A new governing association was formed this month by the Electronic Sports League (“ESL”) and a number of eSports teams.
Read moreFinancial List signposts tough road for contractual construction
A recent decision in the High Court (Hayfin v Windermere VII CMBS), one of the first from the Financial List, has demonstrated a strict approach to contractual construction and interpretation in relation to negotiated documentation for financial traded instruments. It also shows the potential of the Financial List to provide helpful and clear guidance on the application of existing case law in the context of financial markets.
Read moreFIFA’s Member Associations approve package of reforms
“FIFA is currently going through the worst crisis of its history. The current crisis should also be considered as a unique opportunity for FIFA to renew itself.”
Read moreFCA focuses on suitability
Have you received a request from the FCA for your suitability reports recently?
Read moreTribunal allows taxpayer's appeal following poor customer service by HMRC
In Usher & Perkins, Executors of Terence J Guy (deceased) v HMRC [2016] (TC04849), the First-tier Tribunal (FTT), allowed the executors' appeal against a penalty.
Read moreAdvising on accessing pension pots, is there gold at the end of the rainbow?
As readers of this blog will know, sweeping changes were made to the UK pensions industry in April 2015 which allowed retirees to access the full value of their pension fund without the need to purchase an annuity.
Read moreCosts - issue at your peril
A recent decision re-emphasises the costs risks a claimant faces if it issues proceedings but does not serve them.
Read moreInsurers liable to pay damages to insureds for late claims payment
For insurance policies entered into after 4 May 2017, insurers could be liable to policyholders for late payment of claims. It will be an automatically implied term of the policy that sums due from insurers must be paid within a reasonable time.
Read moreThe "new" Third Parties (Rights Against Insurers) Act and late payment of insurance claims
After a delay of just six years, it was finally confirmed this week that the Third Parties (Rights Against Insurers) Act 2010 will come into force on 1 August 2016.
Read moreMining for claims: a year on from Proctor v Raleys
A year has now passed since the Court of Appeal's decision in Proctor v Raleys, a judgment which highlighted the difficulties defendant solicitors will face in stating that they gave sufficient advice if the advice they gave was contained in precedent letters and questionnaires (especially if they didn't actually meet the client, as was the case with the unfortunate Mr Raley).
Read moreTake it to the limit (but no further)
In a recent judgment handed down on 12 April 2016, the Hong Kong Admiralty Court examined whether or not crew members' acts or omissions could be regarded as a shipowner's personal acts or omissions for the purposes of breaking limitation under the Convention on Limitation of Liability for Maritime Claims 1976 ("LLMC") [FN1].
Read moreTribunal considers carelessness test and finds discovery assessments to be invalid
In Bubb v HMRC [2016] UKFTT 0216 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeals and concluded that two discovery assessments made by HMRC under section 29, TMA 1970, were not validly made because only part of the tax underpayment resulted from the taxpayer's carelessness.
Read moreHow effective is China's corruption crackdown?
At the 18th National Congress of the Communist Party of China on 8 November 2012, Chinese President Xi Jinping vowed to hunt down 'tiger and flies'; in other words, crack down on the endemic corruption between high-level officials and lower-level civil servants.
Read moreTax update
In the 2016 Budget, the Chancellor announced proposed legislation to tackle so-called “disguised remuneration”. HMRC has now published an impact note and draft legislation.
Read moreCorporate tax update
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this edition we highlight some of the key tax developments of interest to UK corporates from the first quarter of 2016.
Read moreNotice of termination provisions - not all they're cracked up to be
In Vinergy International (PVT) Limited v Richmond Mercantile Limited FZC the High Court held that the respondent had been entitled to accept the appellant's repudiatory breach and terminate their contract without complying with the notice requirements.
Read moreA Mayor Fayre
Thursday May 5 2016 will (hopefully) see Londoners flocking to their local polling stations to vote for the next London Mayor.
Read moreTribunal finds that deferred shares are ordinary shares for the purposes of entrepreneurs' relief
In Alan Castledine v HMRC [2016] UKFTT 145, the First-tier Tribunal (FTT) dismissed Mr Castledine's appeal and found that deferred shares qualified as ordinary shares for the purposes of entrepreneurs' relief.
Read moreVAT update
On 7 April 2016, the European Commission adopted a Communication on an Action Plan on VAT, which sets out the first steps the Commission intends to take with the aim of creating a single EU VAT area.
Read moreGetting the lie of the land: Conveyancers liable to Land Registry for mortgage fraud
Hot on the heels of the decision in Purrunsing v A'Court & Co (in which the High Court found conveyancers on both sides of a property fraud to be liable for the loss suffered by the buyer) comes another blow for property solicitors in the High Court decision in Chief Land Registrar v Caffrey & Co.
Read moreGender Pay Gap Reporting – are you ready?
Hear Patrick Brodie and Kelly Thomson discuss the requirements on businesses to comply with Gender Pay Gap Reporting legislation.
Read moreInsurance claims settlement services not VAT exempt
The European Court of Justice (ECJ) has held in a recent case that claim settlement services provided on behalf of an insurance company by a Polish service provider were not exempt from VAT (Minister Finansów v Aspiro SA (Case C-40/15)).
Read moreDisputes over bank's contractual right to freeze customer's account
As banks tighten-up their standard terms concerning due diligence on customers and their transactions, it is inevitable that disputes will arise and that some will make their way to court.
Read moreCourt refuses s61 relief in claim by buyer against seller's solicitors
In a decision handed down earlier this month, the High Court in Purrunsing -v- (1) A'Court & Co. (a firm); (2) House Owners Conveyancers Limited [2016] EWHC 789 refused relief under section 61 Trustee Act 1925 to a firm of solicitors and a firm of licensed conveyancers who acted in the sale of a property by a fraudster.
Read moreThe subtleties of suitability
IFAs can expect guidance from the FCA about how to produce shorter client suitability reports following last month's publication of the Financial Advice Market Review (FAMR), the FCA has confirmed.
Read moreMove to unified European regime as trade secrets directive adopted by EU Parliament
Earlier this month, on 14 April 2016, the draft European Directive on the protection of trade secrets against their unlawful acquisition, use and disclosure was passed by the European Parliament (EP) at a first reading.
Read moreWhat's in a name? Time Charter Trips explored
The time charter trip or "TCT" is a common hybrid, with attributes of both time and voyage charters.
Read moreHow to lose $1,000,000,000,000 in 30 minutes: HFT, Liquidity and Volatility in 2016
The Wall Street we all knew is dead. It has been replaced by high frequency trading (HFT).
Read morePension Ombudsman, SIPPs and the uncertainty
SIPP trustees and administrators don't have to consider suitability, the Pension Ombudsman has found in a recent complaint.
Read moreReview letter from HMRC should be read as cancelling discovery assessment
In Easinghall Limited v HMRC [2016] UKUT 105 (TCC), the Upper Tribunal (UT) has confirmed that where an agreement has been reached with HMRC under section 54, Taxes Management Act 1970 (TMA 1970), it cannot commence an enquiry or issue a discovery assessment unless they concern an issue which was not the subject of the agreement.
Read moreCybersecurity – not just a small firm matter
Law firms are increasingly becoming the target of Cybercriminals, driven by a perception that the industry's attempts to address security measures still lag behind other professional sectors.
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