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FCA identifies concerns with PI cover for general insurance intermediaries
The FCA has announced the results of a review into general insurance intermediaries' professional indemnity insurance. The FCA found sufficient breadth in the market, but also identified some significant concerns about the cover firms had purchased.
Read moreIcebreaker litigation: partial award of costs upheld as HMRC recognised as the "substantial victor"
In Bastionspark LLP and others v HMRC , the Upper Tribunal (UT) has held that the First-tier Tribunal (FTT) was entitled to find that HMRC had been the "substantial victor" and to make a partial award of costs in favour of HMRC notwithstanding that each party had been partially successful in an appeal against HMRC's decision regarding allowable expenditure.
Read moreInvestigatory Powers Act gets royal assent
This week, the Queen gave royal assent to the Investigatory Powers Bill (aka "The Snoopers Charter"), marking the end of the controversial bill's passage into law.
Read moreSpring Capital -Tribunal directs postponement of payment of tax
In Spring Capital Ltd v HMRC , the First-tier Tribunal (FTT) allowed the taxpayer's application for the postponement of payment of tax under section 55 Taxes Management Act 1970 (TMA), as it had a reasonable argument in relation to the underlying substantive issue.
Read moreTax update, December 2016
In this update we report on HMRC’s new guidance on client notification regarding Common Reporting Standards, the targeting by HMRC of the UK’s richest people and HMRC’s progress in reviewing the so-called Panama Papers. We also comment on three recent cases on whether the Tribunal has jurisdiction to entertain an application to provide witness evidence made by a non-party to the appeal, an inheritance tax scheme which succeeded and the Ramsay principle in the context of a proposed scheme of arrangement.
Read moreOnline Sales and Price-Fixing
The CMA recently issued a warning to online retailers against price-fixing and using automated re-pricing software to facilitate such arrangements.
Read moreFCA consults about delaying disclosure of inside information
The FCA has issued a consultation on amendments it proposes to make to the Disclosure and Transparency Rules section of the FCA Handbook. The FCA proposes to make these amendments to make the FCA Handbook consistent with ESMA's guidelines on delay in the disclosure of inside information.
Read moreFCA market study findings
One year on from the FCA’s launch of its market study in November 2015 on the asset management sector, the regulator’s interim findings suggest there is more to be done to achieve effective competition. It has also proposed some interim remedies, on which it seeks feedback by 20 February 2017.
Read moreHas Brexit cancelled Christmas?
The pressure is on for brands to compete for advertising success. But what is it about the festive period that encourages brands to spend increasingly eye-watering sums year on year? And has Brexit impacted brands' willingness to splash their cash on adverts this Christmas?
Read moreHigh Court considers the Ramsay principle in the context of a proposed scheme of arrangement
In Re Home Retail Group Plc , the High Court considered the so-called Ramsay principle of purposive construction in deciding whether a cancellation scheme following the sale of a business, to be carried out in connection with a takeover, fell within the anti-avoidance provisions contained in section 641(2A), Companies Act 2006 (CA 2006).
Read moreThe proof of the pudding is in the eating
Insureds can have their cake but only if they eat it too
Read moreVAT update, November 2016
In this month’s update we report on new regulations which allow HMRC to refuse registration of VAT representatives, HMRC’s new policy on the correct treatment of VAT incurred by a business prior to its VAT registration and the EU’s extension of the UK’s VAT derogation permitting the UK to restrict input tax recovery on car leasing costs to 50% where the car is available for private use.
Read moreAdjudication costs not recoverable as costs of proceedings
The Technology & Construction Court ("TCC") has recently considered whether there are circumstances in which a party can recover adjudication costs; the position, ordinarily, being that the costs of adjudication are not recoverable from the other side.
Read more"Refine but not replace Solvency II" declares the ABI
In its response to the Select Committee inquiry into the impact of Solvency II (as reported by us in September), the Association of British Insurers (ABI) has called on the Government to refine and not replace Solvency II. The response also claims that the implementation of the new regulations is harming customers, distorting markets and potentially unnecessarily affecting UK firms' ability to compete in the EU and globally.
Read moreApproaches to supervising the conduct of intermediaries, IAIS paper
The International Association of Insurance Supervisors (IAIS) has published an application paper on approaches to supervising the conduct of intermediaries.
Read moreSmartphones, smartwatches... 'smart' offices?
Robot security guards, coffee machines that remember how you like your cappuccino, and smartphone apps which enable employees to control heating and lighting at the touch of a button. Welcome to the brave new world of the ‘smart’ office.
Read moreThe ins and outs of tall buildings
Whilst iconic design can be fabulous, RPC asks if we will see developers and architects put more thought into the needs of their occupiers and surrounding landowners, and less of a focus on headline-grabbing exterior designs.
Read moreHigh Court dismisses Libyan Investment Authority's claim against Goldman Sachs
The High Court dismissed the Libyan Investment Authority's claim against Goldman Sachs based on two causes of action, undue influence and unconscionable bargains, in relation to a series of transactions which the parties entered into (the Disputed Trades) between September 2007 and April 2008, causing the LIA to lose billions.
Read moreBBC prevented from submitting evidence in IR35 case
In Paya Limited and Tim Willcox Limited v HMRC [2016] UKFTT 0660 (TC), the First-tier Tribunal (FTT) held that the BBC could not provide witness evidence of its own motion to the FTT in tax appeals, to which it was not a party.
Read moreHigh Court considers validity and timing of contractual notices in close-out procedures
The Commercial Court in London has considered a range of issues arising from the application of the close-out provisions of the standard form GMRA (Global Master Repurchase Agreement), year 2000 version (2000 GMRA).
Read moreWealth and Trusts quarterly digest
Our quarterly digest aims to bring you up to date commentary and analysis on key sector developments. RPC’s tax, wealth and trusts teams are able to provide a wide ranging service to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any concerns you may have and always welcome feedback on the content of our publications.
Read moreThe Olympic party that nobody wants to host
Rio de Janeiro knows how to throw a party. But now that the dust has settled after the carnival celebration of hosting the Olympic Games, what state has the city been left in?
Read moreSalinger: IHT scheme succeeds
In M L Salinger and J L Kirby v HMRC [2016] UKFTT 677 (TC), the First-tier Tribunal (FTT) held that the transfer of a reversionary interest had not been a transfer of value for Inheritance Tax (IHT) purposes and allowed the taxpayers' appeal.eal.
Read moreAcceptance or a counter-offer - what relevance are communications after the fact?
In Caroline Gibbs v Lakeside Developments the High Court held that an email purporting to accept a settlement offer but attaching a consent order specifying a different payment date was not an acceptance but a counter-offer.
Read moreBuilding on Brexit
The Impact of Brexit on the Construction Industry and the House of Commons Briefing Paper
Read moreEssar v Norscot: the landmark decision third party funding has been waiting for?
The Commercial Court rejected an application to set aside an arbitral award entitling the respondent to its costs of third party litigation funding on the ground of serious irregularity. It also held that the Arbitration Act 1996 power to award "legal and other costs" included the costs of litigation funding.
Read moreIntention to be bound: High Court construes commitment letter against equity participant
The High Court held that the defendant signatory to a commitment letter intended to be legally bound by that document and was consequently in anticipatory repudiatory breach of contract. The decision highlights the need for contracting parties to be clear in documenting both their internal and external decision-making processes.
Read moreCourt of Appeal sheds light on innocent party's right to affirm frustrated contract
Court of Appeal held that the innocent party could not affirm a contract once its commercial purpose had been frustrated in order to claim on-going damages.
Read moreThe Future of America
The presidential candidates offer opposing visions for America. This article takes a brief trip into the two possible futures that await the US on 8 November 2016.
Read moreA Presidential Personality
As much on this side of the pond as on the other, success on the political stage today seems to be determined by candidates’ personalities over their policies.
Read moreTax update, November 2016
In this update we report on the proposed new corporate offence of failure to prevent facilitation of tax evasion, success against HMRC in the Supreme Court in relation to unlawful disclosure of confidential information and HMRC’s new specialist team which has been set up to tackle exploitation of freelance workers.
Read moreChinese 'netizens' and the US Presidential Election
What do grassroots Chinese people think about the US election? Weibo and WeChat, the two dominant online social platforms in China, have provided a mixed answer.
Read moreLomas – 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.
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