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Goldman Sachs – the plot thickens!
Readers of our blog will be familiar with the controversy surrounding the now retired Dave Hartnett, former Permanent Secretary for Tax at HMRC (see postings of 19 December 2011 and 21 December 2011).
Read moreUnravelling Transactions – The Party's Over
The Supreme Court upheld the Court of Appeal's decision in Futter v Futter and Pitt v Holt as to the scope of the rule In re Hastings-Bass, but has overturned the Court of Appeal's decision on the application of mistake in Pitt.
Read moreChina Arbitration Update - a local (international) difficulty
The on-going dispute between, on the one hand, CIETAC and, on the other, SHIAC (the new Shanghai International Arbitration Center1) and SCIA (the new Shenzhen Court of International Arbitration), unfortunately, shows no sign of abating for now.
Read moreFCA launches thematic probe into 'transition management' in asset management sector
It has been reported in the FT overnight that the FCA is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a widespread (and lucrative) business known as "transition management".
Read more"Transition management" – possible notifications from FCA investigations
It has been reported in the FT overnight that the FCA is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a widespread (and reportedly lucrative) type of business known in the industry as "transition management".
Read moreTermination payments: don't forget the breakdown
In an encouraging win for taxpayers, the First-tier Tribunal ('FTT') in Johnson v HMRC[1] allowed an appeal relating to a termination payment under a compromise agreement.
Read moreCausation Basics: The breach must cause the loss
In the recent case of Clack v Wrigley Solicitors LLP, the Courts have reaffirmed the principles set down in SAAMCO and Nykredit; liability for loss is limited to the loss attributable to the misconduct.
Read moreEven Consumers Can Forfeit Their Rights For Breach of Policy Conditions
The judgment of Teare J in Parker v National Farmers Mutual [2012] EWHC 2156 (Comm) is worthy of note on a number of fronts, but particularly with regard to the judge's application of ICOBS 8.1, under which an insurer cannot unreasonably reject a consumer policyholder's claim.
Read moreTribunal allows VAT appeal and accepts that letter was sent to HMRC
The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Exeter Estates Ltd v HMRC[1] against a decision of HMRC that it had opted to tax all the land and buildings on one of its sites.
Read moreProsecuting "insider dealing" in Hong Kong
Hong Kong's top court expected to confirm there is a "third way"
Read moreCut off the head but beware that the sub-licence may not die
In the recent High Court decision VLM Holdings Limited v Ravensworth Digital Services Limited [1] Mann J has ruled that a sub-licence is capable of surviving termination of its head licence in certain (albeit, fact-specific) circumstances.
Read moreTribunal rejects purposive interpretation and allows taxpayer's appeal
The First-tier Tribunal ('FTT') has held in Fidex Ltd v HMRC,1 that a loan relationship debit should not be disallowed under paragraph 13, Schedule 9, Finance Act 1996 ('Paragraph 13'),2 even though one of the main purposes of entering into the arrangement was tax avoidance.
Read moreAn ATE policy can be sufficient security
In Geophysical Service Centre Company Ltd v Dowell Schlumberger (Middle East) Inc, the claimant was successful in defending a security for costs application on the basis that, ...
Read moreProfessional indemnity insurers urged to robustly defend growing number of cases
There has been a spate of professional negligence claims lodged against the promoters of tax avoidance schemes following a clampdown on these schemes by HM Revenue & Customs (HMRC), as we have recently noted in the Financial Times.
Read moreSDLT mitigation arrangement fails before the Tax Tribunal
The First-tier Tribunal ('FTT') has dismissed the taxpayer's appeal in Edward Allchin v HMRC.[1]
Read moreUS Auditor Scandal Intensifies Calls for Tougher Regulation
The recent revelation that a partner in KPMG leaked insider information in exchange for cash and gifts may intensify calls for a shake-up in the regulation of auditors, especially in the US.
Read moreRise of accountancy profession in China
The accountancy profession is on the rise in China.
Read moreIndividual investors who "speculate" having a tough time in court
In my "blog" of 8 March 2013, I refer to a couple of cases in which individual claimants have successfully sued a bank, basically in negligence for failing preserve their wealth; for example, Deutsche Bank AG v Chang [2012] SGHC 248 (subject to appeal) and Rubenstein v HSBC Bank Plc [2012] EWCA Civ 1184 (an appeal court judgment).
Read moreClark v In Focus appeal – watch this space
In Focus has now been granted permission to appeal against the decision of the High Court in Clark v In Focus.
Read moreSize does matter – risk of potential claims against estate agents
A recent Financial Times article has highlighted a potential risk area for estate agents.
Read moreProperty Rental Business Transfers and Leases – Reclaiming VAT and SDLT
Last November, following the decision in the case of Robinson Family Limited, HMRC announced that a transfer of a property rental business can qualify as a "transfer of a going concern" (TOGC) – and therefore not attract VAT – even if the transferor retains a reversionary interest in the property.
Read moreTax tribunal finds in favour of trustee
The recent case of The Trustee of the De Britton Settlement v HMRC [2013] UKFTT 106 (TC), illustrates the importance of evidence and proper preparation in tax appeals before the First-tier Tribunal ('FTT').
Read moreCourt of Appeal's opinion on good faith clauses
In our February blog we reported on Compass Group UK and Ireland Ltd (trading as Medirest) v Mid Essex Hospital Services NHS Trust [2012] EWHC 781 (QB) and the implications of the decision on the duty to act in good faith.
Read moreCourt of Appeal gives judgment on the potential liability of solicitors for a non-party costs order
In two joined cases , the Court of Appeal considered the potential liability of solicitors for a non-party costs order, if they fund disbursements.
Read moreFinancier granted permanent anonymity in defamation proceedings
Proceedings have finally drawn to a close in the case of ZAM v CFW & TFW, which involved a financier who claimed to have been libelled by his sister-in-law (the first defendant) and her husband (the second defendant).
Read moreNEWS: Scullion appeal to Supreme Court withdrawn – no duty of care owed by mortgage valuer to BTL investors – relief for valuers and their insurers
The appeal by buy-to-let (BTL) investor Mr Scullion – due for hearing at the Supreme Court today – was withdrawn on confidential terms this morning.
Read moreDefence to Harassment actions reformulated
The Supreme Court has handed down a judgment in Hayes v Willoughby1 that redefines the scope of the most commonly used defence to claims of harassment.
Read moreCan schools take pupils' fingerprints?
The Times reported last week that parents at an independent school in north London had protested when fingerprints were allegedly taken from pupils without consent with a view to the fingerprints being used for the automated lunch payment system.
Read moreDawn raids: regulatory inspections of your IT equipment and storage media
The European Commission has recently affirmed its current practices for searching IT equipment and storage media during a 'dawn raid' inspection of business premises where it suspects a breach of EU competition law.
Read moreThe official line – how Judges are being instructed to implement Jackson costs reforms
A recent speech at the Judicial College by the Master of the Rolls (Lord Dyson) shows precisely how Judges are being instructed to implement two key aspects of the Jackson costs reforms:
Read moreHigh Court finds that "History" can be repeated
A highly anticipated High Court decision was handed down 1 February 2013 dismissing claims for trade mark infringement and passing off brought by A & E Television Networks LLC and its UK subsidiary AETN against Discovery Communications Europe Ltd.
Read moreFollow landmark valuers 'duty of care' hearing (Scullion) live next week
In 2011 the Appeal Court decided unanimously that the valuer's duty of care, when reporting to its lender client, should not extend to cover a buy-to-let investor (as distinct from a residential purchaser):
Read moreUK/EU conflict over the 'right to be forgotten'
The Guardian is reporting today that Britain wants to opt out of the 'right to be forgotten', the term applied to article 17 of the Data Protection Regulation which is intended to facilitate the deletion of personal data on request whether or not the data is incomplete or incorrect.
Read moreLIBOR manipulation claim stumbles
In Deutsche Bank AG v Unitech Global Limited 2013 EWHC 471 (Comm) Cooke J refused permission for the defendants to amend their defence and counterclaim to refer to misrepresentations relating to the alleged manipulation of LIBOR by Deutsche Bank, on the basis that the amended claims had no reasonable prospect of success.
Read moreEaster thoughts and transfer pricing
Easter is a good time for reflection and balanced thinking and never have these qualities been so necessary as in the contentious area of tax, particularly where multinationals and the large corporates are concerned.
Read moreDo we really value our privacy?
How much do we really care about our personal privacy? Research suggests less than we might like to think.
Read moreHigh Court reaffirms no copyright protection for computer program functionality
In what should be the final instalment in a long-running case, on January 25 2013 a decision was issued in SAS Institute Inc v World Programming Ltd[i] following the referral back to the High Court from the European Court of Justice (ECJ)
Read moreExcluding liability (and avoiding judicial red ink)
Exclusion clauses – by which a party excludes or restricts a liability or duty that would otherwise arise – are common 'boilerplate' provisions in commercial agreements.
Read moreThe trigger for liability coverage - actual liability or reasonable settlement?
On 28 February 2013 judgment was delivered in the case of AstraZeneca Insurance Company Limited v XL Insurance (Bermuda) Limited and ACE Bermuda Insurance Limited [2013] EWHC 349.
Read moreSupreme Court clarifies what constitutes 'making' a patented product
On 13 March 2013 the Supreme Court issued its weighty decision in the long-running case of Schütz v Werit([2013] UKSC 16).
Read moreReliance on misleading information or guidance from HMRC can constitute a 'reasonable excuse'
In recent years, with the difficulties that many taxpayers have experienced in the current economic climate, the issue of 'time to pay' agreements with HMRC has become of greater concern.
Read moreCosts overruns in Target Costs contracts
Who is liable for costs overruns in a Target Cost contract, and to what extent? AMEC Group recently went to the TCC to appeal against an arbitration decision which found the Secretary of State for Defence ("the Authority") would only be liable for actual costs which were reasonably and properly incurred.
Read moreNPPF – 1 year on: smooth transition or wasted opportunity?
Given that over 50% of Britain's local councils are still to adopt Local Plans, is the window of opportunity for local residents to take control of development in their local area about to close?
Read moreFirst-tier Tribunal considers whether a single supply may be taxed at two VAT rates
When a taxpayer makes a supply of goods or services, it is not always clear cut whether there is more than one supply, or a single composite supply for VAT purposes.
Read moreNew Kids on the Block : alternative funders in the real estate lending market
Over the last couple of years, there has been a surge in real estate lending by non-bank lenders as traditional banks started withdrawing from the market.
Read moreRobust judicial case management in action
In a Judgment handed down on 14 March 2013, the Court has sent a powerful message to all parties, and to their solicitors, about the immediate and painful financial consequences of 'manoeuvring' and seeking to frustrate effective judicial case management.
Read moreWhat are the potential risks associated with BIM?
This is the second of three blogs about Building Information Models, or BIM. This blog will consider the potential risks associated with BIM, but don't worry we provide some practical advice on how these risks can be tackled in our final BIM blog.
Read moreLSB request rejected: SRA confirm no review into separate business rule
The Solicitors Regulation Authority ("SRA") have rejected the Legal Services Board ("LSB") request that they conduct a review of the separate business rule ("SBR"), as it is not in the public interest to do so and the necessary resources are not available.
Read moreNo Fishing!
A recent High Court decision has reminded Claimants that pre-action disclosure applications cannot be used as fishing expeditions to form or strengthen any unsubstantiated claims.
Read moreECJ ruling in Grattan plc v Revenue and Customs Commissioners [2012] All ER (D) 246 (Dec)
The Court of Justice of the European ('ECJ') has recently confirmed the opinion of the Advocate General in Grattan Plc v HMRC.
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