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The "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.
Read moreTribunal rules HMRC's enquiry invalid
In Revell v HMRC [2016] UKFTT 97, the First-tier Tribunal (FTT) held that a purported enquiry by HMRC into an unsolicited tax return was invalid and allowed the taxpayer's appeal.
Read moreWill staying in Europe mean greater access to Netflix?
Given the recent press attention given to David Cameron’s tax affairs it is doubtful that much could chill his concerns at the moment – even watching Netflix.
Read moreHere today, gone tomorrow – Calderbank offers and costs protection
A recent case highlights a mistake to avoid when trying to obtain costs protection from Calderbank offers.
Read morePanama Papers – what does the leak mean for professional advisers?
The headlines have been full of stories about the so-called Panama Papers since their release 10 days ago.
Read moreDon't gamble on a wager
In WW Property Investments v Natwest one of many interest rate swaps claims that have been made since the global financial crisis, the High Court confirmed, in line with previous decisions, that interest rate hedging agreements are not wagers in law where at least one party entered into the contract for a genuine commercial purpose and not to speculate.
Read morePRA refreshes Corporate Governance approach in Supervisory Statement
There remain, in our view, a few issues which the PRA has not directly addressed, perhaps intentionally to allow firms the flexibility to interpret the regulator's requirements in accordance with their business model.
Read moreBusinesses need to ensure that they do not unwittingly facilitate tax evasion
The Panamanian law firm Mossack Fonesca and the so called 'Panama Papers' have dominated headlines in recent days.
Read moreICO updates Direct Marketing Guidance
On 24 March 2016 the Information Commissioner's Office (ICO) published a long-awaited update to its Direct Marketing Guidance (the Guidance).
Read moreTax update
On 1 February 2016, HMRC took the unusual step of publishing draft regulations through the CIOT (rather than its own) website.
Read moreRetainers and assumed responsibility for third parties – draw your parameters at the outset
In Caliendo v Mishcon de Reya the High Court recently found that there was no implied retainer between Mishcon de Reya (Mishcon) and the Claimant shareholders of a company for which Mishcon was acting in relation to a sale of shares.
Read moreVAT update
Next steps following the change to the reduced rate of VAT for energy saving materials
Read moreIs arbitration stifling the common law?
Recent comments by the Lord Chief Justice of England & Wales have reignited a debate over the balance between finality in arbitration and consideration of important points of law by the Courts.
Read moreSupreme Court considers the Ramsay principle in UBS and DBG Services
In UBS AG v HMRC and DB Group Services (UK) Ltd v HMRC [2016] UKSC 13, two cases which were heard together, the Supreme Court found in favour of HMRC by applying the so-called Ramsay principle[1].
Read moreThe Supreme Court "takes stock" of the law on vicarious liability
In two recent, and complementary, judgments the Supreme Court has considered and clarified the existing law relating to the doctrine of vicarious liability, paving the way for a "modern theory" of vicarious liability.
Read moreSupreme Court takes stock of law on vicarious liability
The Supreme Court has recently taken a very wide view of vicarious liability (where third parties can hold employers civilly liable for the actions of their employees), as I reported today in full on our Commercial Disputes blog.
Read moreForex litigation – coming soon?
Banking litigation partner Simon Hart reflects on whether the English courts are likely to see a wave of litigation falling out of Forex manipulation.
Read moreFCA to allow FOS and FSCS claims over P2P advice
Consumers who receive advice on peer-to-peer lending should have recourse to FOS and the FSCS, the FCA confirmed this week.
Read moreLitigation to drive profit
Geraldine Elliott – Head of Commercial Litigation – considers how GCs can use litigation to turn the in-house legal team into a profit centre rather than a cost centre.
Read more"Innovative and sustainable" – Rio Ferdinand launches new redevelopment and regeneration model
Former England football captain and Manchester Utd Defender Rio Ferdinand presented his new charity, The Legacy Foundation, to delegates at MIPIM last week.
Read moreCofA injuncts revelation of celebrity's extramarital threesome
The Court of Appeal has granted a privacy injunction (its first since 2011) to prevent the Sun on Sunday revealing details of a well-known entertainer’s extramarital threesome (PJS v News Group Newspapers Ltd [2016] EWCA Civ 100).
Read moreHigh Court holds tortious claim unsustainable in respect of interest rate hedging product redress scheme
In the recent case of CGL Group Ltd v (1) Royal Bank of Scotland plc (2) National Westminster Bank plc, the High Court was satisfied that a bank did not owe its customer a tortious duty of care in operating a redress scheme for alleged mis-selling of interest rate hedging products (IRHPs).
Read moreCourt of Appeal confirms that HMRC must comply with rules and directions issued by the tax tribunals
The following is based on an article first published in Tax Journal on 8 March 2016.
Read moreAccountants’ update
Welcome to RPC’s 2016 accountants’ bulletin. The aim of the bulletin is to review a number of key developments from 2015, and to give an insight on some of the current “hot topics” in this area.
Read moreThe Recast Brussels Regulation – considering exclusions
The High Court has recently considered jurisdictional issues relating to a claim concerning the claimants' entitlement to certain shares held by the deceased businessman, Sami Shamoon.
Read moreSupreme Court sends Trunki packing for good
In the latest instalment of the ongoing saga involving the Trunki case, the Supreme Court has unanimously dismissed the appeal filed by Magmatic.
Read moreGlobal Real Estate Transactions to Hit $1tn by 2020
According to a new report released on 15 March by JLL, the global ageing population will drive real estate transaction volumes over $1tn (£704bn) globally by 2020, up from $700bn (£484bn) in 2015.
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