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Off-label medicine: as bad as it sounds?
Consider this: the prescription your doctor wrote for you may not be "officially" approved for your illness. Before you panic, this may not be as alarming as you think
Read moreAction required: mandatory disclosure of cross-border tax planning arrangements – effective (very) soon
New EU rules providing for mandatory disclosure of certain cross-border tax planning arrangements by intermediaries and taxpayers will enter into force on 25 June 2018. Although reports to tax authorities will not be required until July/August 2020, the retrospective nature of the new rules means that reportable arrangements implemented after 25 June could be reportable in this first batch of (2020) reports. Preparations for the new regime should therefore begin now.
Read moreNew trade secrets law to drive breach of confidence claims
This article explores what changes might need to be made to the existing protections given to trade secrets and in particular, the impact this might have in the insurance market.
Read moreBig Data in Insurance
Big data is creating change in the insurance industry both by leveraging historic insurance data and by using new data sources to create exciting new opportunities.
Read moreAnderson - Upper Tribunal considers knowledge test for the purpose of discovery assessments
In Jerome Anderson v HMRC [2018] UKUT 159 (TC), the Upper Tribunal (UT) has dismissed a football agent's appeal upholding the First-tier Tribunal's (FTT) decision to disallow relief for losses incurred in relation to a football academy ran by the agent. The UT also agreed with the FTT that HMRC had issued a valid discovery assessment.
Read moreBrexit – trade and customs arrangements
In this Brexit Bulletin, we discuss trade and customs arrangements; what has been achieved in the last 6 months and the next steps moving forward.
Read moreESMA formally adopts new measures to restrict the sale of binary options and CFDs
On 1 June 2018, the European Securities and Markets Authority (ESMA) formally adopted new measures to prohibit the sale of binary options and to place restrictions on the provision of contracts for difference (CFDs) to retail investors. The measures will apply to binary options from 2 July 2018 and CFDs from 1 August 2018.
Read moreEFAMA publishes revised Stewardship Code
On 31 May 2018, the European Fund and Asset Management Association (EFAMA) published its Stewardship Code, setting out best practice principles for asset managers (the Code).
Read moreDundas: out of time capital allowance claims become valid due to HMRC opening enquiries
In Dundas Heritable Limited v HMRC [2018] UKFTT 0244 (TC), the First-tier Tribunal (FTT) has held that a taxpayer was entitled to make, what would otherwise have been out of time capital allowance claims, as a result of HMRC opening enquiries.
Read moreTax update
In this month’s update we report on Guidance from HMRC on identifying who is an “enabler” of tax avoidance; a consultation on “off-payroll” working by contractors; and HMRC’s update to its International Exchange of Information Manual to reflect amendments to the list of reportable jurisdictions for Common Reporting Standards.
Read moreInvestec: payments to acquire partnership interests were trading in nature
In HMRC v Investec Asset Finance Plc and Another [2018] UKUT 0069 (TCC), the Upper Tribunal (UT) has held that payments made to acquire partnership interests are deductible in calculating the profits of the partners’ solo trades of dealing in those partnership interests.
Read moreProduct liability update
A round-up of some of the recent stories making the news, from the EU Product Liability Directive to a case involving hip replacement litigation
Read morePension watchdogs formalise information sharing
The Pensions Ombudsman and The Pensions Regulator have signed an information-sharing agreement in light of the recent rise in pension scams. The agreement will see the organisations share information about complaints and concerns with the aim of protecting scheme members.
Read moreSIPPs – the work and pensions committee asks some pointed questions of the FCA
The Work and Pensions Committee has sent a letter to the FCA following its review of defined benefit pension transfers raising 5 pointed questions in relation to SIPPs.
Read moreOral variations can leave you between a Rock and a hard place
Variations to contracts, whether the scope of the works or services to be performed or the terms under which those works/services are provided, are common place in the construction industry. Often these variations are agreed on site, in a hurry and with little regard to any formalities that might be contained within the parties' contract. The recent case of Rock Advertising Limited v MWB Business Exchange Centres Ltd provides an important reminder that the contract shouldn’t be ignored.
Read moreWhen can the Secretary of State intervene in a merger or acquisition?
This post sets out the circumstances in which the Secretary of State has been able to intervene in a merger or acquisition to date and looks at the ongoing consultation to protect national interests.
Read moreVAT update
In this month’s update we report on HMRC’s cooperation agreement, intended to tackle online VAT fraud; HMRC’s recently published Guidance on online marketplace seller checks; and the government’s pilot for Making Tax Digital for VAT.
Read moreGuarding professional secrets: A guide to English legal privilege for international lawyers
Most jurisdictions have some form of protection for preserving the confidentiality of communications involving lawyers, whether known as (legal professional) privilege, professional secrecy or something else. How far that protection extends, and how easily it may be broken, varies enormously. In England, the protection, once gained, remains strong, but recent cases have tended to restrict the extent of it, particularly by comparison to other common law jurisdictions (privilege/professional secrecy rules in civil law jurisdictions tend to be narrower than common law jurisdictions in any event). The issue becomes most acute in a pre-litigation (or investigative) phase.
Read moreScope of duty narrows for accountants
Accountants not liable for transaction losses despite negligent accounting treatment
Read morePart VII insurance business transfers – FCA's finalised guidance
The FCA published finalised guidance on its approach to reviewing insurance business transfer schemes under Part VII of the Financial Services and Markets Act 2000.
Read moreSupreme Court curtails negotiating damages
The Supreme Court decision in Morris-Garner v One Step Support Ltd(1) is now the leading case on Wrotham Park(2) or – as the court preferred to call them – negotiating damages.
Read moreGDPR and the Data Protection Act 2018 – how do they impact publishers?
The need for publishers to ensure that their processing of personal data complies with the law is more important than ever.
Read moreCrypto and Blockchain
In February, the House of Commons Treasury Committee announced an inquiry in to digital currencies. The inquiry covers the role of digital currencies in the UK and the potential impact of distributed ledger technology (blockchain) on financial institutions and financial infrastructure.
Read morePatel: Enquiry and closure notices held to be invalid
In Patel & Anor v HMRC [2018] UKFTT 0185 (TC), the First-tier Tribunal ('FTT'), in finding in favour of the taxpayers at a preliminary hearing, has held that HMRC had not opened valid enquiries into the taxpayers' self-assessment returns, as the returns had not been made pursuant to a notice issued by HMRC under section 8(1) Taxes Management Act 1970 ('TMA').
Read moreSection 14A, don't delay!
The Court of Appeal has upheld a judge's decision to deal summarily with a dispute as to the claimant's date of knowledge under s14a Limitation Act 1980. The judgment also contains a handy summary of the key law in the area.
Read moreA Royal comparison: who did it best?
Now that the Duke and Duchess of Sussex have returned to London to begin their new lives as a Royal couple, we take a look back at how their wedding compared to the wedding of the Duke and Duchess of Cambridge in 2011.
Read moreCustoms and excise quarterly update
In this update we report on the government’s consultation on Gaming Duty Accounting Periods; the Licensing of Tobacco Manufacturing Machinery; and the European Commission’s consultation on amendments to guarantees. We also comment on three recent cases involving customs classification; excise duty drawback; and excise duty liability on persons with no actual or constructive knowledge of unpaid duty.
Read moreWealth and trusts quarterly digest
Welcome to our latest Wealth and Trusts digest. Our quarterly digest is specifically tailored for you and aims to provide up to date commentary, analysis and guidance on key sector developments. It is written by our wealth and trusts teams to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any issues you may have and always welcome feedback on the content of our publications.
Read moreUnlawful distribution of shareholding: application of Limitation Act clarified
In Burden Holdings UK Limited v Fielding the Supreme Court considered the application of Section 21(1)(b) of the Limitation Act 1980 with respect to claims against the directors of a company for an unlawful distribution of the shareholding.
Read moreLandmark decision in Metal-on-Metal Hip product liability litigation
Considers the decision in the DePuy Pinnacle Metal-on-Metal hip litigation and what impact this will have on manufacturers and their insurers.
Read moreTooth – discovery assessment invalid as no inaccuracy in return
In HMRC v Tooth [2018] UKUT 38, the Upper Tribunal (UT) has concluded that a discovery assessment issued by HMRC was invalid as the taxpayer's self-assessment did not contain an inaccuracy and in any event there was no deliberate intent by the taxpayer to bring about an insufficiency of tax.
Read moreThe ‘Meghan effect’: its impact on retailers
The right people endorsing a brand can have a significant impact on its popularity. For example, brands that have been associated with Kate Middleton and Meghan Markle have seen a huge surge in their profile.
Read moreA spa day, on doctor's orders…
We are increasingly focussed on living more sustainably with what we eat and the products that we use. Applying a similar mind-set to medicine, might we see a resurgence of traditional natural therapeutic treatments like spa treatments?
Read more連載コラム・欧州Ｍ＆Ａ最前線 2018年４月
今朝のロンドンは美しく晴れ渡っているが、私は剣道英代表チームとの２日間にわたる稽古のせいで体中が筋肉痛だ。それはともかく、今回のテーマは暗号通貨（クリプトカレンシー）。中でも、暗号通貨発行による資金調達に適用される規制について取り上げてみたい。
Read moreThe "I dos" and don'ts of Royal marketing and merchandise
While most Royal subjects prepare the bunting and the sandwiches, many businesses will be looking for ways to capitalise on the hype and goodwill generated around the occasion. But how can brands ensure that they don't crash the wedding?
Read moreDreamvar and identity fraud in conveyancing transactions
The issue at stake in the combined appeals of Dreamvar (UK) Ltd v Mishcon de Reya and P&P Property Ltd v Owen Catlin LLP was a fairly fundamental one, namely: “Who ought to bear the risk of loss when a fraudster pretends to sell a property?”
Read moreTPR announces new approach for pension regulations
The Pensions Regulator (TPR) has announced new plans for the regulation of pensions, which will see a "clearer, quicker and tougher" approach. The plans are aimed at increasing standards in the pension sector following criticisms levied at TRP after the collapse of businesses such as Carillion and BHS.
Read moreClaimant gets its fingers 'pricked' in IPEC passing off claim
What's the difference between a tattoo and a cactus? This isn't the start of a bad joke, but a serious question that was considered in front of Her Honour Judge Clarke in a recent passing off case in the Intellectual Property Enterprise Court. It turns out that – unsurprisingly – the differences between a tattoo and a cactus are so great that the Claimant's claim for passing off failed.
Read moreRaise a glass to Harry and Meghan
Pub licensing hours across England and Wales will be extended on the weekend of the Royal wedding. This will undoubtedly provide a much needed boost to the British beer and pub sector. However, what has caused the traditional British pub's decline and how can the sector be turned around?
Read moreCybercrime and its impact on D&O insurance
Cybercrime has risen in recent years, perhaps more than anybody ever expected. For a long time, the focus was on defending businesses against such crimes. Now, with more people aware of cybercrime and the risks, insurers are becoming increasingly aware of the impact such crime may have on D&O policies.
Read moreRegulation of cryptocurrency pre-ICO funding under English Law
Launching a cryptocurrency typically involves an initial fundraising process followed by a public sale process, by way of initial coin offering or token sale ("ICO").
Read moreA royal impact on the economy?
This week will see another Royal wedding when Prince Harry marries American actress Meghan Markle. These celebrations arguably raise the international opinion of the UK, lift the national mood and lead to an influx of tourists. But how do events such as a Royal wedding actually impact the economy?
Read moreMDCM Ltd - Tribunal confirms that IR35 does not apply in employment status case
In MDCM Ltd v HMRC [2018] TC 6400, the First-tier Tribunal (FTT) has allowed the taxpayer's appeal, concluding that its contractual arrangements were such that its principal employee was not an employee of the ultimate contracting company, for the purposes of IR35.
Read moreJapanese banks joining Softbank's $100bn Vision Fund
MUFG, Mizuho, and Sumitomo Mitsui Banking Corporation will be among the final investors in SoftBank's Vision Fund
Read moreArbitration awards and fraud revisited
The English Court of Appeal has rejected a further attempt by the buyers of goods to set aside enforcement of a CIETAC arbitration award on grounds of fraud.
Read moreFSCS – reviewing the funding of the fund of last resort
In its third consultation paper on this topic, the FCA has recently confirmed that: - FSCS claims in respect of investment advice will benefit from an increased compensation cap, from £50,000 to £85,000; - product providers will have to start making contributions to FSCS funding for insurance and investment advice claims; and - it proposes new rules to prevent personal investment firms' insurers excluding cover for claims where the firm or a third party becomes insolvent.
Read moreLife After Death…
How was a baby born four years after the death of his parents? And what does this mean for IVF providers in the UK?
Read moreProfessional negligence adjudication – it's all part of the Protocol
On 1 May 2018, an amendment to the Professional Negligence Pre-Action Protocol saw a further attempt to encourage parties to use the professional negligence adjudication scheme first devised as a pilot scheme in February 2015.
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