Search
Defining 'directorship' for director disqualification
The recent High Court decision in Re UKLI Limited provides a useful summary of both the factors that the court will take into account when determining whether an individual is a shadow director or a "de facto" director and the differences between these two concepts.
Read moreThe corporate veil: Prest, but not pierced
The Supreme Court has recently given judgment in the case Prest (Appellant) v Petrodel Resources Limited and others (Respondents), following an appeal from the Court of Appeal.
Read moreTaxpayer wins penalty shootout against HMRC
The recent case of CED Limited v HMRC [2013] UKFTT 219 (TC) illustrates the importance of preparing thoroughly for the hearing of a tax appeal – even an apparently straightforward penalty appeal - before the First-tier Tribunal ('FTT').
Read moreAnother speech, another thematic review – this time into conflicts management
The insurance sector has been informed through another speech by the FCA of plans for a potentially very important thematic review.
Read moreCost Budgeting – more guidance please
Troy Foods v Manton, concerns an application for permission to appeal an approval of a costs budget.
Read moreGeneral insurance conduct supervision takes shape
Thematic reviews are not new but, since April, the production of thematic review reports by the FCA is.
Read moreWhen should a penalty be suspended?
The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Testa v HMRC,[1] against HMRC's refusal to suspend a penalty imposed under paragraph 1, Schedule 24, Finance Act 2007...
Read moreRegulatory rope? FCA guidance on 'super-complaints' offers firms chance to condemn themselves to a public hanging
FCA Guidance published on Wednesday invites firms to make 'comprehensive and robust' reports about their own 'regular' failures where they give rise to consumer detriment and to require the FCA to publish its planned response, with a copy of the firm's original report.
Read moreFlood risk insurance: disaster averted?
In a press release co-ordinated with the Government's announcement to Parliament on 27 June 2013 on infrastructure spending ...
Read moreGuillotine for ATE/CFA recoverability?
A Law Society Gazette report emanating from a recent conference suggested that introduction of a six month time limit is under consideration by MOJ for recoverability of CFA/ATE premiums entered into prior to the 1 April cost reforms.
Read moreTribunal allows taxpayers' appeals against daily penalties as HMRC had failed to give proper notice
The First-tier Tribunal ('FTT') has allowed the taxpayers' joined appeals in Morgan v HMRC and Donaldson v HMRC1 against daily penalties for late filing of their self-assessment returns, because HMRC had failed to give notice to the taxpayers of the date from which the daily penalties would start to accrue.
Read moreWhat does crime have to do with it…?
Two important recent developments touch upon a crucial issue: to what extent should misconduct or misbehaviour in the City sound in the criminal law?
Read moreFCA winning its battle to name and shame
Last week the Court of Appeal handed the FCA a significant fillip in what has become a notable goal of the regulator – to see that those subject to its disciplinary proceedings are exposed to public scrutiny.
Read moreWhen the levee breaks
Whilst the stalled talks between ABI and Government have recently re-started, in less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.
Read moreTempered approach by Singaporean regulator into LIBOR equivalent reveals inconsistencies in approach to global rate rigging scandal
On Friday 14 June, the Monetary Authority of Singapore ("MAS") announced that it had completed its year-long review into the Singaporean equivalent of LIBOR – the Singapore Interbank Offered Rate ("SIBOR").
Read moreInsurer collapse adds to mounting financial pressures within the legal sector
Latvian insurer Balva announced yesterday that it has called in liquidators, leaving approximately 1,300 firms of solicitors across England and Wales effectively without PI insurance cover.
Read moreRedress for unsuitable mortgage advice set to increase as Court of Appeal upholds High Court decision in Emptage v Financial Services Compensation Scheme
The Court of Appeal has today dismissed the appeal in the case of Emptage v Financial Services Compensation Scheme.
Read morePunched drunk by ICOBS and CIDRA? FCA proposes sobering detox
There has been surprisingly little fuss about the new Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) that came into force 6 April.
Read moreTribunal allows taxpayer's appeal in share options case and criticises HMRC's 'mechanistic' approach to statutory interpretation
The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Bennedict Manning v HMRC.[1]
Read moreSubstantial delays and the FOS - R (on the application of CALLAND) v FINANCIAL OMBUDSMAN SERVICE LTD (2012)
The court has recently decided that a six and a half year delay between the FOS receiving a complaint from an investor and making a final decision against an IFA did not breach the IFA's rights under Article 6 of the ECHR.
Read moreThe Goldman Sachs settlement – 'not a glorious episode in the history of the Revenue'
I commented, in my blog on 15 May 2013 on the continuing controversy surrounding HMRC's deal with Goldman Sachs, in which a large amount of interest that was properly recoverable from the bank was written off by HMRC.
Read moreFlood risk insurance open market – countdown to 31 July
In less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.
Read moreWhen the going gets tough, the tough must keep their standards….
The Solicitors Regulation Authority (SRA) yesterday warned solicitors of the danger of the non-compliance trap in tough financial times.
Read moreCompetition and cartel law reform edges closer
After more than two years of Government consultation, the Enterprise and Regulatory Reform Act 2013 was finally published in May, having received Royal Assent in April. Full implementation is anticipated within a year.
Read moreGrowth and Infrastructure Act 2013
The Growth and Infrastructure Act 2013 (the Act) was given Royal Assent on 25 April 2013.
Read moreInterflora v Marks and Spencer
Following years of legal wrangling between Interflora and Marks and Spencer (M&S) in respect of keyword advertising, on 21 May 2013, the High Court handed down a substantial 99 page judgment, ultimately, in favour of Interflora as trademark owner.
Read moreCPR3.9 Refusal of relief from sanction - solicitors negligence claim now pending
In Venulum Property Investments Ltd v Space Architecture Ltd & Ors, an application was made for permission to extend time for service of the Particulars of Claim as a result of the Claimant's solicitors misreading the relevant rule and failing to serve the Particulars within time.
Read moreInadequate deliberation or a case of mistake?
The so-called rule in Hastings-Bass1, which permits trustees to assert and rely on the errors of themselves or their advisors to undo actions which have unexpected tax consequences...
Read moreInterest Rate Hedging Products Mis-selling Update
(The following article by Simon Greenley/James Wickes was first published in Insurance Day (www.insuranceday.com) on 30 May 2013).
Read moreCopyright: Supreme Court Considers "Browsing Defence"
The Supreme Court has handed down its long awaited decision in the Meltwater case which addresses important questions about the application of copyright law to internet browsing.
Read moreBlog editor promoted to Partnership
I am pleased to announce that Robbie Constance has been promoted to Partner, adding further depth and breadth to our Regulatory Group.
Read moreKeeping one's (written) word
The Court of Appeal has recently applied some judicial brakes on the movement towards contextual, business common sensical, interpretations of commercial agreements.
Read moreRegulator's pursuit of market misconduct in Hong Kong – Top court delivers written judgment
As noted in my blog of 30 April, the Court of Final Appeal in Hong Kong ("the CFA") abruptly dismissed the appeal in Tiger Asia Management LLC & Ors v Securities and Futures Commission ("the SFC"), FACV Nos. 10, 11, 12 and 13 of 2012.
Read moreOutsourcing Health & Safety – a step too far?
Michael Scott & Danielle Lodge question the wisdom of outsourcing health and safety responsibilities
Read moreTax tribunal criticises HMRC's guidance in Catherine Rawcliffe v HMRC
This case1 is of interest not so much for the underlying legal issue which was determined but rather for the unusually strong criticism from the First-tier Tribunal ('FTT') of HMRC's published guidance on approved company securities option plans.
Read moreNo basis for murderer's anonymity and an alert from the bench
Four media groups[1] have successfully challenged an anonymity order and related reporting restrictions made in the course of judicial review proceedings brought by the notorious murderer, David McGreavy.
Read moreAdjudicator's Fees
The Court of Appeal has confirmed that an Adjudicator is not entitled to any of his fees in circumstances where his decision is unenforceable.
Read moreNo breach of privacy in publication of information that child's father is a prominent politician
The Court of Appeal has upheld a High Court judgment that disclosures in the Daily Mail about a child's paternity did not infringe the child's rights of privacy.
Read moreGoldman 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 more