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Good or bad news on the flood insurance front?
Increasingly severe flood events, climate change, new housing in flood plains, inadequate government spending on flood defences – these all point to increasing risk of flooding for more and more properties.
Read moreDividends under Solvency II
As you will be aware, Solvency II will impose requirements as to the quality of the capital held by a firm. Core tier 1 capital is the best, and will typically be made up by ordinary share capital.
Read moreNo reason to delay October 2014 renewal for solicitors
This is traditionally a busy time of year for insurers, brokers and law firms in the run up to the 1 October deadline for securing professional indemnity insurance cover.
Read moreThe Insolvency Service Complaints Gateway – first year report card
In June 2013 the Complaints Gateway was established to provide a single entry point for regulatory complaints against insolvency practitioners.
Read moreTribunal bars HMRC from taking further part in appeal
In BPP University College of Professional Studies v HMRC[1]the First-tier Tribunal (Tax Chamber) (FTT) found that HMRC had failed to comply with an 'unless' order under Rule 8(3) of the Tribunal Procedure (First-tier Tribunal) (Tax Chamber) Rules 2009 (the Rules).
Read moreCredit where credit's due
The controversy surrounding payday loans looks set to continue as the FOS has issued a warning to consumers about payday loan middlemen.
Read moreNo tax please, we're British – Culture test for video games tax relief comes into force
On 19 August 2014, regulations to determine a video game as "British" for the purposes of corporation tax relief for video games development came into force.
Read moreFOS respondents still at risk of further action despite Clark v In Focus ruling
When Lady Justice Arden handed down her judgment in the Court of Appeal case of Clark v In Focus ...
Read moreFirst-tier Tribunal holds that there is no taxable supply where there is no obligation on a subsidiary company which was receiving subsidiary services from the Group parent
In Norseman Gold plc v HMRC[1] the First-tier Tribunal (Judge Colin Bishopp) ("FTT") dismissed an appeal by Norseman Gold plc ("Norseman") ...
Read moreThe perils of skiing, reduced bonuses and missed deadlines
The High Court has recently revisited how loss of chance damages will be quantified in professional negligence claims.
Read moreDenton v White guidance applied
In little more than a month since the Court of Appeal handed down its judgment ...
Read moreEnsuring that where there's a Will, the right way is adopted – and by the right person
The Law Society Gazette has recently reported that claims for mishandling a deceased's estate have more than tripled over the last year, according to figures released by the High Court.
Read morePermission refused to use disclosed documents in foreign proceedings
At the end of June the SFO announced that it had settled claims brought by Vincent Tchenguiz arising from the manner in which his alleged involvement in the collapse of the Icelandic bank Kaupthing hf. was investigated by the SFO.
Read moreOver EUR760 million worth of product seized by EU customs authorities in 2013
According to the "Report on EU customs enforcement of intellectual property rights – Results at the EU border 2013", customs authorities in 2013 opened approximately 87,000 detention cases in respect of 36 million articles, accounting for a domestic retail value of more than €760 million.
Read moreToasted sandwiches are standard-rated “hot food” for VAT purposes
In Sub One Ltd (t/a Subway) v HMRC[1] the Court of Appeal has upheld the decisions of both the First-tier Tribunal (FTT) and the Upper Tribunal (UT) that toasted sandwiches and "meatball marinara" are "hot food" and therefore, for VAT purposes, amount to standard-rated supplies. This decision has implications for a number of fast food outlets.
Read moreTreading uneven boards: VAT claims and setoff – Birmingham Hippodrome Theatre Trust Ltd v HMRC [2014] EWCA Civ 684
The Court of Appeal's decision in this case is likely to create a great deal of uncertainty for taxpayers seeking to recover unlawfully levied VAT from HMRC.
Read moreLet's talk about VAT – a useful reminder
A recent Court of Appeal decision (CLP Holding Co Ltd v Singh and Kaur[1]) serves as a reminder to consider VAT during sale negotiations, and ensure that VAT wording in contracts is sufficiently clear.
Read moreFCA fines general insurer £8.4m for TCF and Conduct Risk failings
The FCA's latest enforcement action in the general insurance sector is a useful source of conduct risk guidance and a reminder that firms cannot delegate their regulatory responsibilities to outsourced service providers, not even to those that are themselves FCA authorised.
Read moreHMRC closing the gap on tax avoidance
Anyone who has invested in, promoted, or advised on any form of tax mitigation scheme may be feeling slightly nervous following the latest announcement from HMRC concerning the on-going saga of tax avoidance. And understandably so.
Read more"Fashioning" prior art – CJEU ruling on unregistered Community designs
On reference from the Irish Supreme Court, the Court of Justice of the European (CJEU) has provided further commentary on the scope of prior art required to invalidate an unregistered Community design.
Read moreTrading "with a view to the making of a profit" - an objective or subjective test?
In Beacon Estates (Chepstow) Ltd v HMRC [2014] UKFTT 686 (TC), the First-tier Tribunal (Tax Chamber) ('FTT') allowed the taxpayer's appeal, holding that 'with a view to' in section 393A(3), Income and Corporation Taxes Act 1988 ('ICTA')[1] imports an objective test when considering relief for trading losses.
Read moreCoCos go pop!
In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives.
Read moreTransfer of corporate profits – update
Earlier in the year I posted a blog on the proposed new anti-avoidance measure, targeted at so-called "profit transfers" from one group company to another.
Read moreDon't delay when requesting a stay under the Community Trade Mark Regulations
In proceedings in which the defendants have already been found liable for passing off and trade mark infringement in respect of the BETTY BOOP trade marks, the High Court has rejected the defendants' application to have the remaining copyright infringement and trade mark invalidity proceedings stayed in favour of earlier, related Italian proceedings.
Read moreHolding back the crowds: How regulators are stifling the crowdfunding industry
Crowdfunding is nothing new. Over the past few years, it has evolved from a little-known and rarely-used concept by which small businesses could raise money, to a truly viable alternative to venture capital.
Read moreHolding back the crowds: How regulators are stifling the crowdfunding industry
Crowdfunding is nothing new. Over the past few years, it has evolved from a little-known and rarely-used concept by which small businesses could raise money, to a truly viable alternative to venture capital.
Read moreThe Rangers Case and EBTs
The following was taken from a longer article by Robert Waterson and Adam Craggs originally published in Tax Journal (25 July 2014, pp16-17, www.taxjournal.com).
Read moreTrust and wealth disputes update
Our latest trust and wealth disputes update is available by clicking here. Topics include:
Read moreReasonable excuse
In the recent case Spink v HMRC[1] the First-tier Tribunal (Tax Chamber) ('FTT') allowed the taxpayer's appeal against the imposition of penalties by HMRC for late payment, as it was satisfied that the taxpayer concerned had a reasonable excuse for the late payment.
Read moreSolicitors beware! Fraudsters want your client account!
A solicitor's client account has long been a target for fraudsters.
Read moreManage your damages expectations! Says the Commercial Court
The Commercial Court recently dampened the Fiat car group's hopes of receiving a loss of profits pay out from Lotus by dismissing its application for summary judgment on a claim for repudiatory breach of contract[1].
Read moreAn enquiry is as an enquiry does – HMRC's narrow interpretation of what constitutes an enquiry is rejected by the Upper Tribunal
The recent case of Portland Gas Storage Limited v The Commissioners for HMRC [2014] UKUT 0270 (TCC), considered two important questions: what is an enquiry? and what is a decision?
Read moreABI proposals on home and motor insurance renewal pricing
The ABI has recently announced that it has written to the FCA setting out its proposals to improve transparency and clarity for customers when renewing their motor and home insurance policies.
Read moreHas the FOS decided Lehman's collapse was not foreseeable; or is that too remote a hope?
Nearly six years have elapsed since we first saw the iconic photographs of Lehman Brothers' employees filing out of the former bank's worldwide headquarters, carrying their belongings in cardboard boxes.
Read moreBe prepared to mediate or prepare to pay
The High Court has ordered costs on an indemnity basis after a continuing and unreasonable failure on the part of the Defendant to engage with mediation before then accepting a Part 36 offer late following trial.
Read moreEnhancing Supervision: How will the FCA's new regulatory model work in the real world?
Readers may recall the FSA's 'close supervision' of firms, which could arise after an ARROW visit if significant failings were identified.
Read moreTax 'tsunami': will litigation wave crash over tax advisers and IFAs as Revenue uses new powers?
New powers which will be introduced via the Finance Act 2014 are leading to investors in tax schemes crystallising their tax losses much sooner than anticipated.
Read moreTaxpayer succeeds in loss relief claim
In Hamilton & Kinneil (Archerfield) Ltd and others v HMRC [2014] UKFTT 350 (TC), the First-tier Tribunal (Tax Chamber) ('FTT') held that a company which had not made a cash capital contribution to a limited liability partnership could nonetheless claim loss relief against its other profits in respect of losses incurred by the limited liability partnership.
Read moreHong Kong: broker commission – proposed rules of conduct
A key provision of the Insurance Companies (Amendment) Bill 2014 is the formation of an independent Insurance Authority (IA) to take over from the Office of the Commissioner of Insurance.
Read moreThe problem with plain cigarette packaging
This interview was first published on Lexis®PSL Commercial on 7 July 2014.
Read moreRepudiation: dentist's breach does not go to the root of the contract
The Court of Appeal has determined that the actual and threatened breach by a dentist of the payment terms (requiring payments to be made monthly) for the use of a practice, was not a repudiation of the contract and the principal was wrong to terminate the contract.
Read morePre-packs – improving a bad reputation?
Pre-packs involve the pre-determined sale of a business before it enters administration, allowing a sale within days of an administrator's appointment.
Read moreHMRC fail to demonstrate negligence in tax planning case
In the case of R, A and M Gardiner v HMRC[1], the First-tier Tribunal (Tax Chamber) ('FTT') overturned penalties imposed by HMRC on the appellant taxpayers for negligently filing their returns.
Read moreJoint defendants, default judgments and the limits of issue estoppel
In proceedings with multiple Defendants in which the Claimant had obtained default judgment against Defendant A, another Defendant, B, (which had statutory joint liability for A's actions) was not bound by an issue estoppel raised by the default judgment against A.
Read moreFOS: for free or not for free?
Should consumers pay a fee to bring a complaint to FOS? FOS handled 2.3m initial enquiries and complaints from consumers in 2013/2014.
Read moreHigh Court gives stamp of approval to retrospective anti-avoidance legislation
A challenge to the lawfulness of the retrospective effect of legislation amending section 45, Finance Act 2003 ('FA 2003'), fell at the first hurdle in a recent application for judicial review heard by Mrs Justice Andrews in R (on the application of St Matthews (West) Ltd and others) v HMRC [2014] EWHC 1848 (Admin).
Read moreKnow your regulator
The importance of good relations with regulators has never been more important.
Read moreAre long stops still a long shot
The long-running debate surrounding long stop time bars rumbles on, with articles appearing in the financial press this week which raise some interesting new points.
Read moreBe careful what you dig for
Beginning a project in an area of archaeological interest can be an historical minefield for both developers and contractors.
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