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A royal impact on the economy?

15 May 2018

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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?

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Blog

MDCM Ltd - Tribunal confirms that IR35 does not apply in employment status case

Published on 14 May 2018. By Alexis Armitage, Associate

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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.

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Blog

Japanese banks joining Softbank's $100bn Vision Fund

Published on 10 May 2018. By Nigel Collins, Partner, Head of Japan Desk

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MUFG, Mizuho, and Sumitomo Mitsui Banking Corporation will be among the final investors in SoftBank's Vision Fund

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Blog

Arbitration awards and fraud revisited

10 May 2018

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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.

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Blog

FSCS – reviewing the funding of the fund of last resort

Published on 09 May 2018. By Sarah Dowding, Senior Associate

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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.

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Blog

Life After Death…

Published on 04 May 2018. By Natalie Drew, Senior Associate

How was a baby born four years after the death of his parents? And what does this mean for IVF providers in the UK?

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Blog

Professional negligence adjudication – it's all part of the Protocol

Published on 04 May 2018. By Cristina Faro, Associate and Will Sefton, Partner

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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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Publication

Cryptocurrency pre-ICO funding – a regulatory overview

04 May 2018

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The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

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Blog

Sippchoice Ltd: Taxpayer can claim income tax deduction for contribution in specie to SIPP

Published on 04 May 2018. By Robert Waterson, Partner

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In Sippchoice Ltd v HMRC [2018] UKFTT, the First-tier Tribunal (FTT) has held that a taxpayer can obtain tax relief at source in respect of contributions made to s Self-Invested Pension Plan (SIPP) settled in the form of unquoted shares.

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Blog

Unlocking blockchain in the insurance industry

Published on 03 May 2018. By Harry Collins, Trainee Solicitor

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While many tout blockchain networks as being the biggest technological breakthrough of a generation, we take a look at whether the technology is ready to take the insurance industry by storm.

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Blog

That's not fair (market value)

Published on 03 May 2018. By Christopher Whitehouse, Senior Associate and Simon Hart, Partner

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Court of Appeal rules on application of GMRA close-out provisions in a distressed market. Icelandic bank LBI ehf (LBI) appealed against the High Court decision in its case against Raiffeisen Bank International AG (RZB) regarding the interpretation of the term "fair market value" in the close-out provisions of a repo agreement. The Court of Appeal rejected LBI's arguments that "fair market value" should preclude the use of prices, quotations and other pricing evidence obtained in a distressed or illiquid market and dismissed the appeal.

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Blog

A valuer does not owe a duty of care to the directors of a borrower

Published on 02 May 2018. By Alexandra Anderson, Partner and Felicity Strong, Senior Associate

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The High Court has held that a valuer who prepares a valuation for a lender does not owe a duty of care to the directors of the borrower who claim they have suffered loss as a result of relying on that valuation.

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Blog

How hard is it to learn English?

Published on 02 May 2018. By Nigel Collins, Partner, Head of Japan Desk

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As English is by far the number one language of business and politics, many non-native speakers have no choice but to overcome this challenge

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Publication

Tax update May 2018

01 May 2018

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In this month’s update we report on HMRC’s recently published guidance relating DOTAS for inheritance tax, its guidance for the GAAR and a new consultation relating to tax avoidance involving Profit Fragmentation.

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Blog

Game theory and the art of litigation settlement (Part 3)

Published on 01 May 2018. By Christopher Whitehouse, Senior Associate and Simon Hart, Partner

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This article is the third in a series targeted at litigators that consider the issue of settlement in litigation through a game theoretical lens.

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Publication

Corporate tax update

Published on 01 May 2018. By Ben Roberts, Senior Associate

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Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly.

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Blog

Lisbon, a near-shore hub for UK business

Published on 01 May 2018. By Nigel Collins, Partner, Head of Japan Desk

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Hosting a meeting at Hitachi Consulting's offices in Lisbon

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Publication

General liability newsletter April 2018

Published on 30 April 2018. By Gavin Reese, Partner and Jonathan Drake, Senior Associate and Nick McMahon, Head of Health and Safety

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Employees owe a duty to their employers to carry out their work with reasonable care so as to avoid accident and injury. Employers are vicariously liable for the negligence of their employees but are entitled to claim a contribution or indemnity from their negligent employee in appropriate circumstances.

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Publication

Pension transfers

30 April 2018

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The FCA tries again to get it right with new rules and a further consultation paper.

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Blog

Value Added – New VAT "joint liability" risk for online marketplaces

Published on 30 April 2018. By Robert Waterson, Partner and Jani Ihalainen, Paralegal

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The flow of goods cross-border has increased significantly as a result of the inexorable rise of the online marketplace. Policing the tax aspect of online businesses has created numerous difficulties for national authorities. In no area is this felt more than VAT, where many online traders (both inside and outside the EU) have opted wittingly or otherwise to evade tax by simply not registering or accounting for VAT in any jurisdiction.

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Blog

Onillon – Failure to take Follower Notice 'corrective action' reasonable in all the circumstances

Published on 27 April 2018. By Michelle Sloane, Senior Associate

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In Onillon v HMRC [2018] UKFTT 33 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal against a penalty imposed for failing to take corrective action following the issue of a Follower Notice (FN) as it was reasonable in all the circumstances for the taxpayer not to take such action.

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Blog

Game theory and the art of litigation settlement (Part 2)

Published on 25 April 2018. By Christopher Whitehouse, Senior Associate and Simon Hart, Partner

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This article is the second in a series targeted at litigators that consider the issue of settlement in litigation through a game theoretical lens.

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Blog

Potentially largest ever Japan outbound deal

Published on 25 April 2018. By Nigel Collins, Partner, Head of Japan Desk

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Takeda makes its 5th offer for Shire

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Blog

A Virtual Reality Check

Published on 25 April 2018. By Daisy Fulton, Trainee Solicitor

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Article exploring the growth of virtual reality (VR) and the legal issues which are emerging including product liability, data and privacy risks, and the 'laws' of the virtual world as a jurisdiction in itself.

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Publication

VAT update April 2018

Published on 24 April 2018. By Adam Craggs, Partner

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In this month’s update we report on the publication of the draft agreement on the UK’s withdrawal from the EU; the Government’s “split payment” collection model for online sales by non-UK sellers; and HMRC’s revised guidance on the cost sharing exemption.

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Publication

Asia Insurance Bulletin 2018

23 April 2018

Our Asia Insurance Bulletin is now available. The bulletin contains a number of articles written by our lawyers discussing a variety of issues relevant to the Asia region.

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Blog

The FCA publishes its 2018/19 Business Plan

Published on 23 April 2018. By Charlotte Thompson, Associate

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On 9 April 2018 the FCA published its Business Plan for 2018/19, demonstrating its continued focus on culture and governance in firms, tackling financial crime and the role of technology in the financial services industry.

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Blog

Home is where you hang your medical test

Published on 20 April 2018. By Daisy Fulton, Trainee Solicitor

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At-home medical tests can be useful diagnostic tools, but this carries risks for patients or insurers. Medical malpractice and product liability insurers need to plan for the future.

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Blog

Court of Appeal's history lesson for claimants bringing personal injury claims

Published on 20 April 2018. By Peter Rudd-Clarke, Legal Director

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Healthcare providers and manufacturers of medical products will welcome a judgment from the Court of Appeal that found against a claimant for failing to give notice of funding in time.

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Blog

Diversity on the agenda

Published on 20 April 2018. By James Miller, Managing Partner

As clients of City law firms like RPC, those represented in the Powerlist are playing an increasingly leading role in ensuring diversity doesn't just rise up the agenda, but stays there.

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Blog

Japan's Itochu to raise stake in FamilyMart to 50.1%

Published on 19 April 2018. By Nigel Collins, Partner, Head of Japan Desk

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Itochu to spend $1.1bn for an 11.1 per cent premium in FamilyMart

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Unregulated cryptocurrencies – an end in sight?

Published on 18 April 2018. By Ashley Daniells, Associate and Matthew Watson, Associate

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Since their creation, cryptocurrencies have been somewhat of an enigma. Decentralised digital currencies such as Bitcoin have remained unregulated, despite becoming more prevalent in our day-to-day lives. That could be about to change with the FCA announcing plans to include them as part of their other regulated products or services.

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Blog

FCA success in the High Court: Compensation of £16.9m awarded to misled investors

Published on 16 April 2018. By Lucy Kerr, Senior Associate

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A five-year court battle between the Financial Conduct Authority ("FCA") and Capital Alternatives Limited concluded on 26 March 2018 when the High Court used its restitution powers under the Financial Services and Markets Act 2000 to award compensation to investors who lost money invested with Capital Alternatives.

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Publication

Construction newsletter April 2018

13 April 2018

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The first quarter of 2018 has been a challenging one for the construction industry. It saw a further decline in construction output in January, with the Office of National Statistics reporting that construction output fell by 3.4% in January from December.

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Blog

Hargreaves: Loyalty pays

Published on 13 April 2018. By Constantine Christofi, Associate

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In Hargreaves Lansdown Asset Management LTD v HMRC [2018] UKFTT 127 (TC) TC06383, the First-tier Tribunal (FTT) has found that loyalty bonus payments paid to investors were not "annual payments" for the purpose of section 683, ITTOIA.

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Blog

Volkswagen: CJEU provides guidance on the time limit for input VAT recovery

Published on 11 April 2018. By Nicole Kostic, Senior Associate

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In Volkswagen AG v Finančné riaditeľstvo Slovenskej republiky C-533/16, the Court of Justice of the European Union (CJEU) has held that Member States cannot impose a time limit on input tax recovery that denies claims before the taxable person is in a position to exercise its right to recover.

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Publication

Asset management market study update

Published on 10 April 2018.

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On 5 April 2018 the FCA published proposals to address concerns identified in its asset management market study

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Blog

Game theory and the art of litigation settlement

Published on 06 April 2018. By Christopher Whitehouse, Senior Associate and Simon Hart, Partner

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This article is the first in a series targeted at litigators that consider the issue of settlement in litigation through a mathematical lens.

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Blog

New(ly reiterated) grounds for stay on enforcement of an adjudication decision

05 April 2018

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A real risk of the dissipation or disposal of an adjudication sum may justify the grant of a stay on enforcement of an adjudicator's award.

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Blog

Property Alliance Group Limited v The Royal Bank of Scotland plc – a pyrrhic victory?

Published on 04 April 2018. By Parham Kouchikali, Partner and Joe Cresswell, Associate

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The Court of Appeal handed down its much anticipated judgment on the misselling and LIBOR manipulation test case in March. Whilst the appeal was dismissed in full, the Court of Appeal's decision clarified a number of aspects of the law in this area and, in particular, the circumstances in which an implied representation in respect of LIBOR would arise.

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Blog

Jackson : HMRC penalised in penalties case

Published on 04 April 2018. By Adam Craggs, Partner

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In Jackson v HMRC [2018] UKFTT 0064 (TC), the First-tier Tribunal (FTT) has held that HMRC had misapplied the law in respect of penalties it had issued to the taxpayer for filing late returns.

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Publication

Tax update April 2018

03 April 2018

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In this month’s update we report on HMRC’s new Code of Practice 8 guidance, the OECD’s consultation on misuse of residence and citizenship schemes to circumvent the common reporting standard.

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The future of the NHS: Concerns and comparisons

Published on 29 March 2018. By Hannah Land, Associate

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New poll suggests greater concerns over cuts to NHS funding than terrorism threat.

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Blog

Properties are Heating Up – New Minimum Energy Efficiency standard to come into force

Published on 29 March 2018. By Jani Ihalainen, Paralegal

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On 1 April 2018 the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2018 ("the Regulations") will come into force, introducing Minimum Energy Efficiency Standards ("MEES") for privately rented properties, including retail properties.

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Blog

ESMA cracks down on the sale of binary options and CFDs to retail investors

Published on 29 March 2018. By Lucy Kerr, Senior Associate

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The European Securities and Markets Authority (ESMA) has announced its intention to prohibit the sale of binary options to retail investors and to place restrictions on the sale of contracts for difference (CFDs). This is the first use of ESMA's new intervention powers under MiFID II.

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Blog

FCA reviews approach to enforcement and penalties

Published on 28 March 2018. By Ashley Daniells, Associate and Sarah Dowding, Senior Associate

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The FCA has announced plans in its recent consultation paper on enforcement to review how it applies penalties which have gone from record highs to record lows over the past 5 years.

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Blog

Hicks: Discover the limits

Published on 28 March 2018. By Constantine Christofi, Associate

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In J Hicks v HMRC [2018] UKFTT 22, the First-tier Tribunal (FTT), in allowing the taxpayer's appeal, has held that discovery assessments issued by HMRC were invalid as the condition contained in section 29(5), TMA 1970, was not satisfied.

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Vicarious liability of data controllers: The Morrisons data breach case

Published on 28 March 2018. By Nicola Cain, Partner

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Following the conviction of Andrew Skelton, a former Morrisons employee, after he published Morrisons’ employees’ personal details on a file sharing website, a group of over 5,500 employees of Morrisons took action against the supermarket to recover compensation for breach of a statutory duty under the UK Data Protection Act 1998 (‘DPA’), as well as for breach of confidence and misuse of private information.

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Video

Takeaways from Retail Week Summit 2018

26 March 2018

Find out some of our key takeaways from the Retail Week Summit 2018

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