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Customs and excise quarterly update

Published on 23 May 2018. By Adam Craggs, Partner

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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.

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Wealth and trusts quarterly digest

Published on 23 May 2018. By Adam Craggs, Partner

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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.

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Unlawful distribution of shareholding: application of Limitation Act clarified

Published on 22 May 2018. By Chris Ross, Partner

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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.

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Landmark decision in Metal-on-Metal Hip product liability litigation

Published on 21 May 2018. By Genevieve Isherwood, Associate

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Considers the decision in the DePuy Pinnacle Metal-on-Metal hip litigation and what impact this will have on manufacturers and their insurers.

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Tooth – discovery assessment invalid as no inaccuracy in return

Published on 21 May 2018. By Nicole Kostic, Senior Associate

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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.

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The ‘Meghan effect’: its impact on retailers

Published on 18 May 2018. By Emily Rome, Associate

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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.

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A spa day, on doctor's orders…

Published on 18 May 2018. By Emma Kislingbury, Associate

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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?

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連載コラム・欧州M&A最前線 2018年4月

Published on 18 May 2018. By Nigel Collins, Partner, Head of Japan Desk

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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。

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The "I dos" and don'ts of Royal marketing and merchandise

Published on 17 May 2018. By Anna Greco, Associate

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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?

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Dreamvar and identity fraud in conveyancing transactions

Published on 17 May 2018. By Graham Reid, Legal Director, Professional Regulation

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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?”

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TPR announces new approach for pension regulations

Published on 17 May 2018. By Ashley Daniells, Associate

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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.

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Claimant gets its fingers 'pricked' in IPEC passing off claim

Published on 16 May 2018. By Ciara Cullen, Partner

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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.

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Raise a glass to Harry and Meghan

Published on 16 May 2018.

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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?

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Cybercrime and its impact on D&O insurance

Published on 15 May 2018. By Ashley Daniells, Associate

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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.

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Regulation of cryptocurrency pre-ICO funding under English Law

Published on 15 May 2018.

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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").

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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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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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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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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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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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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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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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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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Unlocking blockchain in the insurance industry

Published on 03 May 2018. By Harry Collins, Associate

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

Published on 30 April 2018. By Robert Waterson, Partner

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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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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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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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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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A Virtual Reality Check

Published on 25 April 2018.

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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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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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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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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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Home is where you hang your medical test

Published on 20 April 2018.

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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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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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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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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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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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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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