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Hargreaves: Loyalty pays
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.
Read moreVolkswagen: CJEU provides guidance on the time limit for input VAT recovery
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.
Read moreAsset management market study update
On 5 April 2018 the FCA published proposals to address concerns identified in its asset management market study
Read moreGame theory and the art of litigation settlement
This article is the first in a series targeted at litigators that consider the issue of settlement in litigation through a mathematical lens.
Read moreNew(ly reiterated) grounds for stay on enforcement of an adjudication decision
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.
Read moreProperty Alliance Group Limited v The Royal Bank of Scotland plc – a pyrrhic victory?
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.
Read moreJackson : HMRC penalised in penalties case
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.
Read moreTax update April 2018
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.
Read moreThe future of the NHS: Concerns and comparisons
New poll suggests greater concerns over cuts to NHS funding than terrorism threat.
Read moreProperties are Heating Up – New Minimum Energy Efficiency standard to come into force
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.
Read moreESMA cracks down on the sale of binary options and CFDs to retail investors
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.
Read moreFCA reviews approach to enforcement and penalties
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.
Read moreHicks: Discover the limits
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.
Read moreVicarious liability of data controllers: The Morrisons data breach case
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.
Read moreTakeaways from Retail Week Summit 2018
Find out some of our key takeaways from the Retail Week Summit 2018
Read moreVAT update March 2018
In this month’s update we report on HMRC’s informal VAT grouping consultation; HMRC’s update on its project to digitise the VAT Retail Export Scheme and HMRC’s new guidance for Fast Parcel Operators.
Read moreCan the WTO assist British trade post-Brexit?
The World Trade Organisation (WTO) has been in the press recently perhaps more than it would like, with concerns being raised about whether its rules would be sufficient to maintain British trade in the event of a "hard Brexit". But what is the WTO, and how does it deal with disputes?
Read moreHealth and safety update March 2018
Welcome to the latest edition of our health and safety update where we look at the health and safety stories that have recently hit the headlines as well as the latest fines and sentences that have been handed down.
Read more＜連載コラム・欧州Ｍ＆Ａ最前線＞2018年３月
この原稿を書きながら窓の外を眺め、英国にもようやく春が来たのではないかと期待している。今年はずいぶん待たされた。これほど長く厳しい冬に耐えた後には、きっと暑くて長い夏が来ると思いたい。
Read moreUsing data to bring innovative products to the market … and keep them there
There are now more and more opportunities to collect and use health data to innovate, improve efficiency and improve care. The same data could prove very useful in responding to the threat of litigation too
Read moreHow to demonstrate your value during a crisis
Jeremy Drew recaps his session from the Enterprise GC Conference - How to demonstrate your value when the media lens is on your business.
Read moreConsiderations for future GCs
Partner Jon Bartley and Head of Corporate Karen Hendy recap key points from the Enterprise GC conference including key considerations for the future.
Read moreMain themes from the Enterprise GC Conference
Jon Bartley, Karen Hendy and Jeremy Drew discuss the main themes from the Enterprise GC Conference.
Read moreTaylor Wimpey – Upper Tribunal clarifies the application of the 'builder's block' scheme
In Taylor Wimpey Plc v HMRC [2018] UKUT 55, the Upper Tribunal (UT) has allowed in part the taxpayer's appeal in relation to its claim to recover input VAT incurred on the provision of certain white goods, kitchen appliances and carpets installed in newly built houses.
Read moreSFC requires ICO to be withdrawn from Hong Kong public
On 19 March 2018 the Securities and Futures Commission (SFC) announced that it had halted an initial coin offering (ICO) to the Hong Kong public by Black Cell Technology Limited (Black Cell).
Read moreEnhancing the cross-border distribution of collective investment funds
The European Commission has published a draft Regulation and Directive on the cross-border distribution of investment funds. The aim is to establish a genuine internal capital market by addressing fragmentation and removing regulatory barriers (namely Member States’ marketing requirements, regulatory fees and notification and administrative requirements), which can all prevent the cross-border distribution of investment funds in the European Union.
Read moreThe High Court confirms the availability of Bankers Trust orders to trustee Claimants seeking to recover misappropriated assets
The decision of the High Court in Miles Smith Broking Limited –v– Barclays Bank PLC has confirmed for the first time the availability of the commonly encountered Bankers Trust order to trustee Claimants of stolen/misappropriated property, highlighting the flexibility of the Court's equitable jurisdiction when presented with new situations. The decision also serves as a neat illustration of the Court's willingness to grant Norwich Pharmacal relief to facilitate the recovery of unlawfully dissipated assets and the types of complimentary interim remedies available to Claimants for that purpose.
Read moreLitigation privilege: whose privilege?
The claimants, companies in the corporate group of the mining company MMG, applied to inspect certain documents created in foreign proceedings over which the defendants, companies belonging to the mining company Glencore, asserted litigation privilege.
Read moreFrederick & Others v Positive Solutions Limited – a win for principals on vicarious liability
The Court of Appeal has reinforced the idea that liability will only attach to a principal in cases where a tort committed by an agent can be shown to have been completed as an integral part of the business activities of the principal. Furthermore, all elements composing the tort must take place within the course of the agency. The case thickens the lines defining what conduct of an agent could lead to recovery from the principal.
Read moreBawa-Garba case exposes shortcomings in management of medical errors
Urgent government review of medical malpractice underway following conviction of Dr Bawa-Garba and the management of medical mistakes.
Read moreFrederick & Others v Positive Solutions Limited – a win for principals on vicarious liability
The Court of Appeal has reinforced the idea that liability will only attach to a principal in cases where a tort committed by an agent can be shown to have been completed as an integral part of the business activities of the principal. Furthermore, all elements composing the tort must take place within the course of the agency. The case thickens the lines defining what conduct of an agent could lead to recovery from the principal.
Read moreTowers Watson – Tribunal confirms HMRC cannot raise new matters not covered in a closure notice
In Towers Watson Limited v HMRC [2017] TC06241, the First-tier Tribunal (FTT) has held that HMRC cannot raise new matters which were not covered in the closure notice which it had issued to the appellant company.
Read morePut your little stone in the great mosaic
IWD is a day designed to galvanize such desire for change into real, sustainable action by people, by business and by government. And on Thursday 8th March many of us will pause for thought. In our reflections, one question will come up time and time again: what can I actually do to improve gender equality?
Read moreCould Cannabis be the Cure?
With the upsetting case of Alfie Dingley dominating news headlines, the UK Government is being asked to reconsider its approach to medicinal cannabis. But what would this mean for manufacturers, healthcare professionals, and, most importantly, potential patients?
Read moreSharp v Blank and others [2017] EWHC 3390 (Ch)
The Court considered the Defendants' application for approval of their revised cost budget on the basis that there had been significant developments in the litigation.
Read moreThe perils of using disclosed documents for a collateral purpose
In Grosvenor Chemicals Ltd v UPL Europe Ltd disclosed documents were used by the UPL for a collateral purpose in breach of the Civil Procedure Rules.
Read moreGoldsmith - late filing penalties cancelled by the Tribunal
In David Goldsmith v HMRC [2018] UKFTT 0005 (TC), the First-tier Tribunal (FTT) has cancelled late filing penalties issued to the taxpayer as the statutory requirements in section 8(1), Taxes Management Act 1970 (TMA), had not been satisfied and HMRC did not have the power to require the taxpayer to deliver self-assessment returns.
Read moreOpen Banking: a slow revolution?
The European Commission's Revised Payment Services Directive (PSD2) was implemented on 13 January 2018, with little fanfare. However, the ideas that PSD2 seeks to promote look set to change the face of banking, both for service providers and for customers. Amongst other requirements, PSD2 obliges banks to allow authorised Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) access to customer account data, where the customer has given both the bank and the AISP or PISP permission for them to do so.
Read moreRowe and Vital Nut – Court of Appeal delivers its judgments in APN judicial review challenge
In Rowe and Vital Nut, the Court of Appeal has dismissed the claimant taxpayers' appeals in judicial review proceedings challenging the legality of Accelerated Payment Notices (APNs) and Partner Payment Notices (PPNs).
Read moreAn aspirin a day…
Discusses research that suggests aspirin can reduce risk of colon cancer in patients with Lynch Syndrome
Read moreBank liable for breach of Quincecare duty
The Court of Appeal has upheld a decision that the appellant bank breached the Quincecare duty of care which it owed to its corporate customer by making payments without proper enquiry, in circumstances in which a reasonable banker would have been on notice that the customer's director was perpetrating a fraud.
Read moreSmashing 'Smash and Grab' – Coulson J delivers significant blow to smash and grab tactic
Over recent years a body of case law has developed supporting the principle that in the absence of a valid pay less notice an employer is exposed to a 'smash and grab' adjudications for payment of the sum stated as due in a contractor's interim application even if that application is overstated. On Tuesday this week, in what is likely to be his final judgement before moving to the Court of Appeal, Coulson J delivered welcome clarification on the matter in Grove Developments Ltd v S&T (UK) Ltd. Coulson J held that even in the absence of a valid pay less notice it is open to an employer to commence adjudication proceedings for determination of the 'true' value of an interim application potentially blunting the tactical utility of 'smash and grab' adjudications.
Read moreEnforcement Reporter - SFC sets out its enforcement priorities for 2018
On 26 February 2018 the SFC released the third edition of its new series of the Enforcement Reporter. The communication outlines the SFC's key enforcement priorities for the coming year and highlights significant recent enforcement actions. The Enforcement Reporter follows the general themes of previous editions and is a useful indication to the market of the SFC's key concerns. In particular, tackling corporate fraud remains top of the agenda, with insider dealing, misconduct by intermediaries and sponsors, and money laundering on the SFC's radar.
Read moreIs GDPR a barrier to InsurTech growth?
Partner Mark Crichard speaks to Instech Club2020 in the run-up to Instech AI 2018.
Read moreIs the insurance market making sufficient progress in innovating?
Simon Laird speaks to Instech Club 2020 in the run-up to Instech AI 2018
Read moreTax update March 2018
In this month’s update we report on HMRC’s recently published guidance on the Serial Tax Avoidance Regime, venture capital schemes and non-domicile reforms.
Read moreIn the Matter of Agrokor DD: Model Laws and PIK toggle loans
A recent application made by insolvency practitioner of Agrokor, a major Croatian conglomerate, resulted in recognition in England of a stay of civil proceedings against the group. The purpose of the application was to halt any proceedings in relation to Agrokor's securities and debt obligations containing English law and jurisdiction provisions, pending the restructuring in the Croatian insolvency proceedings of the affairs of the group.
Read more欧州Ｍ＆Ａ最前線 2018年２月
酷寒の東京と暖かい香港、蒸し暑いシンガポールを出張で回り、大勢のクライアントや関係者を訪ねて帰ってきたところだ。各地とも景況感は良く、フィンテック（金融とＩＴの融合）やインシュアテック、クリーンエナジー技術が投資先として人気を高めている。
Read moreWhen will pleading "special circumstances" permit collateral use?
Having taken a strict approach when considering what constituted "collateral use" in Tchenguiz v Grant Thornton UK LLP, the Commercial Court has moved quickly to clarify the test for "special circumstances" in applications for permission to use previously disclosed documents in The Libyan Investment Authority v Société Générale SA and others.
Read moreHigh Court does not accommodate "Easy" trade mark and passing off claims W3 Ltd v easyGroup Ltd and another [2018] EWHC 7(Ch) 12 January 2018
In a judgment highlighting the inherent risks of litigation, the High Court has dismissed a claim for actionable threats of trade mark infringement against easyGroup Ltd in respect of the use of W3 Ltd's use of "EasyRoommate", as well as dismissing easyGroup's counterclaim claiming passing off and infringement of various trade marks containing the prefix "easy".
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