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The Barty Party – HMRC's information notice was invalid

Published on 09 November 2017. By Nicole Kostic, Senior Associate

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In The Barty Party Company Limited v HMRC [2017] UKFTT 697, the First-tier Tribunal (FTT) allowed the taxpayer's appeal against an information notice which HMRC had issued pursuant to Schedule 36, Finance Act 2008, on the basis that the information notice was invalid.

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Sinking and Reserve Funds – how best to save for a rainy day

Published on 08 November 2017. By Johanna Hall, Senior Associate

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Most managing agents will know that it is best practice to keep funds aside for a rainy day but how many are aware of the formalities necessary to properly account for such funds?

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"Cash is king"? The rise of the "tap and go" cashless society

Published on 08 November 2017. By Heather Rimmer, Associate

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Blink and you'll miss it. In the age of increasing cashless payments and "tap and go" transactions, what are the consequences for businesses, consumers and society?

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NCL Investments - Tribunal allows deductions against trading profits in EBT case

Published on 06 November 2017. By Michelle Sloane, Senior Associate

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In NCL Investments Limited and another v HMRC [2017] UKFTT 495, the First-tier Tribunal (FTT) held that accounting debits relating to the grant of share options to employees were a deductible expense for corporation tax purposes.

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Blog

Schemes and offers where drags don't work

Published on 06 November 2017. By James Mee, Partner and David Wallis, Partner

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James Mee and David Wallis detail the statutory solutions available when drag-along rights are either ineffective or non-existent for the sale of private companies with a large employee shareholder base

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Video

The opportunity of technology in insurance

04 November 2017

Simon Laird and Richard Breavington explain how organisations can prepare for the future in a competitive data and technology focused world.

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Blog

欧州M&A最前線 2017年11月

Published on 03 November 2017. By Nigel Collins, Partner, Head of Japan Desk

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M&A(企業の買収・合併)市場の夏休み明けの出足は例年より鈍かったものの、現在は数多くの案件が進行している。テクノロジー企業の資金調達ラウンドが活発化しており、市場に資金が流れ込むとともに、日本企業の間でも動きが見られる。

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Cabinet office to oversee contaminated blood inquiry

Published on 03 November 2017. By Emma Kislingbury, Associate

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Statutory public inquiry announced into how contaminated blood transfusions infected thousands with HIV and hepatitis C in the 1970s and 80s.

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Construction Act and Retention consultations published by the Government

02 November 2017

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The Government has recently published two consultations to review (i) the implementation of the 2011 changes to the Construction Act; and (ii) the practice of cash retention under construction contracts.

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Publication

Tax update, November 2017

02 November 2017

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In this month’s update we report on HMRC’s revised guidance relating to venture capital schemes, the coming into force of section 166, Finance Act 2016 (offences relating to offshore income) and HMRC’s new guidance on self-reporting for failure to prevent the facilitation of tax avoidance.

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From light industrial to residential – the new permitted development right

01 November 2017

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At a time when headlines and inboxes are filled with new comment, consultation and discussion on how to tackle England's housing crisis, a new permitted development right allowing a change of use from light industrial to residential has come into effect with very little fanfare. So what's new, and why have we not heard more about it?

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FCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements

Published on 01 November 2017. By Robert Morris, Partner

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The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.

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TV formats are the real 'Minute Winner': High Court confirms TV formats can be protected as artistic works

Published on 01 November 2017. By Ciara Cullen, Partner and Sophie Tuson, Associate

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In a recent judgment, the High Court has provided helpful clarification on a particularly grey area of IP law by confirming that TV formats can be protected by copyright as artistic works.

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A Shift in Vicarious Liability (Armes v Nottinghamshire County Council)

Published on 01 November 2017. By Kristiana Reynolds, Senior Associate

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Armes v Nottinghamshire County Council [2017] UKSC 60. A review of recent case law extending Vicarious Liability and the impact this will have on organisations and their insurers.

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Publication

Favourable approach for insurers to the construction of exclusion clauses

31 October 2017

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In a recent decision the Commercial Court has followed the Supreme Court in the Impact Funding case. It declined to apply the contra proferentem rule to an exclusion clause in an insurance policy. Insurers will welcome the decision.

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FCA allows confidential report to be scrutinised by Treasury Select Committee

31 October 2017

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The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.

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Publication

Corporate tax update, third quarter 2017

27 October 2017

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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

欧州M&A最前線 2017年10月

Published on 27 October 2017. By Nigel Collins, Partner, Head of Japan Desk

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読者の多くは、2018年5月25日に施行される欧州連合(EU)の「一般データ保護規則(GDPR)」についてご存じだろう。世界各国の企業は、EU市民の個人データや基本的プライバシーを保護していることを証明する義務を負う。この規則は、欧州で事業を展開する全ての日本企業に影響を及ぼす。

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Publication

VAT update, October 2017

26 October 2017

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In this month’s update we report on the processing of personal data to combat tax fraud, the new proposals for taxing intra-EU supplies and the change in VAT treatment of pension fund management services supplied by regulated insurers.

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Liability for commencement of approach voyage under voyage charters - absolute?

25 October 2017

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A recent judgment of the Commercial Court examines a novel point in respect of the obligation on an owner under a voyage charter to get the vessel to the load port when the charter contains a cancelling date but no expected readiness to load date or load port ETA.

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Blog

PE funds: Risks to LP limited liability status 

24 October 2017

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One of the key attributes of an English limited partnership is that the general partner has unlimited liability for the debts and obligations of the limited partnership.

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Transferring limited partnership interests

24 October 2017

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A limited partner may assign its interest in a limited partnership, subject to the general partner's consent and any contrary agreement between the limited partners.

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Adjudication – mind the recovery gap

23 October 2017

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O'Farrell J recently severed an adjudicator's decision as she considered that the adjudicator did not have jurisdiction to award costs under the Late Payment of Commercial Debts (Interest) Act 1998 (Late Payment Act) in Enviroflow Management Ltd v Redhill Works (Nottingham) Ltd (2017) (unreported, 16 August 2017).

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Blog

Digital Comparison Tools: The CMA's Verdict

Published on 20 October 2017. By Melanie Musgrave, Senior Associate and Lambros Kilaniotis, Partner

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The CMA has recently concluded its year-long digital comparison tools (DCT) market study with the publication (on 26 September 2017) of its Final Report. However, this is by no means the end of the story. In addition to making recommendations to DCTs, their users, the regulators (in particular, the FCA), other bodies and the Government, the CMA has launched a competition investigation into the use of wide "most favoured nation" (MFN) contractual arrangements by a DCT in the home insurance sector and will keep other commercial arrangements under review.

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The FCA makes clear its expectations of financial advisers

Published on 18 October 2017. By Charlotte Thompson, Associate

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FCA, regulatory, financial services

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Blog

SUSSEX CARS - Tribunal orders HMRC to pay taxpayer's costs of appeal

Published on 18 October 2017. By Constantine Christofi, Associate

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In Sussex Cars Association v HMRC [2017] UKFTT 0691 (TC), the First-tier Tribunal (FTT) has exercised its discretion, under Rule 10(1)(b) of the Tribunal Rules, to make an order for costs against HMRC on the basis that it had "acted unreasonably in bringing, defending or conducting the proceedings".

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Not Fazed –September Sales and Consumer Confidence Defy Expectations

Published on 18 October 2017. By Henry Priestley, Senior Associate and Jani Ihalainen, Paralegal

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Building on the positive sales figures at the end of the summer period, which we discussed in an earlier article, retailers have kept the momentum going in September.

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McGreevy – Tribunal describes HMRC's argument as "clap trap" in late filing case

Published on 17 October 2017. By Robert Waterson, Partner

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In R McGreevy v HMRC [2017] UKFTT 0690 (TC), the First-tier Tribunal (FTT) allowed a non-resident taxpayer's appeal against a penalty for the late filing of her non-resident CGT (NRCGT) return on the basis that she had a reasonable excuse.

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Are there dark clouds on the horizon for SIPP providers?

Published on 17 October 2017. By David Allinson, Senior Associate

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According to Citywire, the FCA is poised to complete further supervisory work on the SIPP industry with a specific focus on non-standard investments. We understand that the FCA has questioned SIPP providers on the number of high risk investments they hold following a spate of complaints about such products in recent years.

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Are there dark clouds on the horizon for SIPP providers?

Published on 17 October 2017. By David Allinson, Senior Associate

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According to Citywire, the FCA is poised to complete further supervisory work on the SIPP industry with a specific focus on non-standard investments. We understand that the FCA has questioned SIPP providers on the number of high risk investments they hold following a spate of complaints about such products in recent years.

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Publication

General liability update October 2017

Published on 17 October 2017. By Gavin Reese, Partner and Jonathan Drake, Senior Associate and Nick McMahon, Head of Health and Safety

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The latest general liability news coming out of the courts.

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Government to cover negligence claims against GPs

Published on 17 October 2017. By Dorothy Flower, Partner and Kristiana Reynolds, Senior Associate

Government to cover negligence claims against GPs

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Publication

Government to cover negligence claims against GPs

Published on 17 October 2017. By Dorothy Flower, Partner and Kristiana Reynolds, Senior Associate

Government to cover negligence claims against GPs

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Instant Retail Therapy

Published on 16 October 2017. By Karen Hendy, Head of Corporate and Nadia Tymkiw, Associate

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ASOS Instant, the same-day delivery service launched by ASOS last week, reflects the growing momentum of "fast shopping", where the ultimate consumer experience is effortless and almost instantaneous.

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Medical device concerns and MHRA compliance

Published on 16 October 2017. By Hannah Land, Associate

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Increase in medical devices regulatory alerts and how to respond to concerns

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Gill - Tribunal rejects HMRC's interim applications 

Published on 16 October 2017. By Alexis Armitage, Associate

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In Gill v HMRC [2017] UKFTT 0597 (TC), the First-tier Tribunal (FTT) dismissed three interim applications made by HMRC for (1) permission to adduce expert evidence; (2) a direction excluding a large amount of documentation adduced by the taxpayer; and (3) a direction that the taxpayer disclose data in an alternative format to that provided by the taxpayer.

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North Midland Building Limited v Cyden Homes Limited [2017] EWHC 2414 (TCC): Choose your extension of time provisions carefully

11 October 2017

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North Midland Building Limited v Cyden Homes confirms the primacy of the parties' contract in determining an extension of time. Specifically, in North Midland the High Court held that an amendment made to the construction contract meant that, in a situation of concurrent delay, North Midland Building Ltd (the Contractor) was not entitled to an extension of time from Cyden Homes Ltd (the Employer) and that the prevention principle, had it arisen, would not take precedence over the expressly agreed terms of the contract.

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Video

Digital Disruption and the new world

10 October 2017

Oliver Bray tackles the legal issues around the tension caused between digital disruptors and the traditionalists as part of Legal Week's Corporate Counsel Forum Europe 2017.

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Blog

China's Clinical Trials

Published on 10 October 2017. By Kristiana Reynolds, Senior Associate

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China - an emerging market for clinical trials

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Serial referrals and abandoned adjudications: will the court grant an injunction prohibiting adjudication proceedings?

09 October 2017

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In Jacobs v Skanska, the TCC has recently held that starting a second adjudication on the same or similar issues is unreasonable but not oppressive and an injunction should not be granted. In the recent case of Jacobs UK Limited v Skanska Construction UK Ltd [2017] EWHC 2395 (TCC), Justice O'Farrell DBE clarified the courts will not restrain a party who opens and closes numerous adjudications for a tactical benefit but, the responding party may be granted a wasted costs order.

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Chadwick – Discovery assessment on wrong person cannot be remedied by section 114 TMA

Published on 06 October 2017. By Nicole Kostic, Senior Associate

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In Chadwick (as trustee in bankruptcy of Mrs Gloria Oduneye-Braniffe) v The National Crime Agency [2017] UKFTT 656 (TC), the First-tier Tribunal (FTT) has held than an assessment issued to a trustee in bankruptcy was a gross error that could not be cured by section 114 of the Taxes Management Act 1970 (TMA).

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FCA criticised by Complaints Commissioner for its handling of enforcement limitation issues

Published on 04 October 2017. By Lucy Kerr, Senior Associate

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The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.

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DB Transfers - now what?

Published on 04 October 2017. By Rachael Healey, Partner

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We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.

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Publication

Tax update, October 2017

04 October 2017

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In this update we report on HMRC’s recently published guidance concerning the new offences of failing to prevent the facilitation of tax evasion; HMRC’s new powers to refuse to register or de-register master trust pension schemes; and new guidance on investors’ relief in the CGT context.

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Getting to the heart of database right and copyright

Published on 03 October 2017. By Georgia Davis, Legal Director and Paul Joseph, Partner

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Getting to the heart of database right and copyright: Technomed Ltd and another v Bluecrest Health Screening Ltd and another [2017] EWHC 2142 (Ch), 24 August 2017 It's not often that a case features successful claims for both copyright infringement and database right infringement but this is one of those cases.

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Insurtech Jargon 101: What does it all mean?

01 October 2017

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"Insurtech" is a nebulous concept broadly referring to innovative technology in the insurance industry. Comments on insurtech are often littered with references to specific computing concepts which individually are pretty straight-forward. However, when used in conjunction with one another with no further explanation, insurtech jargon can sound much more complex than it really is. I explain some of the key terms below.

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欧州M&A最前線 2017年9月

Published on 29 September 2017. By Nigel Collins, Partner, Head of Japan Desk

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夏季休暇が明け、日常に戻ったロンドンの金融街シティーには、さまざまなプロジェクトを進めようという意欲と活気がみなぎっている。

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The FCA: key themes for 2017/18

Published on 29 September 2017. By Lucy Kerr, Senior Associate

A look at key developments for the FCA in 2017 and looking forward to 2018

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Bailey: Quality trumps quantity as Tribunal grants taxpayer principle private residence relief

Published on 27 September 2017. By Constantine Christofi, Associate

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In Stephen Bailey v HMRC [2017] UKFTT 658 (TC), the First-tier Tribunal (FTT) granted the taxpayer principle private residence relief, under section 222, Taxation of Chargeable Gains Act 1992 (TCGA), despite having only occupied the property in question for two periods of less than six months.

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