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A battle between two warriors

Published on 28 November 2018. By Ben Mark, Partner

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The IPEC has recently considered the protection afforded to trade marks with an average level of distinctiveness.

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The future of the medical products sector

Published on 28 November 2018. By Peter Rudd-Clarke, Legal Director and Emma Kislingbury, Associate

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In the first of our vlog series we focus on the future of the medical products sector, specifically where the sector is heading and what risks and opportunities might lie ahead.

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Publication

VAT update November 2018

28 November 2018

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In this month’s update we report on new regulations adopted by ECOFIN which are intended to combat VAT fraud, infringement proceedings brought against Italy and the UK following publication of the so-called “Paradise Papers” and publication of the response to HMRC’s consultation on the “split payment” method of VAT collection. We also comment on three recent decisions relating to the scope of the FTT’s jurisdiction in relation to public law issues, input tax recovery by a student union shop and application of the reverse charge rules to investment management services received from outside the EU.

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Blog

Patel – HMRC ordered to close enquiry which was  "drifting aimlessly"

26 November 2018

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In Patel v HMRC [2018] UKFTT 0561 (TC), the First-tier Tribunal (FTT) directed HMRC, pursuant to section 28A, Taxes Management Act 1970 (TMA), to close its enquiry.

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Publication

Customs and excise quarterly update November 2018

Published on 26 November 2018. By Adam Craggs, Partner and Michelle Sloane, Partner

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In this update we report on HMRC’s guidance on how to prepare for the Customs Declaration Service, the launch of the Customs Declaration Service and HMRC’s guidance on trading with the EU in the event of a no-deal Brexit. We also comment on three recent cases relating to the calculation of gaming duty, tariff classification of seasoned chicken meat and mobility scooters.

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Publication

TerraLex guide to tracing assets around the world 2018

23 November 2018

We are delighted to present the TerraLex 2018 Guide to Tracing Assets Around the World.

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Blog

Regulation of cryptocurrencies inches ever closer

Published on 21 November 2018. By Ashley Daniells, Associate

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The long awaited regulation of cryptocurrencies has moved one step closer, with the Financial Conduct Authority (FCA) announcing plans to consult on regulation before the clock strikes twelve on 31 December 2018. The news comes after pressure for regulation has grown following a $15 billion crash.

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Publication

Wealth and trusts quarterly digest

Published on 21 November 2018. By Adam Craggs, Partner

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Welcome to our latest Wealth & 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.

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Blog

The Barclays Case – Criminal Corporate Liability

Published on 20 November 2018. By Sam Tate, Partner and Lucy Kerr, Senior Associate

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The UK Serious Fraud Office's (SFO) final attempt to prosecute Barclays in connection with Qatari loans ended on October 26 with the rejection of its High Court application to reinstate criminal charges against the bank.

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Blog

Letter of contract versus business common sense – latest from Court of Appeal

Published on 20 November 2018. By Jake Hardy, Partner

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In the latest of a long line of higher court authorities debating the boundaries between black letter and more purposive approaches to contractual construction, the Court of Appeal has taken another step away from the high-water marks of the business common sense approach to contractual meaning.

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Blog

Thornton – Identifiable HMRC officer must determine penalties

Published on 19 November 2018. By Michelle Sloane, Partner

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In Robert, Adam and Dorothy Thornton (trading as A* Education) v HMRC [2018] UKFTT 568 (TC), the First-tier Tribunal (FTT) has held that penalties for failure to file employment intermediaries returns (EIRs) were invalidly issued, as they had not been made by an identifiable officer of HMRC under section 100, Taxes Management Act 1970 (TMA).

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Blog

Anti-money laundering legislation meets the art market

Published on 19 November 2018. By Davina Given, Partner

The art market is often described as the last unregulated market. Even if that is true, it is set to change in the next couple of years, with the market being brought firmly within the ambit of European Union anti-money laundering legislation.

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Blog

Hong Kong's Court of Final Appeal rules on fraudulent or deceptive conduct in share dealings

Published on 15 November 2018. By Jonathan Crompton, Partner and David Smyth, Senior Consultant

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In another landmark case for the Securities and Futures Commission (SFC) in Hong Kong, the Court of Final Appeal has ruled on the ambit of section 300 of the Securities and Futures Ordinance (Cap. 571 – the Ordinance), and confirmed that it covers insider trading in shares listed outside Hong Kong.

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Blog

Crypto Assets and ICOs as seen by the SMSG - Part 2

Published on 09 November 2018. By Ella Shanks, Associate

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On 19 October 2018, the Securities and Markets Stakeholder Group (SMSG) published a report on initial coin offerings (ICOs) and crypto assets. The report is a useful one-stop shop for relevant definitions, classifications and statistics and we summarise the highlights in this two-part series.

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Blog

Budget 2018 – 10 key business tax takeaways

Published on 08 November 2018. By Ben Roberts, Partner

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Blog

Interest-only mortgages - the new PPI?

Published on 08 November 2018. By Anthony Cutler, Associate

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A new wave of complaints is hitting the mortgage market, concerning interest-only mortgages taken out before the financial crisis. Why is this happening and what should we look out for?

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Blog

LSB approves SRA’s revolution in legal services regulation

Published on 07 November 2018. By Graham Reid, Legal Director, Professional Regulation

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The Solicitors Regulation Authority’s new regulatory arrangements were approved by the Legal Services Board on 6 November 2018. Part of the changes will allow solicitors of England & Wales to sell legal advice to the public from within unregulated firms, as long as they steer clear of reserved legal activities such as conveyancing and litigation. These firms will not be regulated by the SRA and will not need to take out full SRA-mandated professional indemnity insurance. These new kinds of legal practice offer unique opportunities for competition with big law firms, and for in-house legal teams to be converted from a cost to a profit centre. RPC has exceptional degree of experience in advising on innovation in the the provision of legal services.

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Blog

Griffiths – appeal against HMRC penalties allowed as notice to file was invalid

Published on 07 November 2018. By Alexis Armitage, Associate

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In Griffiths v HMRC [2018] UKFTT 0527 (TC), the First-tier Tribunal (FTT) has allowed the taxpayer's appeal against penalties imposed by HMRC as HMRC's notice to file a tax return was invalidly issued and in any event, the taxpayer had a reasonable excuse for failing to submit his return.

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Blog

Five ways the civil courts are fighting back against cybercrime

Published on 06 November 2018. By Jonathan Cary, Partner and Eliot Henderson, Associate

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Service by text and data room, worldwide freezing orders against persons unknown, self-identification orders and hearings on paper and in private are ways the court is dealing with cyber-crime. Here are five ways that the courts are addressing the imbalance that exists between victims and criminals who seek to hide behind a veil of anonymity in this digital age.

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Blog

Part three: food for thought – some key features of the SMCR

06 November 2018

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Having laid out the basic architecture under the SMCR, this final part of the series looks more closely at various elements of the new regime, which we consider particularly noteworthy and which give rise to specific issues to be addressed.

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Blog

連載コラム・欧州M&A最前線2018年8月

Published on 06 November 2018. By Nigel Collins, Partner, Head of Japan Desk

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今月のコラムは、涼しい雨の東京で書いている。ここ1週間、ミーティング続きで忙しかったが、話題の中心はやはり英国の欧州連合(EU)離脱とそのM&Aへの影響だった。全般的に、ブレグジット交渉が完結するまでは、英国でのM&A取引の法的枠組みに変わりはない。

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Blog

Jackie Doyle-Price appointed Minister for the Prevention of Suicides

Published on 05 November 2018. By Genevieve Isherwood, Associate

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What is the role of the Minister for the Prevention of Suicides, and how will her appointment impact Insurers?

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Blog

Something out of the ordinary (share capital)

Published on 05 November 2018. By Ben Roberts, Partner

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The term ordinary share capital is widely used in UK tax provisions. While the term has a statutory definition a recent table by the Chartered Institute of Taxation shows how HMRC has interpreted it in practice.

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Blog

Speech is golden

Published on 05 November 2018. By Ben Harris, Associate

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With voice shopping projected to rise to £3.5 billion in UK sales by 2022, we consider how smart speakers are making waves and breaking barriers in the retail sector.

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Blog

Crypto Assets and ICOs as seen by ESMA's SMSG

Published on 05 November 2018. By Ella Shanks, Associate

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On 19 October 2018, ESMA's Securities and Markets Stakeholder Group (SMSG) published a report on initial coin offerings (ICOs) and crypto assets. The report is a useful one-stop shop for relevant definitions, classifications and statistics and we summarise the highlights in this two-part series.

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Blog

Tech talent: To purchase or to hire…that is the question

02 November 2018

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When acquiring tech companies & their human talent, there are some key considerations that buyers should take into account when formulating their M&A strategy

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Publication

General liability newsletter November 2018

Published on 01 November 2018. 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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Blog

Drafting: you do the maths

Published on 01 November 2018. By Neil Brown, Partner

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Chartbrook v. Persimmon provides a good example of why contracts can benefit from worked mathematical formulae to aid courts in interpreting key contractual clauses.

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Publication

Tax update November 2018

01 November 2018

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In this month’s update we report on proposals under consideration by the Treasury to extend capital gains tax relief to private landlords, HMRC’s factsheet on new higher penalties that it can impose where taxpayers have failed to declare and pay tax in relation to offshore matters and the annual report of Tax Inspectors Without Borders (TIWB). We also comment on three recent decisions relating to the partial writing-off of loans, Schedule 36 information notices and late filing penalties.

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Blog

"Loss" in Translation

Published on 31 October 2018. By Ben Mark, Partner and Dani Barnes, Associate

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IPEC judge lifts costs cap of £25,000 for an inquiry as to damages

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Blog

Managing expectations: key considerations for early stage start-ups and their investors

Published on 30 October 2018. By Peter Sugden, Partner

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Peter Sugden discusses "good leaver / bad leaver" provisions in early-stage venture capital investment to help explain key terms for start-up business.

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Blog

Part 2: What does the SMCR mean for me?

29 October 2018

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The new “Conduct Rules” are a minimum, basic standard of good personal conduct and behaviour applicable to all financial services personnel, and against which the FCA will hold individuals to account.

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Blog

#Ad-vice for Influencers and Brands: how to comply with CAP's new Influencer's Guide

Published on 26 October 2018. By Oliver Bray, Senior Partner and Victoria Noto, Associate

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To help influencers and brands comply with the legal requirements around influencer marketing the CAP issued An Influencer's Guide to making clear that ads are ads, developed in conjunction with the CMA.

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Blog

Reeves - CGT holdover relief available where transferor is foreign controller of transferee

Published on 25 October 2018. By Constantine Christofi, Senior Associate

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In Reeves v HMRC [2018] UKUT 293 (TCC), the Upper Tribunal (UT) has held that a non-resident taxpayer was entitled to holdover relief from capital gains tax (CGT) on a disposal he had made when he gifted his interest in a limited liability partnership (LLP) to a UK-resident company, of which he was the sole shareholder.

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Blog

Hong Kong's Securities and Futures Commission to target cryptocurrency exchanges

24 October 2018

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The outgoing chairman of Hong Kong’s Securities and Futures Commission (the “SFC”), Carlson Tong Ka-shing, has reportedly stated that the SFC is looking to extend its regulatory reach to Hong Kong’s cryptocurrency exchanges, which have so far been operating in a largely unregulated sphere.

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Publication

VAT Update October 2018

24 October 2018

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In this month’s update we report on changes to the VAT treatment of supplies of digital services, the European Parliament’s adoption of changes which are intended to simplify VAT for small businesses and the European Commission’s proposals for VAT rates and intra-EU supplies. We also comment on three recent decisions relating to the VAT option to tax a property third party access to documents filed at the First-tier Tribunal and the validity of Alternative Dispute Resolution agreements that are wrong in law.

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Blog

Part 1: What is the SMCR?

23 October 2018

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The Senior Managers & Certification Regime (“SMCR”) will replace the FCA’s existing approved persons regime and represents a paradigm shift in the financial services industry in the UK.

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Blog

Reflections on the UK Bribery Act seven years on

Published on 23 October 2018. By Davina Given, Partner and Lucy Kerr, Senior Associate

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Following the appearance of RPC's Sam Tate at the annual IBA conference earlier this month, where he joined a panel of experts discussing Corruption and Corrupt Contracts, here are our reflections on how the Bribery Act has changed the landscape of bribery offences and corporate criminal liability, first published by the IBA earlier this year and now updated.

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Blog

Professional Game Match Officials – football referees not employed for tax purposes

Published on 22 October 2018. By Ben Roberts, Partner

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In Professional Game Match Officials Ltd v HMRC [2018] UKFTT 528, the First-tier Tribunal (FTT) has held that football referees and other match day officials were not employees of Professional Game Match Officials Ltd (PGMOL).

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Blog

Stephen Hawking's big questions for Life Sciences

Published on 19 October 2018. By Peter Rudd-Clarke, Legal Director

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Stephen Hawking's posthumously published "Brief Answers to the Big Questions" is a fascinating foretelling of legal challenges that the life sciences sector may face.

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Blog

HMRC cannot require an auditor to provide information regarding a taxpayer's audited accounts even if the auditor also acts as the taxpayer's tax accountant

Published on 19 October 2018. By Adam Craggs, Partner

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In HMRC ex parte a Taxpayer [2018] UKFTT 541 (TC), the First-tier Tribunal (FTT) has held that paragraph 24, Schedule 36, Finance Act 2008 (FA 2008), protects a taxpayer's auditor, who also prepares and files the taxpayer's tax returns, from having to disclose information and documents to HMRC regarding the taxpayer's audited accounts.

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Blog

Information requirements to change under European communications contracts

Published on 18 October 2018. By Marlon Cohen, Senior Associate

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The rules around what needs to be provided to consumers under communications contracts are going to be changing under the new European Electronic Communications Code. This will have implications for consumer contracts provided by communication providers in Europe, including broadband, voice and "over the top" providers.

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Publication

Corporate tax update

18 October 2018

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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. In this third 2018 edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2018.

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Blog

FCA proposes FOS award limit increase to £350,000

Published on 17 October 2018. By David Allinson, Senior Associate and Ashley Daniells, Associate

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The FCA has announced plans for an increase in the current FOS compensation cap. Currently standing at £150,000, the changes would see the limit increase to £350,000, an increase of 133%. It is also proposed that the limit will further increase automatically each year in line with inflation.

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Blog

Oil or nothing: Court of Appeal considers damages in continuing misrepresentation claim

Published on 16 October 2018. By Harriet Evans, Associate and Davina Given, Partner

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The Court of Appeal recently held that a director who had made continuing fraudulent misrepresentations was liable for damages calculated at the point of sale and not at the point of entering into the contract. This judgment is a reminder that, in the right case, deceit may be used to pierce the corporate veil. It also highlights the considerations when assessing damages regarding continuing representations, particularly when there is time between the representation being made and the performance of the contract.

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Blog

Done Brothers – supplies through fixed odds betting terminals exempt from VAT

Published on 15 October 2018. By Michelle Sloane, Partner

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In Done Brothers (Cash Betting) Ltd v HMRC [2018] UKFTT 406 (TC), the First-tier Tribunal (FTT) has held that supplies made through fixed odds betting terminals (FOBT) are exempt from VAT.

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Blog

What's next for the FCA after Brexit?

Published on 10 October 2018. By Ashley Daniells, Associate

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Brexit - you can rarely go a day without hearing this word. But what does it mean in real terms for financial professionals? The FCA has acknowledged that a looming Brexit will have implications for how the FCA works in the future and has begun to discuss its plans.

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Blog

Meet your new loss adjustor: the drone

Published on 10 October 2018. By Leah Wood, Associate

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Listed by Lloyd's in 2016 as an 'emerging risk', drones have caught insurers' attention in the last few years. However, the potential benefits for the industry go further than the new capital received from premiums.

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Blog

Atherley - qualifying loan write off created an allowable loss

Published on 08 October 2018. By Robert Waterson, Partner

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In Douglas Atherley v HMRC [2018] UKFTT 0408 (TC), the First-tier Tribunal (FTT) has found that the taxpayer's partial writing-off of a loan made to a company of which he was the sole shareholder, created an allowable loss under section 253(3), Taxation of Chargeable Gains Act 1992 (TCGA).

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Blog

Court of Appeal enforces fraudster’s claim against lawyers

Published on 08 October 2018. By Nick Bird, Partner

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In Stoffel & Co v Maria Grondona the Court of Appeal applied Lord Toulson’s judgment in Patel v Mirza to permit a fraudulent mortgagor to enforce her claim against her conveyancing solicitors. There may though be stronger grounds for the defence in other claims against professionals.

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