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Tax update, March 2017

Published on 01 March 2017. By Adam Craggs, Partner

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In this month’s update we report on HMRC’s Spotlight 36 which has been issued in respect of planning designed to circumvent the loan taxation rules in Part 7A ITEPA; new draft legislation in relation to the taxation of non-domiciled individuals and a recent report by the Public Accounts Committee on the taxation of high net worth individuals.

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Blog

The new statutory obligation to report on payment practices

28 February 2017

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Key points (and links) for businesses to note about the draft Reporting Payment Practices and Performance Regulations 2017 which comes into effect in April 2017.

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Blog

Court of Appeal rejects claim for misuse of confidential information in TV format

Published on 27 February 2017. By Paul Joseph, Partner

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The Court of Appeal has confirmed a decision that confidential information was not misused by a large telecommunications organisation when it developed a television programme format with multiple similarities to one pitched to (and rejected by) it by individuals from the music industry a year previously.

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Publication

Guide to Real Estate Funds

22 February 2017

Welcome to the BVCA Guide to Real Estate Funds, the latest in our series of guides into business sectors, investment strategies and international markets.

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Publication

VAT update, February 2017

Published on 22 February 2017. By Adam Craggs, Partner

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In this month’s update we report on HMRC’s withdrawal of three VAT extra-statutory concessions, the National Audit Offce’s investigation into VAT evasion by overseas online retailers and HMRC’s responses to the various “Making Tax Digital” consultations.

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Blog

Couple awarded £17,000 damages for distress caused by neighbour's CCTV surveillance

22 February 2017

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The compensation is an example of the rise of "distress" claims as a result of breaches of the Data Protection Act 1998 (DPA).

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Blog

A punishment to fit the crime – CJEU allows punitive damages in IP infringement cases

Published on 22 February 2017. By Ben Mark, Partner

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In a recent decision, the Court of Justice of the EU (CJEU) ruled that the EU Enforcement Directive does not preclude the legal provision of punitive damages in infringement cases in EU Member States.

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Blog

Timing and detail critical in misfeasance claims against HMRC

Published on 22 February 2017. By Robert Waterson, Partner

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The claimant taxpayer, who had been wrongly convicted for cheating the public revenue, had his claim of misfeasance in public office against HMRC struck out by the High Court because it was brought too late and he had failed adequately to plead his case.

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Blog

Demand guarantees not subject to doctrine of strict compliance

Published on 21 February 2017. By Parham Kouchikali, Partner

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High Court holds that the doctrine of strict compliance does not automatically apply to demand guarantees (or performance bonds) in the way that it applies to letters of credit.

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Blog

CIL review: A note of caution to charities

20 February 2017

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An overview of the CIL review team's recommendations for reform of CIL and consideration of the effect the loss of charitable exemptions could have on charities

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Blog

"Fraud unravels all" – or does it?

20 February 2017

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The English Commercial Court has upheld the enforcement of a foreign arbitration award against a buyer of goods even though the seller submitted forged bills of lading under the letter of credit

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Publication

Wealth and trusts quarterly digest, February 2017

Published on 16 February 2017. By Adam Craggs, Partner

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The digest provides up to date commentary and analysis on key sector developments. Our tax, wealth and trusts teams are able to provide a wide ranging service to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any concerns you may have and always welcome feedback on the content of our publications.

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Publication

Customs and excise quarterly update, February 2017

Published on 16 February 2017. By Adam Craggs, Partner

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In this quarterly update we report on new customs examination powers which allow HMRC to examine goods away from ports, airports and other approved places under customs control after clearance, the Government’s response to its consultation on a new due diligence scheme for UK fulfilment houses handling goods imported from outside the EU and HMRC’s new raw tobacco approval scheme.

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Blog

Robo-Advice: not so black and white?

Published on 15 February 2017. By Matthew Watson, Associate

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The Chairman of the FCA, John Griffith-Jones has provided an insight into the Regulator's concerns that the advent of technological developments has blurred the distinction between when customers are receiving advice or guidance.

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Blog

The importance of retainer letters

Published on 15 February 2017. By Rachael Healey, Partner

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Court strikes out claim that an adviser owed a duty to point out a claim against a former adviser

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Blog

Upper Tribunal confirms transfer of pension fund is not a transfer of value for IHT purposes

Published on 15 February 2017. By Constantine Christofi, Associate

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In HMRC v Parry & Others [2017] UKUT 4 (TCC), the Upper Tribunal (UT) held that a transfer of funds from a registered pension scheme to a personal pension plan made by the deceased shortly before her death was not a 'transfer of value' for the purposes of section 3, Inheritance Tax Act 1984 (IHTA). Similarly, the deceased's omission to exercise her right to take lifetime benefits from the personal pension plan was not a transfer of value.

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Blog

The Housing White Paper: 5 ways to boost delivery

15 February 2017

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A round-up of five key themes in the Housing White Paper which aim to increase land available for housing and boost build-out rates.

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Blog

Computer says...sell, sell, sell!

Published on 14 February 2017. By Alex Farrow, Associate

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False news stories and the stock market - a toxic combination or a risk-taker's dream?

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Blog

The long arm of the law: chasing the proceeds of (alleged) crime

Published on 13 February 2017. By Davina Given, Partner

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The English Court has recently upheld a freezing order over the sale proceeds from shares alleged to be a Canadian company's bribes to a Chadian diplomat's wife in the US.

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Blog

Green belt development - don't forget the law!

13 February 2017

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A review of the housing white paper in relation to green belt development noting that the Green Belt (London and Home Counties) Act 1938 is a further hurdle.

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Blog

Lead market regulator's lawsuit includes professional advisers

Published on 09 February 2017. By Antony Sassi, Managing Partner, Asia and Samuel Hung, Senior Associate

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In another significant development in the Securities and Futures Commission's (SFC) efforts to combat market misconduct-type activity involving listed shares in Hong Kong, the lead market regulator has commenced civil proceedings under Section 213 of the Securities and Futures Ordinance (Cap 571) in respect of China Forestry Holdings Co Ltd (in official liquidation). What makes the proceedings noteworthy is that besides naming the company and two of its directors as co-defendants, the regulator's civil complaint also names two co-sponsors and the auditor involved with the company's initial public offering (IPO) in 2009.(1)

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Blog

Business rate hikes about to hit retailers

08 February 2017

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Retailers are bracing themselves for increased property costs in the form of newly calculated business rates which take effect in April 2017.

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Publication

Make insolvency great again

08 February 2017

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One of the great criticisms of the new President of the United States of America is that his companies filed for bankruptcy four times when he was a business mogul.

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Publication

Brexit does not spell the end of the GDPR

08 February 2017

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The General Data Protection Regulation (the GDPR) is due to become law on 25 May 2018. As this will be before “Brexit” (Britain’s exit from the EU) takes effect, the GDPR will apply in the UK from that date.

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Blog

Court of Appeal upholds Financial List decision on application of Rome Convention to derivative instruments

Published on 08 February 2017. By Charlotte Henschen (née Ducker), Senior Associate and Simon Hart, Partner

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The Court of Appeal has upheld a decision from the first trial heard within the new Financial List regarding the application of the Rome Convention to derivative instruments.

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Blog

VAT recovery on management buyout fees

Published on 07 February 2017. By Michelle Sloane, Senior Associate

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In Heating Plumbing Supplies Limited [2016] UKFTT 753, the First-tier Tribunal (FTT) allowed a VAT group's appeal against HMRC's denial of input tax recovery on advisory fees incurred in a management buyout.

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Blog

Security for costs – be reasonable!

07 February 2017

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A recent Judgment in Hong Kong on a security for costs application reinforces the wide discretion of the Court as to the form and quantum of security which should be accepted

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Publication

Buyer’s solicitor beware!

06 February 2017

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Is it safe to act for a purchaser in a property transaction?

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Blog

M&A deal trends

Published on 06 February 2017. By Jonathan Charwat, Senior Associate

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Deal trends for the UK M&A market in 2017

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Blog

The Survey Says! EU General Court decides on requirements for evidence on distinctive character

Published on 03 February 2017. By Henry Priestley, Senior Associate

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A decision by the General Court highlights the requirement for comprehensive evidence of genuine use when seeking to prove acquired distinctiveness in relation to 3D marks in the EU.

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Blog

Electronic Signatures – the future of executing documents?

03 February 2017

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You could be forgiven for failing to spot the release of The EU Regulation on Electronic Identification and Trust Services in the Internal Market (910/2014/EU) (the Regulation), released post EU referendum. We consider the impact of this and the Law Society's Guidance Note on electronic signatures (the Guidance Note).

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Publication

Tax update, February 2017

Published on 01 February 2017. By Adam Craggs, Partner

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Non-domiciled tax reforms. Disguised remuneration. HMRC's proposals surrounding offshore structures.

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Blog

Trainees Take on 2017: another year of surprises?

Published on 01 February 2017. By Chloe Johnston, Associate

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2016 was the year of news which no one could have guessed, so perhaps the RPC trainees have taken on the impossible with “predictions” for 2017! This year will see life-changing decisions made on both sides of the Atlantic come to a head: Trump was sworn in on 20 January and the UK will begin the process of untangling itself from the EU in March. These events, amongst others, will surely make for another rollercoaster of a year, so read on to see what else we think might happen over the next 12 months.

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Blog

Tribunal allows tax deduction for motor racing sponsorship payments

Published on 01 February 2017. By Alexis Armitage, Associate

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In The Crown and Cushion Hotel (Chipping Norton) Ltd v HMRC [2016] UKFTT 765 (TC), the First-tier Tribunal (FTT) allowed the appeal of the appellant company against HMRC's disallowance of expenditure it had incurred in sponsoring a racing driver who was the daughter of its sole director. The FTT concluded that the payments were made "wholly and exclusively" for the purposes of the company's trade as required by section 54, Corporation Tax Act 2009 (CTA).

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Publication

Corporate tax update, final quarter 2016

30 January 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. In this final 2016 edition we highlight some of the key tax developments of interest to UK corporates from the final quarter of 2016.

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Blog

Going for Gold: A New Code for Sports Governance

Published on 30 January 2017. By Joshua Charalambous, Associate

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Any sports body or organisation that wishes to rely on public funding must now comply with a new Code for Sports Governance, and it requires preparation now.

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VAT update, January 2017

Published on 26 January 2017. By Adam Craggs, Partner

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In this month’s update we report on new penalty legislation which the government intends to introduce for businesses participating in VAT fraud, HMRC’s consultation on VAT grouping and proposed new legislation to tackle the exploitation of VAT relief on adapted cars for wheelchair users.

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Blog

Tribunal allows taxpayer's appeal against discovery assessment

Published on 24 January 2017. By Nicole Kostic, Senior Associate

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In Paul Munford v HMRC [2017] UKFTT 019 (TC), the First-tier Tribunal (FTT) considered the validity of a discovery assessment which had been issued by HMRC pursuant to section 29, Taxes Management Act 1970 (TMA) and allowed the taxpayer's appeal on the basis that HMRC had not discharged the burden of proving, for the purposes of section 36(1A), TMA, that the taxpayer had deliberately brought about a loss of capital gains tax.

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Publication

Investment funds, January 2017

Published on 19 January 2017.

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Senior Manager’s Regime and its applicability to all regulated firms - The FCA is consulting on extending the Senior Managers and Certification Regime (SM&CR) to all regulated financial services firms in 2018, which will include many managers of investment funds.

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Publication

TerraLex Cross-Border Copyright Guide 2017

Published on 19 January 2017. By Paul Joseph, Partner

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We are delighted to present the TerraLex Cross-Border Guide to Copyright 2017.

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Blog

Nvidia sweats over Hardware Labs' "threats"

Published on 19 January 2017. By Ciara Cullen, Partner

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Nvidia’s attempt to bring a groundless threats action against Hardware Labs in the English High Court has failed.

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Publication

General Liability update, January 2017

Published on 18 January 2017. By Gavin Reese, Partner

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In this issue we consider how Insurers might secure the evidence needed to defend long-tail disease claims, with the collateral benefit of reducing the risk of more immediate prosecution by the Health and Safety Executive for non-compliance with Health and Safety Regulations.

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Blog

Tribunal refuses to allow HMRC to rely upon section 114 TMA to cure its mistakes

Published on 18 January 2017. By Michelle Sloane, Senior Associate

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In Chartridge Developments Limited v Revenue and Customs Commissioners [2016] UKFTT 766, the First-tier Tribunal (FTT) allowed (in part) the taxpayer's appeal against penalties imposed for late filing of annual tax on enveloped dwellings (ATED) returns under section 161(3), Finance Act 2013, and refused to allow HMRC to rely upon section 114 Taxes Management Act 1970 (TMA).

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Blog

Insurance Companies and the Modern Slavery Act

Published on 17 January 2017. By Jonathan Charwat, Senior Associate

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As the new financial year is soon to arrive, companies will soon have to file their Slavery and Human Trafficking (SHT) statements. RPC has previously written about their general applicability and now will examine its impact on insurance companies.

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Blog

Tribunal finds for the taxpayer in "income" versus "capital" payment dispute

Published on 11 January 2017. By Robert Waterson, Partner

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In James Allan Thornton v HMRC [2016] UKFTT 767 (TC), the First-tier Tribunal (FTT) considered the distinction between income and capital payments in the context of a settlement relating to rental property and held that a settlement payment made to a landlord as compensation for dilapidations to his property was a capital receipt.

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Blog

Sugar tax: a sweet deal?

Published on 10 January 2017. By George Barratt, Associate

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The government is trying to curb the nation's sweet tooth this new year, with plans to introduce a new levy on sugary drinks.

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Publication

Annual Insurance Review 2017

Published on 09 January 2017. By Simon Laird, Global Head of Insurance

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Last year we identified the standout insurance law event of 2015 as the impending introduction of the Insurance Act 2015. Little did we anticipate the tumultuous events of 2016 that would shake up the global economic markets as a whole.

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Blog

Garden Villages - are they necessary?

09 January 2017

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A recent Government announcement has proposed 14 sites across England to be the first garden villages, with 3 further sites to be new garden towns. But with a country full of deserted and derelict buildings, are garden villages and towns the only way forward?

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Publication

Draft Finance Bill 2017 - partial closure notices

Published on 06 January 2017. By Adam Craggs, Partner

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Tax analysis: we welcome the new rules on partial closures of tax enquiries and point out that the inflexibility in the current enquiry framework can lead to complex or multi-issue tax disputes taking an excessive amount of time to be resolved.

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Draft Finance Bill 2017—off-payroll working in the public sector

Published on 05 January 2017. By Michelle Sloane, Senior Associate

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Tax analysis: Adam Craggs, partner at RPC, and Michelle Sloane, senior associate at the firm, explain the reformed off-payroll rules for public sector engagements under the Finance Bill 2017.

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