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Enforcing the duty of responsibility against senior managers: the Regulators' view

13 October 2016

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The FCA and PRA have issued consultations giving guidance on how they propose to enforce the duty of responsibility against senior managers in banks – and the rest of financial services from 2018.

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Stan Murray-Hession: Tribunal allows taxpayer's share loss relief claim

Published on 12 October 2016. By Constantine Christofi, Associate

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In Stan Murray-Hession v HMRC [2016] UKFTT 612, the First-tier Tribunal (FTT), held that Mr Murray-Hession (the Appellant) had subscribed for shares within the meaning of section 135(2), Income Tax Act 2007 (ITA), so that share loss relief, under section 131, ITA, was available.

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Digital comparison tools under review

Published on 12 October 2016. By Melanie Musgrave, Senior Associate

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The UK's CMA has launched a market study into price comparison tools, such as price comparison websites and smartphone apps. The aim is to establish what action, if any, is required to improve how this market works. The CMA has until 28 March 2017 to decide whether to open an in-depth market investigation.

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15% increase in counterfeit goods seized in 2015

Published on 11 October 2016. By David Cran, Partner and Ben Mark, Partner

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According to the "Report on EU Customs Enforcement of Intellectual Property Rights: Results at the EU Border 2015", the number of goods that were detained at the EU's external borders for suspected infringement of an IP right grew by an estimated 15% in 2015 compared with 2014.

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FCA and PRA set out wide-ranging rules and proposals for the SIMR and SMCR

11 October 2016

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Falling like autumn leaves, the FCA and PRA have published a number of papers relating to the senior insurance managers regime as well as the senior managers and certification regime (which will apply to insurers from 2018).

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ICO issues record £400,000 fine for TalkTalk data breach

11 October 2016

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The record fine is an indication that the new Information Commissioner, Elizabeth Denham, is looking to take a robust approach to enforcement ahead of the introduction of the GDPR in May 2018.

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The FCA gives its provisional view on regulating the role of the GC.

10 October 2016

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In house lawyers have different roles but, fundamentally, many will help their businesses identify legal risks and define a tolerance towards those risks. They then use Contracts, Advice & Training (CAT) to keep those Risks At Tolerance (RAT) – they use CATs to control RATs.

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Tribunal rejects HMRC's attempt to transfer PAYE liability to employee

Published on 07 October 2016. By Adam Craggs, Partner

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In Stephen West v HMRC [2016] UKFTT 536 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal and confirmed that under the PAYE system the obligation to pay income tax fell on the employer, and liability will only be transferred to the employee under the regulation of the Income Tax (Pay As You Earn) Regulations 2003, if he has received his remuneration knowing that his employer has wilfully and deliberately failed to deduct PAYE.

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NEDs to be subject to FCA's Code of Conduct

05 October 2016

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The FCA has announced plans to extend the application of the Code of Conduct Sourcebook to standard NEDs in banks and insurers. These changes will apply to all NEDs in regulated financial services from 2018

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FCA plans to apply conduct rules to NEDs in banks and insurers

05 October 2016

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The FCA proposes to extend the application of the Code of Conduct sourcebook to standard NEDs.

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FCA avoids full market study but what next for Big Data?

Published on 04 October 2016. By Rachael Ellis, Associate

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This update considers the FCA's feedback statement on the use of "Big Data" in the retail general insurance sector.

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Tax update, October 2016

Published on 04 October 2016. By Adam Craggs, Partner

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In this update we report on the Worldwide Disclosure Facility recently announced by HMRC, new sanctions for failure to register, and the latest Spotlights published by HMRC. We also comment on some recent tax decisions relating to industrial buildings allowance, offsetting losses arising in a UK permanent establishment against profits earned by its UK business and opting out of the costs regime.

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Publication

A new and better approach to claims against financial advisers?

Published on 03 October 2016. By Robert Morris, Partner

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A Judge has found in favour of Coutts in a claim for negligent investment advice for just under £3.3m plus interest. The Judge’s findings are of interest given that he refused to assess whether the investments recommended were suitable for the Claimants according to a body of accepted professional opinion (the so called “Bolam Test”). Instead, the Judge focused on whether the risks of the investments were properly explained to the Claimants, whether they could afford to take such risks and showed themselves willing to do so.

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Blog

Sidestepping Limitation: A Cautionary Tale

Published on 03 October 2016. By Charlotte Henschen (née Ducker), Senior Associate and Davina Given, Partner

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The defendants were able to make a contribution claim from a third party after settling a competition damages claim with the claimant, even though the third party had a limitation defence against the claimant, which could have extinguished both the defendant's and the third party's liability to the claimant.

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Time for the navigator!

29 September 2016

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Why the current clouds of Brexit uncertainty present a unique opportunity for you

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ABI releases checklist on effective counter fraud practices

Published on 29 September 2016. By Jonathan Charwat, Senior Associate

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Earlier this month, the ABI released a checklist on effective counter fraud practices. The checklist is designed to assist insurers in putting in place strong fraud defences. It is particularly aimed at smaller insurers with limited counter fraud functions.

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Publication

Health and Safety update, September 2016

Published on 29 September 2016. By Nick McMahon, Head of Health and Safety

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This edition includes details of Merlin Attractions' £5 million fine following the Smiler crash in 2015 at Alton Towers, in addition to the latest case law and health & safety news.

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Publication

FAPL v Wells: High Court orders Norwich Pharmacal Relief Against Publicans Screening Premier League Matches Without Permission

29 September 2016

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In this article for Entertainment Law Review first published in June 2016, Andrew Crystal and Joshua Charalambous discuss Snowden J's decision in the Football Association Premier League Limited -v- Richard Alan Wells (& Ors) [2015] EWHC 3910 (Ch).

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Publication

Vat update, September 2016

Published on 29 September 2016. By Adam Craggs, Partner

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In this update we report on changes to the VAT treatment of single dwellings with more than one building, an extension to the simplified mechanism for employer input tax deductions in relation to investment management services and new guidance on HMRC’s powers to seek to recover underpaid VAT from online marketplaces. We also report on three recent cases involving MTIC fraud, reasonable excuse for late payment of VAT and whether supplies relating to fractional ownership interests in a property are exempt from VAT.

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N Brown Group Plc: Tribunal confirms there is no going back once a taxpayer has opted out of the costs regime

28 September 2016

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In N Brown Group Plc and Another v HMRC [2016] UKFTT 445 (TC), the First-tier Tribunal (FTT), has confirmed that it did not have the power to permit a taxpayer to withdraw its written request that the proceedings be excluded from the costs regime.

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What do you know about hyperlinking to infringing content online?

Published on 28 September 2016. By Paul Joseph, Partner

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CJEU clarifies position on linking to infringing content - here's what you need to know

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Big data in insurance: The FCA offers its view

Published on 28 September 2016. By Mark Crichard, Partner

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Last week the FCA published a feedback statement on the use of big data in the retail general insurance sector. Its findings are likely to come as welcome news to insurers who are keen to exploit the advantages that big data can offer.

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Publication

Claimant investors establish advisory duty against bank

Published on 26 September 2016. By Jonathan Cary, Partner

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In the most recent so-called 'mis-selling' case in Hong Kong, three claimant investors succeeded in establishing that a bank owed them a contractual duty to exercise reasonable care and skill with regard to their portfolio of investments held with the bank.

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Select Committee Inquiry into the impact of Solvency II

Published on 26 September 2016. By Jonathan Charwat, Senior Associate

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Last week, the House of Commons Treasury Select Committee announced on the parliament website that it is holding an inquiry into the new regime for insurance regulation under the Solvency II Directive (2009/138/EC).

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Brexit - A brief update on investment funds

Published on 22 September 2016.

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RPC facilitates conversations between a number of private equity fund sponsors and the BVCA

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Pragmatism in the High Court: Correcting errors in arbitration

Published on 22 September 2016. By Amelia Payne, Associate and Jonathan Wood, Head of International Arbitration

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The High Court has held that the words "any errors of a similar nature" within r27.1 of the London Court of Arbitration Rules 1998 covered clarifying or removing ambiguity within an award by a tribunal.

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Publication

Revisiting the Referendum

Published on 22 September 2016. By Sophie Tuson, Associate

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Never afraid to shy away from the most challenging of topics, in May of this year – with the EU Referendum vote looming – the blog’s Editorial Team decided to tackle Brexit head on.

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Publication

Copyright test match

22 September 2016

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Copyright test match—High Court provides guidance on substantiality and fair dealing in relation to sports clips

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How ISP blocking orders provide a new and welcome form of redress against e-commerce counterfeiting

Published on 21 September 2016. By Ciara Cullen, Partner

Ciara Cullen, Partner in IP and Technology, tackles the topic of counterfeiting online, how it's impacting sectors such as retail and pharmaceuticals, and the new remedy available to brand owners.

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Javed And Azra Mughal - Tribunal considers the rules relevant to "hardship" applications

Published on 21 September 2016. By Constantine Christofi, Associate

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In Javed and Azra Mughal (Partnership) Trading as Dallas Chicken and Ribs v HMRC [2016] UKFTT 456 (TC), the First-tier Tribunal (FTT) has considered the extent of information necessary for a 'hardship' application.

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Refusing to pay up? You'll need a good case

16 September 2016

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TCC enforces adjudicator's decision, finding no breach of natural justice or jurisdiction.

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Tribunal allows set-off of corporation tax loss against income tax profit

Published on 14 September 2016. By Robert Waterson, Partner

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In English Holdings Ltd v HMRC [2016] UKFTT 0346 (TC), the First-tier Tribunal (FTT) allowed an appeal by a non-UK resident company against a decision of HMRC refusing its claim to offset losses arising in its UK permanent establishment (PE) against profits earned by its UK property rental business.

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FAMR keeps on giving

Published on 13 September 2016. By Esme Watson, Associate

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The launch of a public consultation on the pension advice allowance at the end of August is another product of the Financial Advice Market Review (FAMR).

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Blocking the blockers: EU prohibits network-wide ad-blocking

Published on 12 September 2016. By Oliver Bray, Partner

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Mobile phone operators' plans to introduce network-wide ad-blocking technology are in jeopardy following new guidance from EU telecoms regulators, a move which highlights the divide between content providers and telecoms companies in their attitude towards ad-free content.

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Errors of law in MTIC case leads to case being remitted to the First-tier Tribunal

Published on 09 September 2016. By Constantine Christofi, Associate

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In HMRC V Pacific Computers Ltd [2016] UKUT 350 (TCC), the Upper Tribunal (UT) has concluded that the First-tier Tribunal (FTT) made errors of law that had been material to the outcome of a taxpayer's appeal in a case involving missing trader intra-community (MTIC) fraud.

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Publication

Changing experts - a risky business

Published on 07 September 2016. By Alan Stone, Partner

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The recent case of Allen Tod Architecture Ltd (In Liquidation) v Capita Property and Infrastructure Ltd (previously known as Capita Symons) provides a timely reminder of the risks of changing experts. In this case, the Defendant made an application for specific disclosure of documents prepared by the Claimant’s first expert. The High Court held that privilege in such documents should be waived and the documents should be disclosed where a party seeks to rely upon the evidence of an alternative expert.

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It doesn't rain it pours… New capital adequacy rules for SIPP firms introduced from 1 September

Published on 06 September 2016. By Rachael Healey, Partner

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SIPPs are never far from the headlines at the moment. The most recent issue for SIPP firms to deal with are the new capital adequacy requirements. The effect of the new rules is to place an increased capital burden on SIPP firms holding so-called "non-standard assets".

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As the FOS sees a spike in fraud complaints, we take a look back at a year of FOS complaints

Published on 02 September 2016. By Cristina Faro, Associate

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The FOS has recently ordered a financial adviser to pay out after falling foul of an email fraud that caused the adviser to authorise the transfer of its client's money to the fraudsters' account.

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Blog

Don’t blag it!

02 September 2016

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Yesterday the FCA fined and prohibited a sole trader for failure to act with integrity and repeatedly misleading the regulator.

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Tribunal finds in taxpayer's favour in IBA case

Published on 02 September 2016. By Adam Craggs, Partner

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In David Wellstead v HMRC [2016] UKFTT 0492 (TC), the First-tier Tribunal (FTT) has held that where a developer acquired a lease of land, constructed industrial units on that land and sold one of the units by way of an under-lease, the grant of the under-lease amounted to the sale of a relevant interest for the purposes of section 296, Capital Allowances Act 2001 (CAA 2001), entitling the purchaser to claim industrial buildings allowances (IBAs) on the purchase price.

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Publication

Tax update, September 2016

Published on 31 August 2016. By Adam Craggs, Partner

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In this month's edition we report on (1) HMRC's much anticipated consultation on proposals to tackle disguised remuneration (2) further amendment to the Finance Bill 2016 in relation to EBT settlement relief and (3) HMRC's consultation on proposed penalties for "enablers" of tax avoidance arrangements. We also comment on three recent cases concerning penalties, scheme sanction changes and industrial buildings allowance.

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Blog

What Feng Shui says about your office space

26 August 2016

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Feng Shui holds significant influence over many business people in China. So what's it all about?

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Harry Potter star loses £1m battle with HMRC

Published on 25 August 2016. By Robert Waterson, Partner

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The First-tier Tribunal (FTT) has held that a taxpayer's new accounts did not meet the requirements of section 217, Income Tax (Trading and Other Income) Act 2005 (ITTOIA), for a change in accounting date, as the accounts did not exist when HMRC were notified of the change.

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VAT update, August 2016

24 August 2016

In this month's edition of our VAT update we report on (1) the Law Society's response to HMRC's consultation on VADRA, (2) HMRC's new brief on TOGCs, and (3) HMRC's new policy paper on "Use and Enjoyment" of insurance repair. We also comment on three recent cases concerning Article 9 of the VAT Directive, repayment of VAT by an individual member of a VAT group, and a "hardship" application.

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Blog

Sponsors drop lying Lochte - the fallout from Rio 2016

Published on 24 August 2016. By Jeremy Drew, Partner and Joshua Charalambous, Associate

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Importance of anti-embarrassment clauses highlighted by US Olympic swimmer Ryan Lochte being dropped by sponsors, including Speedo and Ralph Lauren.

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New Guidance on when lawyers can attend an SFO section 2 interview

Published on 18 August 2016. By James Wickes, Partner

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On 6 June 2016, the SFO issued 3 short guidance notes to replace the Operational Handbook that had previously governed interviews under Section 2 of the Criminal Justice Act 1987 (Section 2).

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SIPP scheme administrator avoids 'pension liberation' tax charge

17 August 2016

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In a recent case the First-tier Tribunal (FTT) has found that HMRC was wrong to refuse Sippchoice's application for the discharge of liability to scheme sanction charges in circumstances where it was not aware of a pension liberation scheme being operated in respect of the pension scheme's invested funds.

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High Court dismisses claimants' application for an independent re-review of defendants' disclosure

Published on 16 August 2016. By Alexis Armitage, Associate and Davina Given, Partner

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In a dispute about the treatment of protestors at copper mines in Peru, the English High Court reinforced the breadth of the test for disclosure and held that it has the power to order a party to appoint a separate law firm to conduct an independent re-review of its disclosure.

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Political adverts – freedom to misinform?

Published on 15 August 2016. By Victoria Noto, Associate

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Promises of an additional £350m per week to be given to the NHS, posters featuring "white thugs" shouting at vulnerable old ladies, and billboards plastered with images of a flood of new refugees. These are just a few of the wildly misleading, harmful and offensive adverts that featured in the build-up to the EU referendum on 23 June.

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Supreme Court clarifies the impact of a "collateral lie" made by an assured during the claims process

Published on 12 August 2016. By Hugh Thomas, Senior Associate

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The Supreme Court has ruled that a lie told by an assured during the course of a claim presentation will not necessarily invalidate the assured's right to recover under his insurance.

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