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10 Lords a-Leaping

14 December 2017

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It's day 10 of our blog series: The House of Lords was once the court of last resort for most cases heard in the UK. However, in 2009 those Law Lords leapt into the 21st Century and rebranded themselves as the Supreme Court of Justice.

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Ghosh test overturned: dishonesty according to the standards of ordinary, reasonable and honest people

Published on 14 December 2017. By Davina Given, Partner

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The Supreme Court has held that the test for dishonesty should be assessed only by reference to whether or not the defendant's conduct is dishonest by the objective standards of ordinary, reasonable and honest people. The Court concluded that there were convincing grounds for holding that the second limb of the longstanding Ghosh test did not correctly represent the law and that directions based upon it ought no longer to be given. The Court further stated that the assessment of dishonesty in criminal and civil proceedings should be made by reference to the same test.

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9 Ladies Dancing: The Mayor of London protects the night-time economy

13 December 2017

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The Mayor of London published supplementary planning guidance last month, aiming to protect and enhance cultural venues across the capital and promote the night-time economy, and the draft revised London Plan could put this on a policy footing.

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Financial litigation roundup winter 2017

Published on 13 December 2017. By Tom Hibbert, Partner and David Smyth, Senior Consultant

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Welcome to the latest edition of our Financial Litigation roundup, where we share our insights into recent judgments and ongoing cases as well as new regulatory developments from the banking and financial world in the UK and Asia.

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8 Maids A-Milking: Milking the Consumer during the Festive Period

Published on 12 December 2017. By Johanna Hall, Senior Associate

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This article explores what's going on in the retail industry to draw in shoppers at this crucial time of year.

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FIDIC Rainbow Suite: Second Editions unveiled

12 December 2017

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18 years after the publication of the original editions, FIDIC released its Second Edition Red (Construction), Yellow (Plant and Design Build) and Silver Books (EPC / Turnkey Projects) at the FIDIC Users' Conference in London last week. The philosophy behind the revised contracts is greater clarity and transparency with an emphasis on avoiding disputes and quickly resolving them when they do arise. We highlight some of the key changes within this note.

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Key legal pitfalls of starting up: Protect your confidential information

Published on 11 December 2017. By Charles Buckworth, Partner

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Good commercial practice and robust contractual agreements are essential to safeguard confidential information.

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7 Swans-a-Swimming: new regulations are there to protect them

11 December 2017

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It's day seven of our festive blog series: The Conservation of Habitats and Species Regulations 2017 have come into effect. What do they say for the likes of our swimming swans?

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Barclays Wealth Trustees - normal meaning to apply to 'settlement' for IHT purposes

Published on 11 December 2017. By Robert Waterson, Partner

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In Barclays Wealth Trustees (Jersey) Ltd and Michael Dreelan v HMRC [2017] EWCA Civ 1512, the Court of Appeal has confirmed that inheritance tax will not apply in circumstances where a transfer between excluded property settlements takes place after a settlor becomes domiciled in the UK.

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Initial Coin Offerings – the digital financing process under global scrutiny

Published on 08 December 2017. By Rachel Ford, Associate

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In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?

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6 Geese A-Laying: The Significance of laying the Golden Brick

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

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What does the term "Golden Brick" mean, who uses it and why? In this article we explore the usefulness of the golden brick, the formalities which determine whether it applies and alternative approaches.

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Independent inquiry launched into malpractice of Ian Paterson

Published on 07 December 2017. By Ella Shanks, Associate

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The Department of Health has announced the launch of an independent inquiry into the circumstances and practices surrounding the activity of convicted breast surgeon Ian Paterson.

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5 gold rings: a sensible way of paying for your Christmas shopping?

07 December 2017

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It's day five of our festive blog series: Gold is rare as a payment form these days, and cash is becoming increasingly so. Whilst retailers and consumers are embracing cashless payments, they are not without their risks.

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Publication

Tax update December 2017

06 December 2017

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In this month’s update we report on HMRC’s increased activity in respect of the so-called Panama Papers; HMRC’s new guidance in relation to “enablers” of defeated tax avoidance schemes; new settlement terms concerning disguised remuneration; and HMRC’s updated Litigation and Settlement Strategy

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4 Calling Birds – it's good to talk…

06 December 2017

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How will the new electronic communications code affect telecoms providers?

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Key legal pitfalls of starting up: Agreeing the deal with your co-founders

Published on 05 December 2017. By Charles Buckworth, Partner

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RPC advice on agreeing the deal with your start-up co-founders, including a list of key considerations, which can prevent expensive disagreements in the future.

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3 French hens: are too many of our house-building eggs in their baskets?

05 December 2017

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We couldn't pass up the opportunity to mention Brexit – its potential impact on the rate at which we are building out new homes has been in the news a lot recently, with fears over the loss of foreign workers and slowdown across the economy.

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Jiminez: High Court quashes information notices issued to non-UK resident taxpayer

Published on 05 December 2017. By Adam Craggs, Partner and Constantine Christofi, Senior Associate

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In Jimenez v (1) HMRC & (2) The First Tier Tax Tribunal [2017] EWHC 2585 (Admin), the High Court has quashed an information notice given by HMRC to a non-UK resident taxpayer.

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Changes to business rates calculations are good news for retailers

Published on 04 December 2017. By Johanna Hall, Senior Associate

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The government announced two changes to business rate annual increases in the Autumn budget, moving from RPI to CPI in April 2018 (rather than 2020 as originally proposed) and shortening the revaluation cycle. It is good to see that the government has listened to concerned businesses but will the changes go far enough?

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2 Turtle Doves

04 December 2017

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Most leases of both commercial and residential premises include an express quiet enjoyment covenant, but what does this actually mean, and how can you ensure peace is retained.

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A Partridge in a Pear Tree

Published on 01 December 2017. By Johanna Hall, Senior Associate

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This is the first of a series of blogs we shall be posting in the run up to Christmas based upon The Twelve Days of Christmas carol with a property theme. We hope you enjoy reading them and have a very merry Christmas.

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Engagement news

Published on 29 November 2017. By Peter Rudd-Clarke, Legal Director

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Manufacturers and insurers may have missed Prince Harry's news on Monday in the general excitement surrounding the Government's Industrial Strategy, announced on the same day.

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Publication

VAT update November 2017

29 November 2017

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In this month’s update we report on the Office of Tax Simplification’s first report on VAT, the draft regulations concerning the fulfilment house due diligence scheme, and HMRC’s revised guidance on input tax deduction for funded occupational pension schemes.

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Trump calls out Chinese IP practices

29 November 2017

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Although Donald Trump implicitly calling Kim-Jong Un 'short and fat' might have stolen the headlines, the President's first official visit to Asia has also indicated that he is serious about his 'America First' policy, and protecting intellectual property.

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Bereavement Damages incompatible with European Convention on Human Rights

Published on 29 November 2017. By Genevieve Isherwood, Associate and Leah Wood, Associate

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Consideration of the Court of Appeal decision in Smith v Lancashire Teaching Hospitals NHS Foundation and others that restriction on awards for bereavement damages under the Fatal Accidents Act 1976 are incompatible with the European Convention on Human Rights.

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Key legal pitfalls of starting up

Published on 27 November 2017. By Charles Buckworth, Partner

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Introduction to the RPC blog series 'key legal pitfalls of starting up' – a guide for Insurtech start-ups. Contains top-tips on legal issues.

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A step closer

Published on 27 November 2017. By Matthew Griffith, Partner and Neil Brown, Partner

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Matthew Griffith and Neil Brown explore Lloyd's SPAs as an alternative for new market entrants to standalone syndicate formations and M&A

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Bekoe: Tribunal cancels discovery assessments and penalties issued to taxpayer

Published on 27 November 2017. By Constantine Christofi, Senior Associate

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In Edwin Bekoe v HMRC [2017] UKFTT 772, the First-tier Tribunal (FTT) has held that the taxpayer was not liable to assessments and penalties where he had demonstrated that deposits paid into his brother's bank account were loans and not undeclared taxable trading income and HMRC's reliance on the "assumption of continuity" principle had been misplaced.

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SFAT fines HSBC Private Bank record-breaking HK$400 million and suspends its securities licenses

Published on 24 November 2017. By Jonathan Crompton, Partner

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On Tuesday (21 November 2017), Hong Kong's Securities and Futures Appeals Tribunal fined HSBC Private Bank (Suisse) SA HK$400 million, suspended its license to advise on securities and partially suspended its license to deal in securities, for one year. The previous largest fine was HK$30 million.

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Mobile health app developers take note – the importance of patient safety

Published on 24 November 2017. By Ella Shanks, Associate

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'Natural Cycles' and 'GP at Hand' are examples of apps revolutionising healthcare. Developers must take all appropriate steps to mitigate the risk of harm to patient safety.

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Publication

Product liability update November 2017

Published on 24 November 2017. By Gavin Reese, Partner and Dorothy Flower, Partner and Robert John, Senior Associate

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A round-up of some of the recent stories making the news, from automated vehicles to food safety and product advertisements.

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What next for the Discount Rate?

Published on 23 November 2017. By Leah Wood, Associate

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A discussion of the proposed date of implementation for the new discount rate / Ogden rate following a government consultation in 2017. The discount rate was reduced by the Lord Chancellor from 2.5% to minus 0.75% in February, but is expected to increase to between 0% and 1% following lobbying from the insurance industry and other bodies including the NHS.

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Customs and excise quarterly update, November 2017

21 November 2017

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In this update we report on the Government’s White Paper setting out its approach to the UK’s future customs, VAT and excise regimes; the Trade Bill 2017-2019; and the implementation of the Fulfillment House Due Diligence Scheme.

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Broken bonds - the FCA clamps down on firm promoting mini-bonds

Published on 21 November 2017. By David Allinson, Senior Associate

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According to a recent article in Citywire, the FCA has ordered a firm promoting mini-binds to "cease all regulated activity" following a series of losses being incurred by investors in respect of mini-bonds.

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Benham – Upper Tribunal dismisses HMRC's appeal regarding the correct treatment of a purported amendment of a return relating to a failed rollover claim

Published on 20 November 2017. By Alexis Armitage, Associate

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In Benham (Specialist Cars) Limited v HMRC [2017] UKFT 389 (TCC), the Upper Tribunal (UT) dismissed HMRC's appeal upholding the decision of the First-tier Tribunal (FTT) that section 153A(4), Taxation of Chargeable Gains Act 1992 (TCGA), does not provide a freestanding right for HMRC to make or amend an assessment in order to bring a rolled-over gain back into charge following the lapse of a declaration of intention to claim roll-over relief made under section 153A(1), TCGA.

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ADR coming of age for financial disputes in Hong Kong

Published on 20 November 2017. By Jonathan Crompton, Partner

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Alternative dispute resolution is coming of age for financial disputes in Hong Kong, as we see the FDRC's Financial Dispute Resolution Scheme expand from 1 January 2018 and 1 July 2018.

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Wealth and trusts quarterly digest November 2017

17 November 2017

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Welcome to our latest Wealth and trusts digest. Our quarterly digest provides up to date commentary and analysis on key sector developments. It is written by members of our wealth and trusts team to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any issues you may have and always welcome feedback on the content of our publications.

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Blog

To sue in debt or damages? A documentary credit dilemma

14 November 2017

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A good presentation under a letter of credit gives rise to a claim in debt against the issuing or confirming bank. But that debt claim is lost if, in the face of a rejection of the documents, the beneficiary takes the documents back. In those circumstances the beneficiary must ask itself the question "Do I want my documents back?"

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Publication

The FCA turns its attention to the wholesale insurance sector

13 November 2017

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After indicating its intention to conduct a wholesale insurance market study in its 2017/18 Business Plan, the FCA has now announced the launch of its wholesale insurance broker market study and set out its terms of reference. This is an important development for brokers and insurers operating in this sector, and also for their clients.

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Court of Appeal drives through London Taxi's hopes of enforcing protection for its shape marks

Published on 13 November 2017. By Ben Mark, Partner

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The Court of Appeal has dismissed an appeal against a High Court decision that 3D trade marks for models of London black taxis were invalid for lack of distinctive character.1

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Payment and Payless Notices – the Basis of Calculation – Judicial Guidance at last

13 November 2017

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Whilst the Scottish case of Muir Construction Limited v Kapital Residential Limited is not binding on the English courts, the judgment is not only perfectly sensible but also provides useful guidance on the requirements for a payless notice under the amended Housing Grants, Construction and Regeneration Act (the Act) - an area which has not had much judicial attention since the change from the withholding notice regime. In a bumper month for payment notice disputes, we also had guidance from the Court of Appeal on the need for payment notices following termination – both decisions coming just as the Government announced its consultation on the 2011 amendments to the Act.

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The Barty Party – HMRC's information notice was invalid

09 November 2017

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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

08 November 2017

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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, Partner

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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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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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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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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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