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Take it to the limit (but no further)

06 May 2016

Green tint

In a recent judgment handed down on 12 April 2016, the Hong Kong Admiralty Court examined whether or not crew members' acts or omissions could be regarded as a shipowner's personal acts or omissions for the purposes of breaking limitation under the Convention on Limitation of Liability for Maritime Claims 1976 ("LLMC") [FN1].

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Blog

Tribunal considers carelessness test and finds discovery assessments to be invalid

Published on 05 May 2016. By Alexis Armitage, Associate

In Bubb v HMRC [2016] UKFTT 0216 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeals and concluded that two discovery assessments made by HMRC under section 29, TMA 1970, were not validly made because only part of the tax underpayment resulted from the taxpayer's carelessness.

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Blog

How effective is China's corruption crackdown?

04 May 2016

At the 18th National Congress of the Communist Party of China on 8 November 2012, Chinese President Xi Jinping vowed to hunt down 'tiger and flies'; in other words, crack down on the endemic corruption between high-level officials and lower-level civil servants.

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Publication

Tax update

04 May 2016

In the 2016 Budget, the Chancellor announced proposed legislation to tackle so-called “disguised remuneration”. HMRC has now published an impact note and draft legislation.

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Publication

Corporate tax update

03 May 2016

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this edition we highlight some of the key tax developments of interest to UK corporates from the first quarter of 2016.

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Blog

Notice of termination provisions - not all they're cracked up to be

Published on 29 April 2016. By Tim Brown, Partner

In Vinergy International (PVT) Limited v Richmond Mercantile Limited FZC the High Court held that the respondent had been entitled to accept the appellant's repudiatory breach and terminate their contract without complying with the notice requirements. 

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Blog

A Mayor Fayre

28 April 2016

Thursday May 5 2016 will (hopefully) see Londoners flocking to their local polling stations to vote for the next London Mayor.

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Blog

Tribunal finds that deferred shares are ordinary shares for the purposes of entrepreneurs' relief

28 April 2016

In Alan Castledine v HMRC [2016] UKFTT 145, the First-tier Tribunal (FTT) dismissed Mr Castledine's appeal and found that deferred shares qualified as ordinary shares for the purposes of entrepreneurs' relief.

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Publication

VAT update

28 April 2016

On 7 April 2016, the European Commission adopted a Communication on an Action Plan on VAT, which sets out the first steps the Commission intends to take with the aim of creating a single EU VAT area.

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Blog

Getting the lie of the land: Conveyancers liable to Land Registry for mortgage fraud

Published on 27 April 2016. By Claire Revell, Senior Associate

Hot on the heels of the decision in Purrunsing v A'Court & Co (in which the High Court found conveyancers on both sides of a property fraud to be liable for the loss suffered by the buyer) comes another blow for property solicitors in the High Court decision in Chief Land Registrar v Caffrey & Co.

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Video

Gender Pay Gap Reporting – are you ready?

27 April 2016

Hear Patrick Brodie and Kelly Thomson discuss the requirements on businesses to comply with Gender Pay Gap Reporting legislation.

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Blog

Insurance claims settlement services not VAT exempt

27 April 2016

The European Court of Justice (ECJ) has held in a recent case that claim settlement services provided on behalf of an insurance company by a Polish service provider were not exempt from VAT (Minister Finansów v Aspiro SA (Case C-40/15)).

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Blog

Disputes over bank's contractual right to freeze customer's account

Published on 27 April 2016. By Jonathan Cary, Partner

As banks tighten-up their standard terms concerning due diligence on customers and their transactions, it is inevitable that disputes will arise and that some will make their way to court.

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Blog

Court refuses s61 relief in claim by buyer against seller's solicitors

Published on 26 April 2016. By Aimee Talbot, Associate

In a decision handed down earlier this month, the High Court in Purrunsing -v- (1) A'Court & Co. (a firm); (2) House Owners Conveyancers Limited [2016] EWHC 789 refused relief under section 61 Trustee Act 1925 to a firm of solicitors and a firm of licensed conveyancers who acted in the sale of a property by a fraudster.

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Blog

The subtleties of suitability

Published on 26 April 2016. By Drew Naylor, Senior Associate

IFAs can expect guidance from the FCA about how to produce shorter client suitability reports following last month's publication of the Financial Advice Market Review (FAMR), the FCA has confirmed.

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Blog

Business people who happen to be lawyers – celebrating the best of the best GCs

26 April 2016

Abstract building

Earlier this month saw the publication of the fourth edition of Legal Business' GC Powerlist – in my opinion, the definitive list of the top in-house counsel in the UK. In the publication I was given the opportunity to share my thoughts on the state of the market – this is what I said:

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Blog

Move to unified European regime as trade secrets directive adopted by EU Parliament

Published on 25 April 2016. By David Cran, Partner and Louise Morgan, Senior Associate

Earlier this month, on 14 April 2016, the draft European Directive on the protection of trade secrets against their unlawful acquisition, use and disclosure was passed by the European Parliament (EP) at a first reading.

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Blog

What's in a name? Time Charter Trips explored

25 April 2016

The time charter trip or "TCT" is a common hybrid, with attributes of both time and voyage charters.

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Blog

How to lose $1,000,000,000,000 in 30 minutes: HFT, Liquidity and Volatility in 2016

Published on 22 April 2016.

The Wall Street we all knew is dead. It has been replaced by high frequency trading (HFT).

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Blog

Pension Ombudsman, SIPPs and the uncertainty

Published on 21 April 2016. By Rachael Healey, Partner

SIPP trustees and administrators don't have to consider suitability, the Pension Ombudsman has found in a recent complaint.

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Blog

Review letter from HMRC should be read as cancelling discovery assessment

21 April 2016

In Easinghall Limited v HMRC [2016] UKUT 105 (TCC), the Upper Tribunal (UT) has confirmed that where an agreement has been reached with HMRC under section 54, Taxes Management Act 1970 (TMA 1970), it cannot commence an enquiry or issue a discovery assessment unless they concern an issue which was not the subject of the agreement.

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Blog

Breaking the mould, being unreasonable, and building a bank that people value

20 April 2016

Anthony Thomson is an unreasonable man. Or so he told us at last month's event at The South Place Hotel, concluding RPC and GC Magazine's Dissenting Perspectives series of three speaker events.

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Blog

Cybersecurity – not just a small firm matter

Published on 20 April 2016. By Daniel Guilfoyle, Senior Associate

Law firms are increasingly becoming the target of Cybercriminals, driven by a perception that the industry's attempts to address security measures still lag behind other professional sectors.

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Blog

Tribunal rules HMRC's enquiry invalid

15 April 2016

In Revell v HMRC [2016] UKFTT 97, the First-tier Tribunal (FTT) held that a purported enquiry by HMRC into an unsolicited tax return was invalid and allowed the taxpayer's appeal.

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Blog

Will staying in Europe mean greater access to Netflix?

Published on 14 April 2016. By Joshua Charalambous, Associate

Given the recent press attention given to David Cameron’s tax affairs it is doubtful that much could chill his concerns at the moment – even watching Netflix.

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Blog

Here today, gone tomorrow – Calderbank offers and costs protection

Published on 13 April 2016. By Aimee Talbot, Associate

A recent case highlights a mistake to avoid when trying to obtain costs protection from Calderbank offers.

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Blog

Panama Papers – what does the leak mean for professional advisers?

Published on 13 April 2016. By Rachael Healey, Partner

The headlines have been full of stories about the so-called Panama Papers since their release 10 days ago.

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Blog

Don't gamble on a wager

Published on 13 April 2016. By Alan Williams, Partner and Simon Hart, Partner

In WW Property Investments v Natwest one of many interest rate swaps claims that have been made since the global financial crisis, the High Court confirmed, in line with previous decisions, that interest rate hedging agreements are not wagers in law where at least one party entered into the contract for a genuine commercial purpose and not to speculate.

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Blog

PRA refreshes Corporate Governance approach in Supervisory Statement

12 April 2016

There remain, in our view, a few issues which the PRA has not directly addressed, perhaps intentionally to allow firms the flexibility to interpret the regulator's requirements in accordance with their business model.

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Publication

Offshore tax evasion

11 April 2016

The “Panama Papers”

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Blog

Businesses need to ensure that they do not unwittingly facilitate tax evasion

Published on 07 April 2016. By Adam Craggs, Partner

The Panamanian law firm Mossack Fonesca and the so called 'Panama Papers' have dominated headlines in recent days.

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Blog

ICO updates Direct Marketing Guidance

04 April 2016

Purple tint 2

On 24 March 2016 the Information Commissioner's Office (ICO) published a long-awaited update to its Direct Marketing Guidance (the Guidance).

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Publication

Tax update

04 April 2016

On 1 February 2016, HMRC took the unusual step of publishing draft regulations through the CIOT (rather than its own) website.

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Blog

Retainers and assumed responsibility for third parties – draw your parameters at the outset

Published on 31 March 2016. By Davina Given, Partner

In Caliendo v Mishcon de Reya the High Court recently found that there was no implied retainer between Mishcon de Reya (Mishcon) and the Claimant shareholders of a company for which Mishcon was acting in relation to a sale of shares.

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Publication

VAT update

31 March 2016

Next steps following the change to the reduced rate of VAT for energy saving materials

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Blog

Is arbitration stifling the common law?

31 March 2016

Recent comments by the Lord Chief Justice of England & Wales have reignited a debate over the balance between finality in arbitration and consideration of important points of law by the Courts.

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Blog

Supreme Court considers the Ramsay principle in UBS and DBG Services

30 March 2016

In UBS AG v HMRC and DB Group Services (UK) Ltd v HMRC [2016] UKSC 13, two cases which were heard together, the Supreme Court found in favour of HMRC by applying the so-called Ramsay principle[1].

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Blog

The Supreme Court "takes stock" of the law on vicarious liability

29 March 2016

In two recent, and complementary, judgments the Supreme Court has considered and clarified the existing law relating to the doctrine of vicarious liability, paving the way for a "modern theory" of vicarious liability.

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Blog

Supreme Court takes stock of law on vicarious liability

29 March 2016

The Supreme Court has recently taken a very wide view of vicarious liability (where third parties can hold employers civilly liable for the actions of their employees), as I reported today in full on our Commercial Disputes blog.

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Video

Forex litigation – coming soon?

24 March 2016

Banking litigation partner Simon Hart reflects on whether the English courts are likely to see a wave of litigation falling out of Forex manipulation.

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Blog

FCA to allow FOS and FSCS claims over P2P advice

Published on 24 March 2016. By Katherine Roberts, Senior Associate

Consumers who receive advice on peer-to-peer lending should have recourse to FOS and the FSCS, the FCA confirmed this week.

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Video

Litigation to drive profit

23 March 2016

Geraldine Elliott – Head of Commercial Litigation – considers how GCs can use litigation to turn the in-house legal team into a profit centre rather than a cost centre.

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Blog

"Innovative and sustainable" – Rio Ferdinand launches new redevelopment and regeneration model

23 March 2016

Former England football captain and Manchester Utd Defender Rio Ferdinand presented his new charity, The Legacy Foundation, to delegates at MIPIM last week.

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Blog

CofA injuncts revelation of celebrity's extramarital threesome

Published on 23 March 2016. By Alex Wilson, Associate

The Court of Appeal has granted a privacy injunction (its first since 2011) to prevent the Sun on Sunday revealing details of a well-known entertainer’s extramarital threesome (PJS v News Group Newspapers Ltd [2016] EWCA Civ 100).

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Blog

High Court holds tortious claim unsustainable in respect of interest rate hedging product redress scheme

Published on 23 March 2016. By Davina Given, Partner

In the recent case of CGL Group Ltd v (1) Royal Bank of Scotland plc (2) National Westminster Bank plc, the High Court was satisfied that a bank did not owe its customer a tortious duty of care in operating a redress scheme for alleged mis-selling of interest rate hedging products (IRHPs).

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Blog

Court of Appeal confirms that HMRC must comply with rules and directions issued by the tax tribunals

Published on 23 March 2016. By Robert Waterson, Partner

The following is based on an article first published in Tax Journal on 8 March 2016.

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Publication

Accountants’ update

22 March 2016

Welcome to RPC’s 2016 accountants’ bulletin. The aim of the bulletin is to review a number of key developments from 2015, and to give an insight on some of the current “hot topics” in this area.

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Blog

Feeling surprised? Why Financial Services GCs should complete this governance survey; and why others should watch this space

21 March 2016

Our Smarter Law blogs often focus on the importance for GCs of looking ahead at the law and regulation that is known to be coming and doing their best to help their business to be aware of and prepared for anticipatable change in good time – after all, no one likes to have been surprised by the predictable.

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Blog

The Recast Brussels Regulation – considering exclusions

Published on 21 March 2016. By Amelia Payne, Associate and Simon Hart, Partner

The High Court has recently considered jurisdictional issues relating to a claim concerning the claimants' entitlement to certain shares held by the deceased businessman, Sami Shamoon.

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Blog

Supreme Court sends Trunki packing for good

Published on 21 March 2016. By Jeremy Drew, Partner

In the latest instalment of the ongoing saga involving the Trunki case, the Supreme Court has unanimously dismissed the appeal filed by Magmatic.

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