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Supreme Court clarifies law on implied terms: "business efficacy" test remains

Published on 21 January 2016. By Chris Ross, Partner and Parham Kouchikali, Partner

The Supreme Court has clarified the law on implied terms: in order for a term to be implied it must be necessary for business efficacy or alternatively be so obvious as to go without saying. In practice, it will be a rare case where one of those conditions is satisfied but not the other.

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Publication

The new Union Customs Code

21 January 2016

Key changes

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Blog

HMRC fails to satisfy the Tribunal that residential property purchased for a pension fund was "taxable property"

20 January 2016

In J & A Young (Leicester) Limited and Others v HMRC [2015] UKFTT 0638 (TC) TC 04771, the First-tier Tribunal (FTT), has allowed the taxpayers' appeals and held that certain residential property acquired by a self-administered occupational pension scheme was not "taxable property", for the purposes of Schedule 29A, Finance Act 2004 (FA 2004).

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Blog

Selling, buying or investing: five practical tips for insurance broker M&A

Published on 20 January 2016. By Matthew Griffith, Partner

People who are well prepared and able to act quickly tend to do better in a buoyant M&A market and, with some sizeable recent transactions, continued interest from private equity, ongoing consolidation and some of the larger broking groups remaining interested at least in strategic plays, insurance broker M&A is likely to be just such a market in 2016.

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Blog

FX trader fails in third-party rights challenge to FCA

18 January 2016

The Upper Tribunal has rejected the well-publicised complaint by Christopher Ashton that the FCA identified him in two decision notices without giving him the opportunity to make representations - because the Tribunal concluded that he was not identified at all.

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Blog

2016 - eight reasons why this could be the year of the GC

18 January 2016

The first few months in the life of this blog have seen us grapple with a broad range of thorny issues of direct relevance to the life of the GC.

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Blog

Housing shortage is a construction industry skills crisis

18 January 2016

Headlines focus on the emotive issue of hard-working families being unable to afford their own homes, and the Government’s pledge to get Britain building.

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Blog

Mobile marketing – lessons learnt from Optical Express

15 January 2016

Gray tint 3

Mobile marketing is an essential part of the marketing tool kit of most retailers.

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Blog

EIOPA recommendations to mobile phone insurance

Published on 15 January 2016. By Andrew Price, Senior Associate

The European Insurance and Occupational Pensions Authority's (EIOPA) recently published report on Consumer Protection Issues arising from the sale of Mobile Phone Insurance (MPI) makes a number of recommendations to address the gaps EIOPA found to exist between consumer expectations and European insurers' MPI products.

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Blog

The "NEW FLAMENCO" – back in step

15 January 2016

Court of Appeal overturns High Court and holds that a 'capital' benefit obtained following the sale of a vessel on her early redelivery can reduce a damages claim for repudiatory breach of charterparty.

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Publication

Toying with cyber security

14 January 2016

VTech and Hong Kong’s cyber laws

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Publication

VTech and Hong Kong’s cyber laws

14 January 2016

VTech is a multi-billion-dollar global supplier of electronic toys and learning products for children, and reportedly the world’s biggest manufacturer of cordless telephones. In short, it is a giant company producing high-tech electronic goods – surely, you might think, capable of fending off a cyber-attack.

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Blog

Supreme Court confirms that when making a confiscation order and assessing the amount of benefit obtained by an offender any VAT accounted to HMRC should be ignored

Published on 14 January 2016. By Adam Craggs, Partner

In R v Harvey [2015] UKSC 73, the Supreme Court allowed the appeal of Mr Jack Harvey (the Appellant) against the decision of the Court of Appeal (Criminal Division)

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Blog

The Fed awakens: the US central bank raises the federal funds rate for the first time in nearly a decade

13 January 2016

Simply put, the federal funds rate is the interest rate at which commercial banks in the US lend money to each other, usually overnight.

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Blog

China crisis - what does the latest share slide mean for your business, and your contracts?

13 January 2016

When I first wrote about the turmoil in the Chinese stock market back in July last year, there was still some debate as to how serious the crash was, and what the direct or indirect implications would be for businesses with trading interests in the region.

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Blog

High Court holds deception undermines "dominant purpose" for claim to litigation privilege

Published on 12 January 2016. By Davina Given, Partner

In Property Alliance Group Ltd v Royal Bank of Scotland Plc the Court held that where a claimant had met the defendant's former employees to seek evidence for the claim, but had misled them as to the purpose of the meetings, the dominant purpose of those meetings could not be said to be the litigation.

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Publication

Annual Insurance Review 2016

08 January 2016

Landmark insurance law reform and market consolidation

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Publication

Annual Insurance Review 2015

08 January 2016

There are no prizes for guessing the likely main insurance law event of 2016. The Insurance Act 2015 will come into force on 12 August 2016.

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Blog

Pay the correct court fee – or else!

Published on 08 January 2016. By Jonathan Wyles, Legal Director

On 9 March 2015 there was a substantial increase in the fees to issue civil proceedings. As a result, the court fee is now £10,000 to issue a claim worth in excess of £200,000 (or the damages are unquantified).

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Blog

Tribunal allows company's appeal and confirms that the four-year time limit does not apply to corporation tax self-assessment returns

Published on 08 January 2016. By Robert Waterson, Partner

In Bloomsbury Verlag GmbH v HMRC [2015] UKFTT 660 (TC),the First-tier Tribunal (Tax and Chancery) (FTT) has held that the four-year time limit does not apply to corporation tax self-assessment returns and that trading losses can be carried forward even though they were not included in a return.

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Video

What makes a "Law Firm of the Year"?

07 January 2016

Managing Partner Jonathan Watmough speaks with John Malpas, Editor-in-Chief of Legal Week, about what contributed to being named Law Firm of the Year 2015.

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Publication

Tax update

06 January 2016

Beneficial ownership plan: HMRC publishes policy paper

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Blog

Cavendish win on penalties: Supreme Court makes finger-tip save of ageing doctrine

06 January 2016

The Supreme Court has provided long awaited clarification of the law on penalty clauses and liquidated damages, upholding the "penalty rule" but further limiting its utility in a commercial setting.

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Blog

Speed & Consumption – good weather daze?

05 January 2016

The High Court of England & Wales has overturned an arbitration Award in a rare appeal on a performance dispute[1].

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Blog

Court of Appeal permits early redemption of Lloyds Banking Group's Enhanced Capital Notes

Published on 04 January 2016. By Matthew Evans, Senior Associate and Parham Kouchikali, Partner

In BNY Mellon Corporate Trustee Services Ltd v LBG Capital No.1 and No. 2 Plc, the Court of Appeal reversed the first instance decision of the High Court, by allowing early redemption of certain convertible securities (known as Enhanced Capital Notes, or ECNs).

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Blog

UK source of interest

Published on 30 December 2015. By Adam Craggs, Partner

In Ardmore Construction and Andrew Perrin v HMRC [2015] UKUT 633 (dual appeal), the Upper Tribunal (UT) dismissed the taxpayers appeals and confirmed that they had received UK source dividends on which UK income tax was deductible at source.

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Blog

Daily Telegraph publisher fined £30k for general election email campaign

30 December 2015

On 15 December 2015 the Information Commissioner's Office (ICO) issued Telegraph Media Group Limited (the Telegraph) with a Monetary Penalty Notice

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Blog

Titan v Colliers – the price of everything and value of nothing

30 December 2015

The Court of Appeal recently overturned the High Court's judgment in the case of Titan v Colliers.

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Blog

'Dear CEO letter' to debt management firms clarifies FCA's expectations on transfer of customers or their information

29 December 2015

Following ongoing consolidation in the debt management market, Jonathan Davidson, FCA Director of Supervision (Retail and Authorisations), has published a 'Dear CEO letter' which sets out the FCA's expectations of debt management firms when customers or customer information are being transferred.

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Blog

Upper Tribunal accepts reasonable excuse defence for late claim for repayment of tax

Published on 23 December 2015. By Nicole Kostic, Senior Associate

In Raftopoulou v HMRC [2015] UKUT 579, the Upper Tribunal (UT) has confirmed that a taxpayer can make a valid claim for repayment of overpaid tax ...

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Publication

VAT update

22 December 2015

This is our last VAT update of 2015. RPC’s next VAT update will be published on 28 January 2016. We wish all our readers a Merry Christmas and a Happy New Year!

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Blog

High Court rejects interest rate swap misselling claim

Published on 22 December 2015. By Daniel Hemming, Senior Associate and Parham Kouchikali, Partner

In Thornbridge Limited v Barclays Bank PLC the High Court considered a claim for the missale of an interest rate swap based on several different causes of action, all of which were unsuccessful.

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Publication

Restructuring and insolvency

18 December 2015

An update on recent changes

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Blog

New EU data protection rules (finally!) agreed

18 December 2015

On the 17th of December, and after much negotiation, a final draft of the new General Data Protection Regulation (GDPR) was approved by the Civil Liberties, Justice and Home Affairs (LIBE) committee of the European Parliament.

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Blog

EU in or EU out?

Published on 18 December 2015. By Constantine Christofi, Associate

The UK will soon be faced with a question that may well have a profound impact on its future and materially shape its place in the world, namely: should the UK remain in or out of the European Union.

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Blog

Delay not a bar to obtaining freezing injunction

Published on 18 December 2015. By Charlotte Henschen (née Ducker), Senior Associate and Geraldine Elliott, Partner

The High Court has granted three insolvent Cayman companies (each in liquidation) a worldwide freezing order in support of proceedings against Mr Terrill, an individual who operated behind the companies' respective corporate directors as their sole director and shareholder.

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Blog

Getting ahead of the curve: EBA consults on 'robo-advisers'

17 December 2015

Technology will transform the financial advice world, and this transformation has already begun.

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Publication

Financial Litigation roundup

17 December 2015

Welcome to the latest edition of our Financial Litigation roundup. In this edition, we consider recent judgments and ongoing cases from the banking and financial world in the UK and Asia, as well as regulatory developments in those jurisdictions

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Publication

Financial Litigation roundup

17 December 2015

Welcome to the latest edition of our Financial Litigation roundup. In this edition, we consider recent judgments and ongoing cases from the banking and financial world in the UK and Asia, as well as regulatory developments in those jurisdictions

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Publication

Employment update, November 2015

17 December 2015

Penalty clauses: what is the test where a clause is claimed to be unenforceable?

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Blog

Show me the money: new capital requirements for PIFs

16 December 2015

Last week the FCA released its Policy Statement PS15/28: Capital resources requirements for personal investment firms (PIFs) updating rules that set the amount of capital to be held by directly authorised PIFs which date back to 1994.

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Blog

Hely-Hutchinson - taxpayer wins legitimate expectation judicial review

16 December 2015

In R(oao Hely-Hutchinson) v HMRC [2015] EWHC 3261 (Admin) ...

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Blog

Anti-suit injunctions – do not delay

16 December 2015

The recent judgment of the English Commercial Court in Essar Shipping Ltd v Bank of China Ltd[1] has highlighted the importance of applying for anti-suit injunctions swiftly once the dispute arises.

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Blog

Litigation privilege: A tangled web unwoven

Published on 15 December 2015. By Davina Given, Partner

Deception undermines the "dominant purpose" necessary for a claim to litigation privilege in the most recent instalment in the ongoing saga of Property Alliance Group Ltd v Royal Bank of Scotland Plc.

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Blog

IFAs quizzed by FCA over insistent clients

Published on 14 December 2015. By James Wickes, Partner

The FCA has asked IFAs to explain how they deal with situations where clients wish to act against advice on pension transfers.

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Blog

Ballast Water Management Convention likely to come in 2016

14 December 2015

Three countries, Monaco, Indonesia and Ghana, ratified the IMO Ballast Water Management (BWM) Convention, during the recent IMO Biennial Assembly Meeting, in London.

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Publication

National Grid Gas plc hit with £2m fine for health and safety breach

11 December 2015

Abstract building

National Grid Gas plc hit with £2m fine for health and safety breach

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Publication

National Grid hit with £2m fine for health and safety breach

11 December 2015

A sign of things to come?

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Blog

No returns for M&S following Supreme Court ruling

11 December 2015

The Supreme Court has upheld the decision of the Court of Appeal in the case of Marks and Spencer plc (M&S) v BNP Paribas Securities Trust Company (Jersey) Ltd (BNPP).

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Blog

PRA fines bank for outsourcing failures

10 December 2015

Last week, the PRA announced that it had imposed a fine of over £1.2 million on R. Raphael & Sons plc.

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