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Sippchoice Ltd: Taxpayer can claim income tax deduction for contribution in specie to SIPP
In Sippchoice Ltd v HMRC [2018] UKFTT, the First-tier Tribunal (FTT) has held that a taxpayer can obtain tax relief at source in respect of contributions made to s Self-Invested Pension Plan (SIPP) settled in the form of unquoted shares.
Read moreUnlocking blockchain in the insurance industry
While many tout blockchain networks as being the biggest technological breakthrough of a generation, we take a look at whether the technology is ready to take the insurance industry by storm.
Read moreThat's not fair (market value)
Court of Appeal rules on application of GMRA close-out provisions in a distressed market. Icelandic bank LBI ehf (LBI) appealed against the High Court decision in its case against Raiffeisen Bank International AG (RZB) regarding the interpretation of the term "fair market value" in the close-out provisions of a repo agreement. The Court of Appeal rejected LBI's arguments that "fair market value" should preclude the use of prices, quotations and other pricing evidence obtained in a distressed or illiquid market and dismissed the appeal.
Read moreA valuer does not owe a duty of care to the directors of a borrower
The High Court has held that a valuer who prepares a valuation for a lender does not owe a duty of care to the directors of the borrower who claim they have suffered loss as a result of relying on that valuation.
Read moreHow hard is it to learn English?
As English is by far the number one language of business and politics, many non-native speakers have no choice but to overcome this challenge
Read moreTax update May 2018
In this month’s update we report on HMRC’s recently published guidance relating DOTAS for inheritance tax, its guidance for the GAAR and a new consultation relating to tax avoidance involving Profit Fragmentation.
Read moreGame theory and the art of litigation settlement (Part 3)
This article is the third in a series targeted at litigators that consider the issue of settlement in litigation through a game theoretical lens.
Read moreCorporate tax update
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly.
Read moreLisbon, a near-shore hub for UK business
Hosting a meeting at Hitachi Consulting's offices in Lisbon
Read moreGeneral liability newsletter April 2018
Employees owe a duty to their employers to carry out their work with reasonable care so as to avoid accident and injury. Employers are vicariously liable for the negligence of their employees but are entitled to claim a contribution or indemnity from their negligent employee in appropriate circumstances.
Read morePension transfers
The FCA tries again to get it right with new rules and a further consultation paper.
Read moreValue Added – New VAT "joint liability" risk for online marketplaces
The flow of goods cross-border has increased significantly as a result of the inexorable rise of the online marketplace. Policing the tax aspect of online businesses has created numerous difficulties for national authorities. In no area is this felt more than VAT, where many online traders (both inside and outside the EU) have opted wittingly or otherwise to evade tax by simply not registering or accounting for VAT in any jurisdiction.
Read moreOnillon – Failure to take Follower Notice 'corrective action' reasonable in all the circumstances
In Onillon v HMRC [2018] UKFTT 33 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal against a penalty imposed for failing to take corrective action following the issue of a Follower Notice (FN) as it was reasonable in all the circumstances for the taxpayer not to take such action.
Read moreGame theory and the art of litigation settlement (Part 2)
This article is the second in a series targeted at litigators that consider the issue of settlement in litigation through a game theoretical lens.
Read moreA Virtual Reality Check
Article exploring the growth of virtual reality (VR) and the legal issues which are emerging including product liability, data and privacy risks, and the 'laws' of the virtual world as a jurisdiction in itself.
Read moreVAT update April 2018
In this month’s update we report on the publication of the draft agreement on the UK’s withdrawal from the EU; the Government’s “split payment” collection model for online sales by non-UK sellers; and HMRC’s revised guidance on the cost sharing exemption.
Read moreAsia Insurance Bulletin 2018
Our Asia Insurance Bulletin is now available. The bulletin contains a number of articles written by our lawyers discussing a variety of issues relevant to the Asia region.
Read moreThe FCA publishes its 2018/19 Business Plan
On 9 April 2018 the FCA published its Business Plan for 2018/19, demonstrating its continued focus on culture and governance in firms, tackling financial crime and the role of technology in the financial services industry.
Read moreHome is where you hang your medical test
At-home medical tests can be useful diagnostic tools, but this carries risks for patients or insurers. Medical malpractice and product liability insurers need to plan for the future.
Read moreCourt of Appeal's history lesson for claimants bringing personal injury claims
Healthcare providers and manufacturers of medical products will welcome a judgment from the Court of Appeal that found against a claimant for failing to give notice of funding in time.
Read moreDiversity on the agenda
As clients of City law firms like RPC, those represented in the Powerlist are playing an increasingly leading role in ensuring diversity doesn't just rise up the agenda, but stays there.
Read moreJapan's Itochu to raise stake in FamilyMart to 50.1%
Itochu to spend $1.1bn for an 11.1 per cent premium in FamilyMart
Read moreUnregulated cryptocurrencies – an end in sight?
Since their creation, cryptocurrencies have been somewhat of an enigma. Decentralised digital currencies such as Bitcoin have remained unregulated, despite becoming more prevalent in our day-to-day lives. That could be about to change with the FCA announcing plans to include them as part of their other regulated products or services.
Read moreFCA success in the High Court: Compensation of £16.9m awarded to misled investors
A five-year court battle between the Financial Conduct Authority ("FCA") and Capital Alternatives Limited concluded on 26 March 2018 when the High Court used its restitution powers under the Financial Services and Markets Act 2000 to award compensation to investors who lost money invested with Capital Alternatives.
Read moreConstruction newsletter April 2018
The first quarter of 2018 has been a challenging one for the construction industry. It saw a further decline in construction output in January, with the Office of National Statistics reporting that construction output fell by 3.4% in January from December.
Read moreHargreaves: Loyalty pays
In Hargreaves Lansdown Asset Management LTD v HMRC [2018] UKFTT 127 (TC) TC06383, the First-tier Tribunal (FTT) has found that loyalty bonus payments paid to investors were not "annual payments" for the purpose of section 683, ITTOIA.
Read moreVolkswagen: CJEU provides guidance on the time limit for input VAT recovery
In Volkswagen AG v Finančné riaditeľstvo Slovenskej republiky C-533/16, the Court of Justice of the European Union (CJEU) has held that Member States cannot impose a time limit on input tax recovery that denies claims before the taxable person is in a position to exercise its right to recover.
Read moreAsset management market study update
On 5 April 2018 the FCA published proposals to address concerns identified in its asset management market study
Read moreGame theory and the art of litigation settlement
This article is the first in a series targeted at litigators that consider the issue of settlement in litigation through a mathematical lens.
Read moreNew(ly reiterated) grounds for stay on enforcement of an adjudication decision
A real risk of the dissipation or disposal of an adjudication sum may justify the grant of a stay on enforcement of an adjudicator's award.
Read moreProperty Alliance Group Limited v The Royal Bank of Scotland plc – a pyrrhic victory?
The Court of Appeal handed down its much anticipated judgment on the misselling and LIBOR manipulation test case in March. Whilst the appeal was dismissed in full, the Court of Appeal's decision clarified a number of aspects of the law in this area and, in particular, the circumstances in which an implied representation in respect of LIBOR would arise.
Read moreJackson : HMRC penalised in penalties case
In Jackson v HMRC [2018] UKFTT 0064 (TC), the First-tier Tribunal (FTT) has held that HMRC had misapplied the law in respect of penalties it had issued to the taxpayer for filing late returns.
Read moreTax update April 2018
In this month’s update we report on HMRC’s new Code of Practice 8 guidance, the OECD’s consultation on misuse of residence and citizenship schemes to circumvent the common reporting standard.
Read moreThe future of the NHS: Concerns and comparisons
New poll suggests greater concerns over cuts to NHS funding than terrorism threat.
Read moreProperties are Heating Up – New Minimum Energy Efficiency standard to come into force
On 1 April 2018 the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2018 ("the Regulations") will come into force, introducing Minimum Energy Efficiency Standards ("MEES") for privately rented properties, including retail properties.
Read moreESMA cracks down on the sale of binary options and CFDs to retail investors
The European Securities and Markets Authority (ESMA) has announced its intention to prohibit the sale of binary options to retail investors and to place restrictions on the sale of contracts for difference (CFDs). This is the first use of ESMA's new intervention powers under MiFID II.
Read moreFCA reviews approach to enforcement and penalties
The FCA has announced plans in its recent consultation paper on enforcement to review how it applies penalties which have gone from record highs to record lows over the past 5 years.
Read moreHicks: Discover the limits
In J Hicks v HMRC [2018] UKFTT 22, the First-tier Tribunal (FTT), in allowing the taxpayer's appeal, has held that discovery assessments issued by HMRC were invalid as the condition contained in section 29(5), TMA 1970, was not satisfied.
Read moreVicarious liability of data controllers: The Morrisons data breach case
Following the conviction of Andrew Skelton, a former Morrisons employee, after he published Morrisons’ employees’ personal details on a file sharing website, a group of over 5,500 employees of Morrisons took action against the supermarket to recover compensation for breach of a statutory duty under the UK Data Protection Act 1998 (‘DPA’), as well as for breach of confidence and misuse of private information.
Read moreTakeaways from Retail Week Summit 2018
Find out some of our key takeaways from the Retail Week Summit 2018
Read moreVAT update March 2018
In this month’s update we report on HMRC’s informal VAT grouping consultation; HMRC’s update on its project to digitise the VAT Retail Export Scheme and HMRC’s new guidance for Fast Parcel Operators.
Read moreCan the WTO assist British trade post-Brexit?
The World Trade Organisation (WTO) has been in the press recently perhaps more than it would like, with concerns being raised about whether its rules would be sufficient to maintain British trade in the event of a "hard Brexit". But what is the WTO, and how does it deal with disputes?
Read moreHealth and safety update March 2018
Welcome to the latest edition of our health and safety update where we look at the health and safety stories that have recently hit the headlines as well as the latest fines and sentences that have been handed down.
Read more＜連載コラム・欧州Ｍ＆Ａ最前線＞2018年３月
この原稿を書きながら窓の外を眺め、英国にもようやく春が来たのではないかと期待している。今年はずいぶん待たされた。これほど長く厳しい冬に耐えた後には、きっと暑くて長い夏が来ると思いたい。
Read moreUsing data to bring innovative products to the market … and keep them there
There are now more and more opportunities to collect and use health data to innovate, improve efficiency and improve care. The same data could prove very useful in responding to the threat of litigation too
Read moreHow to demonstrate your value during a crisis
Jeremy Drew recaps his session from the Enterprise GC Conference - How to demonstrate your value when the media lens is on your business.
Read moreConsiderations for future GCs
Partner Jon Bartley and Head of Corporate Karen Hendy recap key points from the Enterprise GC conference including key considerations for the future.
Read moreMain themes from the Enterprise GC Conference
Jon Bartley, Karen Hendy and Jeremy Drew discuss the main themes from the Enterprise GC Conference.
Read moreTaylor Wimpey – Upper Tribunal clarifies the application of the 'builder's block' scheme
In Taylor Wimpey Plc v HMRC [2018] UKUT 55, the Upper Tribunal (UT) has allowed in part the taxpayer's appeal in relation to its claim to recover input VAT incurred on the provision of certain white goods, kitchen appliances and carpets installed in newly built houses.
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