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VAT update August 2018
In this month’s update we report on HMRC’s revised guidance on the VAT cost share exemption, HMRC’s consultation and plans to address VAT avoidance via offshore looping, and making tax digital for VAT.
Read moreThe Retail empire strikes back
Like Rocky in Rocky I, II, III, IV, V and "Rocky Balboa" (yes, there were really that many) the retail sector has taken a bit of a battering of late. However, like any prize fighter, the industry could be on the verge of another evolution and fighting back. The general perception is that traditional bricks and mortar retailers have struggled, those with a strong online offering have fared better, but retailers that have fared best are those dominating the online retail space. With so many traditional stores and household names in trouble, why are businesses still investing in physical stores?
Read moreCustoms and excise quarterly update August 2018
In this update we report on changes to gaming duty accounting periods, HMRC’s policy paper on tobacco duty on heated tobacco and an amendment to the Export (Penalty) Regulations 2003. We also comment on three recent cases relating to the customs classification of Beyblades, excise duty assessment time limits and restoration of seized tobacco.
Read moreHow long does your collateral warranty last?
The Technology and Construction Court's recent judgment will be of interest to all those in the industry who either provide or receive collateral warranties.
Read moreFootball club's entire agreement clause performs impressive save against negligent misrepresentation claim
A recent case(1) serves as a lesson that context is key to a watertight entire agreement clause.
Read moreJ P Whitter - HMRC not obliged to consider impact of cancellation of Gross Payment Status on business
In J P Whitter (Water Well Engineers) Ltd v HMRC [2018] UKSC 31, the Supreme Court has confirmed the view of the Court of Appeal that HMRC has the power to remove 'Gross Payment Status' from sub-contractors under the Construction Industry Scheme, without an obligation to take into account the impact on the tax-paying business.
Read more＜連載コラム・欧州Ｍ＆Ａ最前線＞2018年６月
サッカーのワールドカップ（Ｗ杯）で、イングランドと日本が共に見事な活躍を見せ、熱い感動を与えてくれた後、ロンドンで夏のきらめきを楽しんでいる。「もしあのとき…」という思いが胸を過ぎる。日本が後半戦の最後の10秒に、ベルギーを振り切っていたら。イングランドが前半で、クロアチアから奪った得点を守っていたら。日本の会社に例えるならば、千載一遇のチャンスを逃さないことが、ビジネスを成功に導くのだと思う。
Read moreNon-party access to documents on court file: normal service resumes
A master's decision to allow a non-party to proceedings to access a wide range of documents in the proceedings was reviewed by the Court of Appeal in Cape Intermediate Holdings Ltd v Dring (Asbestos Victims Support Group).(1) In its judgment, the court provided helpful guidance on the principles that should be applied when deciding whether to allow such an application.
Read moreGroves – Tribunal confirms that a notice to file must be given by an identified HMRC officer
In Groves v HMRC [2018] UKFTT 0311 (TC), the First-tier Tribunal (FTT) has allowed the taxpayer's appeal against penalties issued by HMRC pursuant to Schedule 55, Finance Act 2009, for the late filing of a tax return as the notice to file was not signed by an "Officer of the Board" and in any event, the notice was invalid as it was not given by HMRC for the purpose(s) set out in section 8, Taxes Management Act 1970 (TMA) and therefore any penalties issued for late filing of the return were invalid.
Read moreThe latest results, threats & opportunities for insurers
Partner Richard Breavington shares his views on the challenges for insurers in a post-GDPR world, the most valuable changes in technology for insurers and the most exciting thing about the world of InsurTech.
Read moreWealth and trusts quarterly digest
Welcome to our latest Wealth & Trusts digest. Our quarterly digest is specifically tailored for you and aims to provide up to date commentary, analysis and guidance on key sector developments. It is written by our wealth and trusts teams 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.
Read morePension watchdogs launch joint advertising campaign to warn against scammer tactics
The Financial Conduct Authority and The Pensions Regulator have launched a joint TV advertising campaign to raise awareness about pension scams and the common tactics deployed by fraudsters.
Read moreThe W&I tool in M&A
Neil Brown and Joy Tickler highlight the increasing use of warranty and indemnity insurance by M&A negotiators. Its use has rapidly increased over the past few years, becoming a strategic tool in the toolbox of any M&A negotiator. We set out here the reasons behind this ever-increasing trend, together with some of our observations on how W&I has been effectively deployed.
Read moreLetters of Credit under commodity contracts – keep the focus
This blog takes a look at the issues concerning the timing of the provision of letters of credit under commodity contracts and the importance, from both the buyer's and seller's perspective, of keeping an "eye on the ball".
Read moreDr Bawa-Garba wins appeal against strike off
On Monday, the Court of Appeal unanimously found in Dr Bawa Garba's favour meaning she now is able to seek work as a Junior Doctor.
Read moreHas Instagram made it cool to be sensible?
Recent studies suggest that teenage rebellion is a thing of the past. The post-millennial age group, a.k.a. 'Generation Sensible', is apparently more interested in studying and family-time than ever before. Social media has been cited as a contributing factor, as it reduces the need for face-to-face contact between friends. But has it had a more active role in this behavioural shift?
Read moreA variation on a theme of settlement
In this unusual case, the Court was asked to determine a dispute regarding the settlement of a debt alleged to be owed to the Claimant following a sale at Sotheby's of various Persian antiquities. The case will be of interest to practitioners in its examination of the circumstances in which a party is able to discharge its liability under a settlement agreement through the payment of a lesser sum than that originally agreed. The judgment also provides a valuable insight into the antiquities world, and its comments on the close community in which the parties operated are particularly pertinent for those in the art arena who are considering embarking upon litigation.
Read moreUpdate: Automated and Electric Vehicles Act 2018
New legislation relating to automated vehicles clarifies liability issues and insurance coverage, and adds provisions relating to electric vehicles.
Read moreTrustees of defined benefit schemes – are they on the hook for pension transfers? Yes says the Pension Ombudsman
The Pension Ombudsman has upheld a complaint against the trustees of a defined benefit scheme for failing to warn of the risks of a transfer to a pension liberation scheme. The Pension Ombudsman found that had the trustees provided documentation recommended under guidance from the Pension Regulator and identified and warned the member of certain hallmarks of a pension liberation scheme, the member would not have transferred his pension. The Pension Ombudsman has directed the trustees to reinstate the complainant's pension in the defined benefit scheme and pay £1,000 in distress and inconvenience.
Read moreGeneral liability newsletter July 2018
The latest general liability news coming out of the courts.
Read moreBradshaw – Tribunal confirms ignorance of the law is a reasonable excuse and cancels penalties
In A and R Bradshaw v HMRC [2018] UKFTT 0368 (TC), the First-tier Tribunal (FTT) has held that a taxpayer's ignorance of the law is a reasonable excuse in relation to the late filing of a non-resident CGT return (NRCGT return).
Read moreEIOPA Report on Cyber Insurance raises awareness and understanding of cyber risk in the European market
The European Insurance and Occupational Pensions Authority ("EIOPA") has published a report "Understanding Cyber Insurance – A Structured Dialogue with Insurance Companies", which heralds its first attempt to enhance understanding of cyber risk with a focus on the European market.
Read moreImportant issues relating to effect and interpretation of non-assignment clauses
Service by text and data room, worldwide freezing orders against persons unknown, self-identification orders and hearings on paper and in private are ways the court is dealing with cyber-crime. Here are five ways that the courts are addressing the imbalance that exists between victims and criminals who seek to hide behind a veil of anonymity in this digital age.
Read moreShaw: Tribunal cancels penalties … again!
In Shaw v HMRC [2018] UKFTT 0381 (TC), the First-tier Tribunal (FTT) has cancelled late filing penalties because HMRC had not satisfied the statutory requirements of section 8(1), Taxes Management Act 1970 (TMA) as a notice to file had not been validly served on the appellant.
Read moreAdjudication and liquidation – the final word?
It is generally the case (though not always!) that courts are reluctant to enforce monetary award adjudication decisions in favour of companies in liquidation (CILs). This is because of the uncertainty surrounding the CIL’s ability to repay those sums should it later transpire it was not entitled to the award.
Read moreOnline Prescriptions or Real Life Addictions?
With the rules around online prescribing set to be strengthened, we consider why these changes have come about, and what it might mean for patients and prescribers.
Read moreUS talc litigation has important lessons for UK insurers
Although it is unlikely litigation involving household staples such as talcum powder could succeed in the UK, the ongoing US litigation underlines a significant trend in product liability exposures.
Read moreTax update August 2018
In this month’s update we report on the summary of responses to HMRC’s consultation on extending time limits for offshore non-compliance, HMRC’s policy paper on “profit-fragmentation” and HMRC’s consultation on proposals for new civil information gathering powers for HMRC.
Read moreNew rules for peer-to-peer lending announced by FCA
The popularity of peer-to-peer (P2P) lending has increased exponentially in recent years, with nearly £10 billion being transferred through such platforms in the past ten years. In an attempt to fix "increasingly complex business structures", the FCA has announced new plans for new rules for peer-to-peer (P2P) lending.
Read moreTager – Court of Appeal allows taxpayers' appeals and reduces penalties for failure to comply with information notices
In Tager & Ors v HMRC [2018] EWCA Civ 1727, in allowing the taxpayers' appeals, the Court of Appeal has provided some general observations on the scope and purpose of HMRC's power to impose tax-related penalties under paragraph 50, Schedule 36, Finance Act 2008 for failures to comply with information notices issued under paragraph 1, Schedule 36, Finance Act 2008.
Read moreOnline resale price maintenance and pricing software under scrutiny
The imposition of fixed or minimum prices on their online retailers, in breach of EU competition law, has resulted in four consumer electronics manufacturers being fined over €111 million in total by the European Commission.
Read moreConstruction newsletter July 2018
What challenges does the construction industry face and what does the future hold?
Read moreGood news for UK share sellers - capital gains tax relief relaxed
The UK's entrepreneurs' relief (ER), which is already a valuable tax relief for individual UK-resident sellers of trading companies, is about to become a little more generous.
Read moreInvesting to Innovate
Ocado aims to "change the way the world shops" with B2B technology offerings for retailers
Read moreVAT update July 2018
In this month’s update we report on the alignment of the period for recovery of VAT by exempt public sector entities; new guidance concerning VAT liability on goods supplied on approval; and HMRC’s policy paper on a new regime for interest and penalties.
Read moreSignificant increases to District Court's monetary jurisdiction
Significant increases to the jurisdictional limits for civil claims in the District Court have been proposed.
Read moreMicro-investing: from small acorns…
With the number of card payments overtaking cash for the first time, spare a thought for the piggy-banks of the nation. Where once they were full to the brim with coppers, they now lie forgotten and unused. So what are people now doing with their spare change? Not investing, it would seem…
Read moreAllpay - Tribunal refuses HMRC permission to amend its Statement of Case and awards costs to the taxpayer
In Allpay Ltd v HMRC [2018] UKFTT 0273 (TC), the First-tier Tribunal (FTT) has dismissed HMRC's application to amend its Statement of Case to plead a new legal issue.
Read moreIs a "Duty of Care" required for financial services firms?
On 17 July 2018, the Financial Conduct Authority (FCA) released DP18/5 – its discussion paper on a duty of care and potential alternative approaches. In this article we summarise the discussion paper and then examine briefly whether a new duty is required.
Read moreFinancial litigation roundup - Summer 2018 edition
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 Hong Kong, as well as legal developments across those jurisdictions.
Read moreNon-residents and UK property
Non-UK residents owning UK real estate, whether directly or via companies, partnerships, trust arrangements or collective investment vehicles, should be aware of important UK tax changes due to take effect from April 2019.
Read moreAccountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance
In widely publicised news, the Financial Reporting Council (FRC) continues to levy record high fines and has cast criticism on a number of firms. What appears to be an unforgiving stance taken by the regulator seems to come in the wake of the review into whether or not it should be disbanded, or folded into another regulatory organisation.
Read more"Content is fire, Social Media is gasoline" – Court of Appeal considers the challenges for interim injunctions in the digital age
The Court of Appeal has upheld part of an interim injunction granted to Australian sportswear company Frank Industries which restrained Nike from using the sign LDNR in its “Nothing Beats a Londoner” advertising campaign.
Read moreCourt of Appeal upholds wide exclusion clause
In its recent decision in Goodlife Foods Limited v Hall Fire Protection Limited ([2018] EWCA Civ 1371) the Court of Appeal held that a particularly broad exclusion clause in a contract relating to a fire suppression system was reasonable within the framework of the Unfair Contract Terms Act 1977.
Read moreAmes: No EIS relief without income tax claim but Tribunal grants judicial review of HMRC's decision
In Ames v HMRC [2018] UKUT 190, the Upper Tribunal (UT) has held that capital gains tax (CGT) relief under the Enterprise Investment Scheme (EIS) is not available on the disposal of shares where no income tax relief was claimed on their acquisition. However, in refusing to allow a late claim for EIS income tax relief, HMRC had misapplied the relevant guidance, fettered its discretion, and failed to consider material facts and the UT therefore granted judicial review of HMRC's decision.
Read moreMedicinal Cannabis: the debate continues
With the debate over medicinal cannabis still going strong, we update you on recent developments which have dominated the headlines.
Read moreBike sharing: running green or running riot?
The two largest Chinese bike sharing companies, Ofo and Mobike, both started operation in the UK last year. Unlike the local schemes, their users are able to park the bikes at any appropriate location, rather than a designated parking dock. Though these "dockless" schemes emerged in a bid to promote a greener life, they have attracted increasing concern because of the environmental and economical hazards they create.
Read moreMore dismissal of 'dormant' claims
Defendants should welcome the recent judgment in Fiscalink International Ltd v Yiu Yu Sum Alex,(1) in which the court struck out the plaintiffs' claims against a majority of the defendants on the basis that the lack of progress over many years was an abuse of process such that the entire action against those defendants should be dismissed.
Read moreIntroducing the new Health Secretary…
Who is Matt Hancock, our new Health Secretary, and what impact will his appointment have?
Read more