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Financial litigation roundup
Welcome to the latest edition of our financial litigation roundup, which considers recent judgments, ongoing cases and legal developments from the banking and financial world in the UK and Asia.
Read moreFinally, a victory in the on-going battle against business rates
The Supreme Court ruling in Newbigin v Monks represents a welcome and important victory for UK property developers.
Read moreHMRC's failure to exercise its discretion unreasonable
In G B Housley Limited v HMRC [2016] EWCA Civ 1299, the Court of Appeal allowed the Appellant's appeal and restored the decision of the First-tier Tribunal (FTT) which had discharged HMRC's VAT assessment on the basis HMRC had failed to correctly exercise its discretion.
Read moreHas the FCA made settling more appealing?
Changes to the Regulatory Enforcement Process
Read moreSolicitors duty to warn - when does it arise?
The Court of Appeal has recently dismissed an appeal against the decision of Michael Bowes QC sitting as a deputy judge in the Queen’s Bench Division in Balogun v Boyes Sutton & Perry [2017] EWCA Civ 75.
Read moreBDO report finds fraud at a 5-year high
There has been a cascade of negative headlines in recent months about increased incidences of fraud in the UK. Stretched police resources, combined with an array of opportunities for online exploitation of businesses and consumers, are perceived to have made it a good time to be a fraudster.
Read moreTax update, March 2017
In this month’s update we report on HMRC’s Spotlight 36 which has been issued in respect of planning designed to circumvent the loan taxation rules in Part 7A ITEPA; new draft legislation in relation to the taxation of non-domiciled individuals and a recent report by the Public Accounts Committee on the taxation of high net worth individuals.
Read moreThe new statutory obligation to report on payment practices
Key points (and links) for businesses to note about the draft Reporting Payment Practices and Performance Regulations 2017 which comes into effect in April 2017.
Read moreCourt of Appeal rejects claim for misuse of confidential information in TV format
The Court of Appeal has confirmed a decision that confidential information was not misused by a large telecommunications organisation when it developed a television programme format with multiple similarities to one pitched to (and rejected by) it by individuals from the music industry a year previously.
Read moreGuide to Real Estate Funds
Welcome to the BVCA Guide to Real Estate Funds, the latest in our series of guides into business sectors, investment strategies and international markets.
Read moreVAT update, February 2017
In this month’s update we report on HMRC’s withdrawal of three VAT extra-statutory concessions, the National Audit Offce’s investigation into VAT evasion by overseas online retailers and HMRC’s responses to the various “Making Tax Digital” consultations.
Read moreCouple awarded £17,000 damages for distress caused by neighbour's CCTV surveillance
The compensation is an example of the rise of "distress" claims as a result of breaches of the Data Protection Act 1998 (DPA).
Read moreA punishment to fit the crime – CJEU allows punitive damages in IP infringement cases
In a recent decision, the Court of Justice of the EU (CJEU) ruled that the EU Enforcement Directive does not preclude the legal provision of punitive damages in infringement cases in EU Member States.
Read moreTiming and detail critical in misfeasance claims against HMRC
The claimant taxpayer, who had been wrongly convicted for cheating the public revenue, had his claim of misfeasance in public office against HMRC struck out by the High Court because it was brought too late and he had failed adequately to plead his case.
Read moreDemand guarantees not subject to doctrine of strict compliance
High Court holds that the doctrine of strict compliance does not automatically apply to demand guarantees (or performance bonds) in the way that it applies to letters of credit.
Read moreCIL review: A note of caution to charities
An overview of the CIL review team's recommendations for reform of CIL and consideration of the effect the loss of charitable exemptions could have on charities
Read more"Fraud unravels all" – or does it?
The English Commercial Court has upheld the enforcement of a foreign arbitration award against a buyer of goods even though the seller submitted forged bills of lading under the letter of credit
Read moreWealth and trusts quarterly digest, February 2017
The digest provides up to date commentary and analysis on key sector developments. Our tax, wealth and trusts teams are able to provide a wide ranging service to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any concerns you may have and always welcome feedback on the content of our publications.
Read moreCustoms and excise quarterly update, February 2017
In this quarterly update we report on new customs examination powers which allow HMRC to examine goods away from ports, airports and other approved places under customs control after clearance, the Government’s response to its consultation on a new due diligence scheme for UK fulfilment houses handling goods imported from outside the EU and HMRC’s new raw tobacco approval scheme.
Read moreRobo-Advice: not so black and white?
The Chairman of the FCA, John Griffith-Jones has provided an insight into the Regulator's concerns that the advent of technological developments has blurred the distinction between when customers are receiving advice or guidance.
Read moreThe importance of retainer letters
Court strikes out claim that an adviser owed a duty to point out a claim against a former adviser
Read moreUpper Tribunal confirms transfer of pension fund is not a transfer of value for IHT purposes
In HMRC v Parry & Others [2017] UKUT 4 (TCC), the Upper Tribunal (UT) held that a transfer of funds from a registered pension scheme to a personal pension plan made by the deceased shortly before her death was not a 'transfer of value' for the purposes of section 3, Inheritance Tax Act 1984 (IHTA). Similarly, the deceased's omission to exercise her right to take lifetime benefits from the personal pension plan was not a transfer of value.
Read moreThe Housing White Paper: 5 ways to boost delivery
A round-up of five key themes in the Housing White Paper which aim to increase land available for housing and boost build-out rates.
Read moreComputer says...sell, sell, sell!
False news stories and the stock market - a toxic combination or a risk-taker's dream?
Read moreThe long arm of the law: chasing the proceeds of (alleged) crime
The English Court has recently upheld a freezing order over the sale proceeds from shares alleged to be a Canadian company's bribes to a Chadian diplomat's wife in the US.
Read moreGreen belt development - don't forget the law!
A review of the housing white paper in relation to green belt development noting that the Green Belt (London and Home Counties) Act 1938 is a further hurdle.
Read moreLead market regulator's lawsuit includes professional advisers
In another significant development in the Securities and Futures Commission's (SFC) efforts to combat market misconduct-type activity involving listed shares in Hong Kong, the lead market regulator has commenced civil proceedings under Section 213 of the Securities and Futures Ordinance (Cap 571) in respect of China Forestry Holdings Co Ltd (in official liquidation). What makes the proceedings noteworthy is that besides naming the company and two of its directors as co-defendants, the regulator's civil complaint also names two co-sponsors and the auditor involved with the company's initial public offering (IPO) in 2009.(1)
Read moreBusiness rate hikes about to hit retailers
Retailers are bracing themselves for increased property costs in the form of newly calculated business rates which take effect in April 2017.
Read moreMake insolvency great again
One of the great criticisms of the new President of the United States of America is that his companies filed for bankruptcy four times when he was a business mogul.
Read moreBrexit does not spell the end of the GDPR
The General Data Protection Regulation (the GDPR) is due to become law on 25 May 2018. As this will be before “Brexit” (Britain’s exit from the EU) takes effect, the GDPR will apply in the UK from that date.
Read moreCourt of Appeal upholds Financial List decision on application of Rome Convention to derivative instruments
The Court of Appeal has upheld a decision from the first trial heard within the new Financial List regarding the application of the Rome Convention to derivative instruments.
Read moreVAT recovery on management buyout fees
In Heating Plumbing Supplies Limited [2016] UKFTT 753, the First-tier Tribunal (FTT) allowed a VAT group's appeal against HMRC's denial of input tax recovery on advisory fees incurred in a management buyout.
Read moreSecurity for costs – be reasonable!
A recent Judgment in Hong Kong on a security for costs application reinforces the wide discretion of the Court as to the form and quantum of security which should be accepted
Read moreBuyer’s solicitor beware!
Is it safe to act for a purchaser in a property transaction?
Read moreThe Survey Says! EU General Court decides on requirements for evidence on distinctive character
A decision by the General Court highlights the requirement for comprehensive evidence of genuine use when seeking to prove acquired distinctiveness in relation to 3D marks in the EU.
Read moreElectronic Signatures – the future of executing documents?
You could be forgiven for failing to spot the release of The EU Regulation on Electronic Identification and Trust Services in the Internal Market (910/2014/EU) (the Regulation), released post EU referendum. We consider the impact of this and the Law Society's Guidance Note on electronic signatures (the Guidance Note).
Read moreTax update, February 2017
Non-domiciled tax reforms. Disguised remuneration. HMRC's proposals surrounding offshore structures.
Read moreTrainees Take on 2017: another year of surprises?
2016 was the year of news which no one could have guessed, so perhaps the RPC trainees have taken on the impossible with “predictions” for 2017! This year will see life-changing decisions made on both sides of the Atlantic come to a head: Trump was sworn in on 20 January and the UK will begin the process of untangling itself from the EU in March. These events, amongst others, will surely make for another rollercoaster of a year, so read on to see what else we think might happen over the next 12 months.
Read moreTribunal allows tax deduction for motor racing sponsorship payments
In The Crown and Cushion Hotel (Chipping Norton) Ltd v HMRC [2016] UKFTT 765 (TC), the First-tier Tribunal (FTT) allowed the appeal of the appellant company against HMRC's disallowance of expenditure it had incurred in sponsoring a racing driver who was the daughter of its sole director. The FTT concluded that the payments were made "wholly and exclusively" for the purposes of the company's trade as required by section 54, Corporation Tax Act 2009 (CTA).
Read moreCorporate tax update, final quarter 2016
Welcome to the latest edition of our corporate tax update, written by members of RPC’s tax team and published quarterly. In this final 2016 edition we highlight some of the key tax developments of interest to UK corporates from the final quarter of 2016.
Read moreGoing for Gold: A New Code for Sports Governance
Any sports body or organisation that wishes to rely on public funding must now comply with a new Code for Sports Governance, and it requires preparation now.
Read moreVAT update, January 2017
In this month’s update we report on new penalty legislation which the government intends to introduce for businesses participating in VAT fraud, HMRC’s consultation on VAT grouping and proposed new legislation to tackle the exploitation of VAT relief on adapted cars for wheelchair users.
Read moreTribunal allows taxpayer's appeal against discovery assessment
In Paul Munford v HMRC [2017] UKFTT 019 (TC), the First-tier Tribunal (FTT) considered the validity of a discovery assessment which had been issued by HMRC pursuant to section 29, Taxes Management Act 1970 (TMA) and allowed the taxpayer's appeal on the basis that HMRC had not discharged the burden of proving, for the purposes of section 36(1A), TMA, that the taxpayer had deliberately brought about a loss of capital gains tax.
Read moreInvestment funds, January 2017
Senior Manager’s Regime and its applicability to all regulated firms - The FCA is consulting on extending the Senior Managers and Certification Regime (SM&CR) to all regulated financial services firms in 2018, which will include many managers of investment funds.
Read moreTerraLex Cross-Border Copyright Guide 2017
We are delighted to present the TerraLex Cross-Border Guide to Copyright 2017.
Read moreNvidia sweats over Hardware Labs' "threats"
Nvidia’s attempt to bring a groundless threats action against Hardware Labs in the English High Court has failed.
Read moreGeneral Liability update, January 2017
In this issue we consider how Insurers might secure the evidence needed to defend long-tail disease claims, with the collateral benefit of reducing the risk of more immediate prosecution by the Health and Safety Executive for non-compliance with Health and Safety Regulations.
Read moreTribunal refuses to allow HMRC to rely upon section 114 TMA to cure its mistakes
In Chartridge Developments Limited v Revenue and Customs Commissioners [2016] UKFTT 766, the First-tier Tribunal (FTT) allowed (in part) the taxpayer's appeal against penalties imposed for late filing of annual tax on enveloped dwellings (ATED) returns under section 161(3), Finance Act 2013, and refused to allow HMRC to rely upon section 114 Taxes Management Act 1970 (TMA).
Read moreInsurance Companies and the Modern Slavery Act
As the new financial year is soon to arrive, companies will soon have to file their Slavery and Human Trafficking (SHT) statements. RPC has previously written about their general applicability and now will examine its impact on insurance companies.
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