Search

Blog

SDLT avoidance - HMRC victorious regardless of taxpayer 'motive'

Published on 26 July 2013. By Ben Roberts, Senior Associate

HMRC has scored a resounding victory in the first case[1] to consider in any detail the wide-ranging SDLT anti-avoidance provision (section 75A of Finance Act 2003).

Read more
Blog

Competition Commission releases proposed remedies on the supply of statutory audit services

25 July 2013

Earlier this week the Competition Commission ("CC") published its provisional decision on the remedies it is considering introducing when it publishes its final report on the supply of statutory audit services to large companies in the UK.

Read more
Blog

Government signals the dawning of a new regulatory era – whilst providing a damning indictment of the current regime

24 July 2013

The Parliamentary Commission on Banking Standards has proposed to bring about significant change in the banking sector.

Read more
Blog

The new UK GAAR – a journey into the unknown?

Published on 24 July 2013. By Ben Roberts, Senior Associate

The Finance Bill 2013 received Royal Assent on 17 July. We are now in uncharted territory.

Read more
Blog

The FCA – a "very different animal", that bites harder

23 July 2013

Two notable recent fines, £2.8m levied against Policy Administration Services for poor complaints handling in relation to mobile phone insurance and £7.38m levied against Swinton for aggressive selling of add-on insurance, have a key common feature.

Read more
Blog

The FCA – a "very different animal", that bites harder

23 July 2013

Two notable recent fines, £2.8m levied against Policy Administration Services for poor complaints handling in relation to mobile phone insurance and £7.38m levied against Swinton for aggressive selling of add-on insurance, have a key common feature.

Read more
Blog

Force India in the Court of Appeal – a winning formula?

22 July 2013

The Court of Appeal in Force India has recently provided some helpful guidance on breach of confidence in the commercial arena1.

Read more
Blog

The English court's power to grant anti-suit injunctions in support of arbitration

Published on 19 July 2013. By Chris Ross, Partner

The Supreme Court judgment in Ust-Kamenogorsk Hydropower Plant JSC v AES Ust-Kamenogorsk Hydropower Plant LLP [2013] ...

Read more
Blog

FCA confirms market study into general insurance 'add-ons'

19 July 2013

The nascent Financial Conduct Authority (FCA) confirmed on 9 July 2013 that it will undertake its first market study since becoming responsible for the promotion of competition in the financial services industry1.

Read more
Blog

Register of beneficial company ownership

Published on 18 July 2013.

The "Transparency and Trust" discussion paper published by the Business Secretary Vince Cable earlier this week outlines various proposed measures to help improve corporate transparency.

Read more
Blog

Hong Kong regulator takes second shot at Asian Tiger

Published on 18 July 2013. By David Smyth, Senior Consultant

Hong Kong's principal regulator (the Securities and Futures Commission) has confirmed that it has launched proceedings before the Market Misconduct Tribunal (MMT) against Tiger Asia Management LLC and three of its principal officers.

Read more
Blog

High Court confirms accountant's duty to alert client to tax saving opportunity

Published on 17 July 2013. By Dan Wyatt, Senior Associate

The recent decision of Mr Justice Silber in Hossein Mehjoo v Harben Barker (A Firm) and Harben Barker Limited[1] has attracted a great deal of publicity in both professional journals and the general press as it considers the important issue of an accountant's duty to his client in the context of tax mitigation opportunities.

Read more
Blog

Proposals to increase claims against directors

Published on 16 July 2013. By Ben Gold, Legal Director

We note with interest the Government's Discussion Paper, 'Transparency & Trust: Enhancing The Transparency of UK Company Ownership And Increasing Trust in UK Business', published yesterday.

Read more
Blog

HMRC's approach to statutory interpretation – literally, if convenient!

12 July 2013

There is a growing body of recent case law in which HMRC have favoured a literal approach to statutory interpretation, as opposed to the usual purposive approach they adopt when challenging what they consider to be 'aggressive' tax avoidance schemes.

Read more
Blog

FOS publishes first decisions naming insurers

12 July 2013

The FOS has today published 110 of its insurance (non PPI) decisions on its website.

Read more
Blog

Insurers as lenders: what borrowers need to know

12 July 2013

Insurers are the new show in town The make-up of providers of debt secured against UK real estate has changed dramatically.

Read more
Blog

Defining 'directorship' for director disqualification

08 July 2013

The recent High Court decision in Re UKLI Limited provides a useful summary of both the factors that the court will take into account when determining whether an individual is a shadow director or a "de facto" director and the differences between these two concepts.

Read more
Blog

The corporate veil: Prest, but not pierced

Published on 08 July 2013. By Adam Forster, Senior Associate

The Supreme Court has recently given judgment in the case Prest (Appellant) v Petrodel Resources Limited and others (Respondents), following an appeal from the Court of Appeal.

Read more
Blog

Taxpayer wins penalty shootout against HMRC

05 July 2013

The recent case of CED Limited v HMRC [2013] UKFTT 219 (TC) illustrates the importance of preparing thoroughly for the hearing of a tax appeal – even an apparently straightforward penalty appeal - before the First-tier Tribunal ('FTT').

Read more
Blog

Another speech, another thematic review – this time into conflicts management

04 July 2013

The insurance sector has been informed through another speech by the FCA of plans for a potentially very important thematic review.

Read more
Blog

Cost Budgeting – more guidance please

Published on 02 July 2013. By Rebecca Birkby, Senior Associate

Troy Foods v Manton, concerns an application for permission to appeal an approval of a costs budget.

Read more
Blog

General insurance conduct supervision takes shape

02 July 2013

Thematic reviews are not new but, since April, the production of thematic review reports by the FCA is.

Read more
Blog

When should a penalty be suspended?

Published on 27 June 2013. By Dan Wyatt, Senior Associate

The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Testa v HMRC,[1] against HMRC's refusal to suspend a penalty imposed under paragraph 1, Schedule 24, Finance Act 2007...

Read more
Blog

Regulatory rope? FCA guidance on 'super-complaints' offers firms chance to condemn themselves to a public hanging

27 June 2013

FCA Guidance published on Wednesday invites firms to make 'comprehensive and robust' reports about their own 'regular' failures where they give rise to consumer detriment and to require the FCA to publish its planned response, with a copy of the firm's original report.

Read more
Blog

Flood risk insurance: disaster averted?

27 June 2013

In a press release co-ordinated with the Government's announcement to Parliament on 27 June 2013 on infrastructure spending ...

Read more
Blog

Guillotine for ATE/CFA recoverability?

25 June 2013

A Law Society Gazette report emanating from a recent conference suggested that introduction of a six month time limit is under consideration by MOJ for recoverability of CFA/ATE premiums entered into prior to the 1 April cost reforms.

Read more
Blog

Tribunal allows taxpayers' appeals against daily penalties as HMRC had failed to give proper notice

21 June 2013

The First-tier Tribunal ('FTT') has allowed the taxpayers' joined appeals in Morgan v HMRC and Donaldson v HMRC1 against daily penalties for late filing of their self-assessment returns, because HMRC had failed to give notice to the taxpayers of the date from which the daily penalties would start to accrue.

Read more
Blog

What does crime have to do with it…?

21 June 2013

Two important recent developments touch upon a crucial issue: to what extent should misconduct or misbehaviour in the City sound in the criminal law?

Read more
Blog

FCA winning its battle to name and shame

20 June 2013

Last week the Court of Appeal handed the FCA a significant fillip in what has become a notable goal of the regulator – to see that those subject to its disciplinary proceedings are exposed to public scrutiny.

Read more
Blog

When the levee breaks

20 June 2013

Whilst the stalled talks between ABI and Government have recently re-started, in less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.

Read more
Blog

Tempered approach by Singaporean regulator into LIBOR equivalent reveals inconsistencies in approach to global rate rigging scandal

19 June 2013

On Friday 14 June, the Monetary Authority of Singapore ("MAS") announced that it had completed its year-long review into the Singaporean equivalent of LIBOR – the Singapore Interbank Offered Rate ("SIBOR").

Read more
Blog

Insurer collapse adds to mounting financial pressures within the legal sector

Published on 19 June 2013. By Sally Lord, Senior Associate

Latvian insurer Balva announced yesterday that it has called in liquidators, leaving approximately 1,300 firms of solicitors across England and Wales effectively without PI insurance cover.

Read more
Blog

Redress for unsuitable mortgage advice set to increase as Court of Appeal upholds High Court decision in Emptage v Financial Services Compensation Scheme

Published on 18 June 2013. By Robert Morris, Partner

The Court of Appeal has today dismissed the appeal in the case of Emptage v Financial Services Compensation Scheme.

Read more
Blog

Punched drunk by ICOBS and CIDRA? FCA proposes sobering detox

17 June 2013

There has been surprisingly little fuss about the new Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) that came into force 6 April.

Read more
Blog

Tribunal allows taxpayer's appeal in share options case and criticises HMRC's 'mechanistic' approach to statutory interpretation

14 June 2013

The First-tier Tribunal ('FTT') has allowed the taxpayer's appeal in Bennedict Manning v HMRC.[1]

Read more
Blog

Substantial delays and the FOS - R (on the application of CALLAND) v FINANCIAL OMBUDSMAN SERVICE LTD (2012)

Published on 13 June 2013. By David Allinson, Senior Associate

The court has recently decided that a six and a half year delay between the FOS receiving a complaint from an investor and making a final decision against an IFA did not breach the IFA's rights under Article 6 of the ECHR.

Read more
Blog

The Goldman Sachs settlement – 'not a glorious episode in the history of the Revenue'

Published on 06 June 2013. By Adam Craggs, Partner

I commented, in my blog on 15 May 2013 on the continuing controversy surrounding HMRC's deal with Goldman Sachs, in which a large amount of interest that was properly recoverable from the bank was written off by HMRC.

Read more
Blog

Flood risk insurance open market – countdown to 31 July

06 June 2013

In less than 8 weeks a substantial number of properties may suffer significant loss of capital value if their owners are no longer be able to obtain flood risk insurance.

Read more
Blog

When the going gets tough, the tough must keep their standards….

Published on 06 June 2013. By Sally Lord, Senior Associate

The Solicitors Regulation Authority (SRA) yesterday warned solicitors of the danger of the non-compliance trap in tough financial times.

Read more
Blog

Competition and cartel law reform edges closer

05 June 2013

After more than two years of Government consultation, the Enterprise and Regulatory Reform Act 2013 was finally published in May, having received Royal Assent in April. Full implementation is anticipated within a year.

Read more
Blog

Growth and Infrastructure Act 2013

05 June 2013

The Growth and Infrastructure Act 2013 (the Act) was given Royal Assent on 25 April 2013.

Read more
Blog

Interflora v Marks and Spencer

Published on 31 May 2013. By Paul Joseph, Partner

Following years of legal wrangling between Interflora and Marks and Spencer (M&S) in respect of keyword advertising, on 21 May 2013, the High Court handed down a substantial 99 page judgment, ultimately, in favour of Interflora as trademark owner.

Read more
Blog

CPR3.9 Refusal of relief from sanction - solicitors negligence claim now pending

Published on 31 May 2013. By Sally Lord, Senior Associate

In Venulum Property Investments Ltd v Space Architecture Ltd & Ors, an application was made for permission to extend time for service of the Particulars of Claim as a result of the Claimant's solicitors misreading the relevant rule and failing to serve the Particulars within time.

Read more
Blog

Inadequate deliberation or a case of mistake?

30 May 2013

The so-called rule in Hastings-Bass1, which permits trustees to assert and rely on the errors of themselves or their advisors to undo actions which have unexpected tax consequences...

Read more
Blog

Interest Rate Hedging Products Mis-selling Update

Published on 30 May 2013. By James Wickes, Partner

(The following article by Simon Greenley/James Wickes was first published in Insurance Day (www.insuranceday.com) on 30 May 2013).

Read more
Blog

Copyright: Supreme Court Considers "Browsing Defence"

Published on 28 May 2013.

The Supreme Court has handed down its long awaited decision in the Meltwater case which addresses important questions about the application of copyright law to internet browsing.

Read more
Blog

Blog editor promoted to Partnership

24 May 2013

I am pleased to announce that Robbie Constance has been promoted to Partner, adding further depth and breadth to our Regulatory Group.

Read more
Blog

Keeping one's (written) word

24 May 2013

The Court of Appeal has recently applied some judicial brakes on the movement towards contextual, business common sensical, interpretations of commercial agreements.

Read more
Blog

Regulator's pursuit of market misconduct in Hong Kong – Top court delivers written judgment

Published on 23 May 2013. By David Smyth, Senior Consultant

As noted in my blog of 30 April, the Court of Final Appeal in Hong Kong ("the CFA") abruptly dismissed the appeal in Tiger Asia Management LLC & Ors v Securities and Futures Commission ("the SFC"), FACV Nos. 10, 11, 12 and 13 of 2012.

Read more
Blog

Outsourcing Health & Safety – a step too far?

22 May 2013

Michael Scott & Danielle Lodge question the wisdom of outsourcing health and safety responsibilities

Read more