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Blog

On the fifth day of Christmas, the High Court gave to me…five time bars!

Published on 07 December 2018. By Davina Given, Partner

A defendant who can rely on a limitation defence strikes gold. However, the extreme impact of a time bar in wiping out a claim, however meritorious, combined with the impenetrability of some parts of the Limitation Act 1980, makes limitation a fertile source of dispute, and so it proved in 2018.

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Blog

連載コラム・欧州M&A最前線2018年9月・10月

Published on 07 December 2018. By Nigel Collins, Partner, Head of Japan Desk

今月のテーマは電気自動車(EV)のための新規制だ。急速に進展するEV産業のアドバイザーたちと業界トレンドについて話し合い、また伊藤忠商事がカーシェア・スタートアップ企業に投資するに当たり助言する中で、EV市場全般について考えたことを受け、このテーマを取り上げることにした。

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Press and Media

RPC Hong Kong office relocation for future growth plans

07 December 2018

RPC is pleased to announce that our Hong Kong team is moving to a brand new office at One Taikoo Place in early January 2019.

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Blog

On the third day of Christmas, the High Court gave to me…three corporate crimes

Published on 06 December 2018. By Davina Given, Partner and Sam Tate, Partner

Beware of employees bearing gifts of frankincense, myrrh and especially gold: 2018 saw the first conviction after a contested prosecution for the corporate offence of failing to prevent bribery, under s7 of the Bribery Act 2010.

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Video

Artificial intelligence and diagnostics in the medical sector

Published on 06 December 2018. By Emma Kislingbury, Associate and Peter Rudd-Clarke, Legal Director

Our Medical and Life Sciences team take a look at the use of artificial intelligence and diagnostics in the second instalment of this 3 part vlog series.

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Publication

Tax update December 2018

05 December 2018

In this month’s update we report on (1) the published response to the consultation on creating a “fund structure” within the Enterprise Investment Scheme for investment in innovative knowledge-intensive companies; (2) the published response to the consultation on extending the IR35 rules to the private sector; and (3) the published response to HMRC’s tax abuse and insolvency discussion document. We also comment on three recent decisions relating to (1) penalties attaching to employment intermediaries returns (2); penalties for failing to file tax returns; and (3) CGT holdover relief where the transferor was a foreign controller of the transferee.

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Blog

On the second day of Christmas, the High Court gave to me…two LIBOR reps

Published on 04 December 2018. By Davina Given, Partner

The long-running and hard-fought saga of Property Alliance Group v Royal Bank of Scotland came to a close with the Court of Appeal's judgement in March 2018, after four and a half years and at least 12 reported decisions. So what will we remember from the litigation?

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Blog

On the first day of Christmas, the High Court gave to me…a privilege in E-N-RC

Published on 03 December 2018. By Davina Given, Partner

With Advent upon us, and Christmas on the horizon, RPC takes a musical look back at the most important English judgments of 2018. Liability for all failures of rhythm and rhyme is hereby excluded.

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Press and Media

International legal network Terralex announces RPC chair

03 December 2018

TerraLex has announced that Tim Brown Partner at RPC, the City-headquartered law firm, has been elected as Chair of the global network. Tim replaces Harry P. Trueheart of Nixon Peabody.

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Blog

The Serpentine Trust Ltd – HMRC entitled to raise VAT assessments despite binding contractual agreement

Published on 03 December 2018. By Michelle Sloane, Senior Associate

In The Serpentine Trust Ltd v HMRC [2018] UKFTT 535, the First-tier Tribunal (FTT) has held that although HMRC had agreed with the taxpayer one basis for calculating VAT, under its alternative dispute resolution (ADR) procedure, it was not precluded from raising VAT assessments on a different basis because the agreement reached was ultra vires and therefore void.

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Publication

Product liability update November 2018

30 November 2018

A round-up of product liability news and stories making the headlines.

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Blog

A battle between two warriors

Published on 28 November 2018. By Ben Mark, Legal Director and Holly Pownall, Associate

The IPEC has recently considered the protection afforded to trade marks with an average level of distinctiveness.

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Video

The future of the medical products sector

Published on 28 November 2018. By Peter Rudd-Clarke, Legal Director and Emma Kislingbury, Associate

In the first of our vlog series we focus on the future of the medical products sector, specifically where the sector is heading and what risks and opportunities might lie ahead.

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Publication

VAT update November 2018

28 November 2018

In this month’s update we report on new regulations adopted by ECOFIN which are intended to combat VAT fraud, infringement proceedings brought against Italy and the UK following publication of the so-called “Paradise Papers” and publication of the response to HMRC’s consultation on the “split payment” method of VAT collection. We also comment on three recent decisions relating to the scope of the FTT’s jurisdiction in relation to public law issues, input tax recovery by a student union shop and application of the reverse charge rules to investment management services received from outside the EU.

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Blog

Patel – HMRC ordered to close enquiry which was  "drifting aimlessly"

Published on 26 November 2018. By Heather Rimmer, Associate

In Patel v HMRC [2018] UKFTT 0561 (TC), the First-tier Tribunal (FTT) directed HMRC, pursuant to section 28A, Taxes Management Act 1970 (TMA), to close its enquiry.

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Publication

Customs and excise quarterly update November 2018

Published on 26 November 2018. By Adam Craggs, Partner and Michelle Sloane, Senior Associate

In this update we report on HMRC’s guidance on how to prepare for the Customs Declaration Service, the launch of the Customs Declaration Service and HMRC’s guidance on trading with the EU in the event of a no-deal Brexit. We also comment on three recent cases relating to the calculation of gaming duty, tariff classification of seasoned chicken meat and mobility scooters.

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Publication

TerraLex guide to tracing assets around the world 2018

23 November 2018

We are delighted to present the TerraLex 2018 Guide to Tracing Assets Around the World.

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Press and Media

RPC joins forces with diversity organisation Aspiring Solicitors

23 November 2018

New partnership will play integral role in opening up access to the law for underrepresented groups

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Blog

Regulation of cryptocurrencies inches ever closer

Published on 21 November 2018. By Ashley Daniells, Associate

The long awaited regulation of cryptocurrencies has moved one step closer, with the Financial Conduct Authority (FCA) announcing plans to consult on regulation before the clock strikes twelve on 31 December 2018. The news comes after pressure for regulation has grown following a $15 billion crash.

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Publication

Wealth and trusts quarterly digest

Published on 21 November 2018. By Adam Craggs, Partner

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.

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Blog

The Barclays Case – Criminal Corporate Liability

Published on 20 November 2018. By Sam Tate, Partner and Lucy Kerr, Senior Associate

The UK Serious Fraud Office's (SFO) final attempt to prosecute Barclays in connection with Qatari loans ended on October 26 with the rejection of its High Court application to reinstate criminal charges against the bank.

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Blog

Letter of contract versus business common sense – latest from Court of Appeal

Published on 20 November 2018. By Jake Hardy, Legal Director

In the latest of a long line of higher court authorities debating the boundaries between black letter and more purposive approaches to contractual construction, the Court of Appeal has taken another step away from the high-water marks of the business common sense approach to contractual meaning.

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Blog

Thornton – Identifiable HMRC officer must determine penalties

Published on 19 November 2018. By Michelle Sloane, Senior Associate

In Robert, Adam and Dorothy Thornton (trading as A* Education) v HMRC [2018] UKFTT 568 (TC), the First-tier Tribunal (FTT) has held that penalties for failure to file employment intermediaries returns (EIRs) were invalidly issued, as they had not been made by an identifiable officer of HMRC under section 100, Taxes Management Act 1970 (TMA).

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Blog

Anti-money laundering legislation meets the art market

Published on 19 November 2018. By Davina Given, Partner and Eleanor Wilson-Holt, Associate

The art market is often described as the last unregulated market. Even if that is true, it is set to change in the next couple of years, with the market being brought firmly within the ambit of European Union anti-money laundering legislation.

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Blog

Hong Kong's Court of Final Appeal rules on fraudulent or deceptive conduct in share dealings

Published on 15 November 2018. By Jonathan Crompton, Partner and David Smyth, Senior Partner, Hong Kong

In another landmark case for the Securities and Futures Commission (SFC) in Hong Kong, the Court of Final Appeal has ruled on the ambit of section 300 of the Securities and Futures Ordinance (Cap. 571 – the Ordinance), and confirmed that it covers insider trading in shares listed outside Hong Kong.

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Press and Media

28% rise in number of individuals being banned from financial services by the FCA

13 November 2018

There has been a 28% rise in the number of individuals being banned from working in the financial services industry by the FCA last year, increasing to 23 in 2017/18 (September 20), up from just 18 the previous year.

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Blog

Crypto Assets and ICOs as seen by the SMSG - Part 2

Published on 09 November 2018. By Ella Shanks, Trainee Solicitor

On 19 October 2018, the Securities and Markets Stakeholder Group (SMSG) published a report on initial coin offerings (ICOs) and crypto assets. The report is a useful one-stop shop for relevant definitions, classifications and statistics and we summarise the highlights in this two-part series.

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Blog

Budget 2018 – 10 key business tax takeaways

Published on 08 November 2018. By Ben Roberts, Senior Associate

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Blog

Interest-only mortgages - the new PPI?

Published on 08 November 2018. By Anthony Cutler, Associate

A new wave of complaints is hitting the mortgage market, concerning interest-only mortgages taken out before the financial crisis. Why is this happening and what should we look out for?

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Blog

LSB approves SRA’s revolution in legal services regulation

Published on 07 November 2018. By Graham Reid, Legal Director, Professional Regulation

The Solicitors Regulation Authority’s new regulatory arrangements were approved by the Legal Services Board on 6 November 2018. Part of the changes will allow solicitors of England & Wales to sell legal advice to the public from within unregulated firms, as long as they steer clear of reserved legal activities such as conveyancing and litigation. These firms will not be regulated by the SRA and will not need to take out full SRA-mandated professional indemnity insurance. These new kinds of legal practice offer unique opportunities for competition with big law firms, and for in-house legal teams to be converted from a cost to a profit centre. RPC has exceptional degree of experience in advising on innovation in the the provision of legal services.

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Blog

Griffiths – appeal against HMRC penalties allowed as notice to file was invalid

Published on 07 November 2018. By Alexis Armitage, Associate

In Griffiths v HMRC [2018] UKFTT 0527 (TC), the First-tier Tribunal (FTT) has allowed the taxpayer's appeal against penalties imposed by HMRC as HMRC's notice to file a tax return was invalidly issued and in any event, the taxpayer had a reasonable excuse for failing to submit his return.

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Press and Media

Insurtech investment being stepped up – number of insurance patents filed jumps 40% in a year

07 November 2018

Investment in insurtech is being stepped up, as the number of insurance-related patents filed worldwide jumped 40% last year, to 917 in 2017 (to Dec 31) from 657* in 2016

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Blog

Five ways the civil courts are fighting back against cybercrime

Published on 06 November 2018. By Jonathan Cary, Partner and Eliot Henderson, Associate

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.

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Blog

Part three: food for thought – some key features of the SMCR

Published on 06 November 2018. By James Kaufmann, Legal Director

Having laid out the basic architecture under the SMCR, this final part of the series looks more closely at various elements of the new regime, which we consider particularly noteworthy and which give rise to specific issues to be addressed.

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Blog

連載コラム・欧州M&A最前線2018年8月

Published on 06 November 2018. By Nigel Collins, Partner, Head of Japan Desk

今月のコラムは、涼しい雨の東京で書いている。ここ1週間、ミーティング続きで忙しかったが、話題の中心はやはり英国の欧州連合(EU)離脱とそのM&Aへの影響だった。全般的に、ブレグジット交渉が完結するまでは、英国でのM&A取引の法的枠組みに変わりはない。

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Blog

Jackie Doyle-Price appointed Minister for the Prevention of Suicides

Published on 05 November 2018. By Genevieve Isherwood, Associate

What is the role of the Minister for the Prevention of Suicides, and how will her appointment impact Insurers?

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Blog

Something out of the ordinary (share capital)

Published on 05 November 2018. By Ben Roberts, Senior Associate

The term ordinary share capital is widely used in UK tax provisions. While the term has a statutory definition a recent table by the Chartered Institute of Taxation shows how HMRC has interpreted it in practice.

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Blog

Speech is golden

Published on 05 November 2018. By Ben Harris, Trainee Solicitor

With voice shopping projected to rise to £3.5 billion in UK sales by 2022, we consider how smart speakers are making waves and breaking barriers in the retail sector.

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Blog

Crypto Assets and ICOs as seen by ESMA's SMSG

Published on 05 November 2018. By Ella Shanks, Trainee Solicitor

On 19 October 2018, ESMA's Securities and Markets Stakeholder Group (SMSG) published a report on initial coin offerings (ICOs) and crypto assets. The report is a useful one-stop shop for relevant definitions, classifications and statistics and we summarise the highlights in this two-part series.

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Blog

Tech talent: To purchase or to hire…that is the question

Published on 02 November 2018. By Jason Varney, Senior Associate

When acquiring tech companies & their human talent, there are some key considerations that buyers should take into account when formulating their M&A strategy

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Publication

General liability newsletter November 2018

Published on 01 November 2018. By Gavin Reese, Partner and Jonathan Drake, Senior Associate and Nick McMahon, Head of Health and Safety

The latest general liability news coming out of the courts.

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Blog

Drafting: you do the maths

Published on 01 November 2018. By Neil Brown, Partner

Chartbrook v. Persimmon provides a good example of why contracts can benefit from worked mathematical formulae to aid courts in interpreting key contractual clauses.

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Publication

Tax update November 2018

01 November 2018

In this month’s update we report on proposals under consideration by the Treasury to extend capital gains tax relief to private landlords, HMRC’s factsheet on new higher penalties that it can impose where taxpayers have failed to declare and pay tax in relation to offshore matters and the annual report of Tax Inspectors Without Borders (TIWB). We also comment on three recent decisions relating to the partial writing-off of loans, Schedule 36 information notices and late filing penalties.

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Blog

"Loss" in Translation

Published on 31 October 2018. By Ben Mark, Legal Director and Dani Barnes, Associate

IPEC judge lifts costs cap of £25,000 for an inquiry as to damages

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Press and Media

Average fine for data breaches doubles to £146,000 in just a year

30 October 2018

The average value of fines issued by the Information Commissioner’s Office for failing to protect against data breaches has doubled to £146,000 in the year to September 30 2018, up from £73,000 the year before.

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Blog

Managing expectations: key considerations for early stage start-ups and their investors

Published on 30 October 2018. By Peter Sugden, Senior Associate

Peter Sugden discusses "good leaver / bad leaver" provisions in early-stage venture capital investment to help explain key terms for start-up business.

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Blog

Part 2: What does the SMCR mean for me?

Published on 29 October 2018. By James Kaufmann, Legal Director

The new “Conduct Rules” are a minimum, basic standard of good personal conduct and behaviour applicable to all financial services personnel, and against which the FCA will hold individuals to account.

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Blog

#Ad-vice for Influencers and Brands: how to comply with CAP's new Influencer's Guide

Published on 26 October 2018. By Oliver Bray, Partner and Victoria Noto, Associate

To help influencers and brands comply with the legal requirements around influencer marketing the CAP issued An Influencer's Guide to making clear that ads are ads, developed in conjunction with the CMA.

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Blog

Reeves - CGT holdover relief available where transferor is foreign controller of transferee

Published on 25 October 2018. By Constantine Christofi, Associate

In Reeves v HMRC [2018] UKUT 293 (TCC), the Upper Tribunal (UT) has held that a non-resident taxpayer was entitled to holdover relief from capital gains tax (CGT) on a disposal he had made when he gifted his interest in a limited liability partnership (LLP) to a UK-resident company, of which he was the sole shareholder.

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Blog

Hong Kong's Securities and Futures Commission to target cryptocurrency exchanges

Published on 24 October 2018. By Ben Yates, Senior Consultant

The outgoing chairman of Hong Kong’s Securities and Futures Commission (the “SFC”), Carlson Tong Ka-shing, has reportedly stated that the SFC is looking to extend its regulatory reach to Hong Kong’s cryptocurrency exchanges, which have so far been operating in a largely unregulated sphere.

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