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7 Swans-a-Swimming: new regulations are there to protect them

11 December 2017

It's day seven of our festive blog series: The Conservation of Habitats and Species Regulations 2017 have come into effect. What do they say for the likes of our swimming swans?

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Blog

Barclays Wealth Trustees - normal meaning to apply to 'settlement' for IHT purposes

Published on 11 December 2017. By Robert Waterson, Legal Director

In Barclays Wealth Trustees (Jersey) Ltd and Michael Dreelan v HMRC [2017] EWCA Civ 1512, the Court of Appeal has confirmed that inheritance tax will not apply in circumstances where a transfer between excluded property settlements takes place after a settlor becomes domiciled in the UK.

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Press and Media

Post-crisis low in individuals banned from financial services by FCA

11 December 2017

The FCA’s tough approach to individual responsibility is paying off

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Blog

Initial Coin Offerings – the digital financing process under global scrutiny

Published on 08 December 2017. By Rachel Ford, Associate

In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?

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Blog

6 Geese A-Laying: The Significance of laying the Golden Brick

Published on 08 December 2017. By Johanna Hall, Senior Associate

What does the term "Golden Brick" mean, who uses it and why? In this article we explore the usefulness of the golden brick, the formalities which determine whether it applies and alternative approaches.

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Blog

Independent inquiry launched into malpractice of Ian Paterson

Published on 07 December 2017. By Ella Shanks, Trainee Solicitor

The Department of Health has announced the launch of an independent inquiry into the circumstances and practices surrounding the activity of convicted breast surgeon Ian Paterson.

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Blog

5 gold rings: a sensible way of paying for your Christmas shopping?

07 December 2017

It's day five of our festive blog series: Gold is rare as a payment form these days, and cash is becoming increasingly so. Whilst retailers and consumers are embracing cashless payments, they are not without their risks.

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Publication

Tax update December 2017

06 December 2017

In this month’s update we report on HMRC’s increased activity in respect of the so-called Panama Papers; HMRC’s new guidance in relation to “enablers” of defeated tax avoidance schemes; new settlement terms concerning disguised remuneration; and HMRC’s updated Litigation and Settlement Strategy

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Blog

4 Calling Birds – it's good to talk…

06 December 2017

How will the new electronic communications code affect telecoms providers?

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Blog

Key legal pitfalls of starting up: Agreeing the deal with your co-founders

Published on 05 December 2017. By Charles Buckworth, Senior Associate

RPC advice on agreeing the deal with your start-up co-founders, including a list of key considerations, which can prevent expensive disagreements in the future.

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Blog

3 French hens: are too many of our house-building eggs in their baskets?

05 December 2017

We couldn't pass up the opportunity to mention Brexit – its potential impact on the rate at which we are building out new homes has been in the news a lot recently, with fears over the loss of foreign workers and slowdown across the economy.

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Blog

Jiminez: High Court quashes information notices issued to non-UK resident taxpayer

Published on 05 December 2017. By Adam Craggs, Partner and Constantine Christofi, Associate

In Jimenez v (1) HMRC & (2) The First Tier Tax Tribunal [2017] EWHC 2585 (Admin), the High Court has quashed an information notice given by HMRC to a non-UK resident taxpayer.

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Blog

Changes to business rates calculations are good news for retailers

Published on 04 December 2017. By Johanna Hall, Senior Associate

The government announced two changes to business rate annual increases in the Autumn budget, moving from RPI to CPI in April 2018 (rather than 2020 as originally proposed) and shortening the revaluation cycle. It is good to see that the government has listened to concerned businesses but will the changes go far enough?

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Blog

2 Turtle Doves

04 December 2017

Most leases of both commercial and residential premises include an express quiet enjoyment covenant, but what does this actually mean, and how can you ensure peace is retained.

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Blog

A Partridge in a Pear Tree

Published on 01 December 2017. By Johanna Hall, Senior Associate

This is the first of a series of blogs we shall be posting in the run up to Christmas based upon The Twelve Days of Christmas carol with a property theme. We hope you enjoy reading them and have a very merry Christmas.

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Blog

Engagement news

Published on 29 November 2017. By Peter Rudd-Clarke, Legal Director

Manufacturers and insurers may have missed Prince Harry's news on Monday in the general excitement surrounding the Government's Industrial Strategy, announced on the same day.

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Publication

VAT update November 2017

29 November 2017

In this month’s update we report on the Office of Tax Simplification’s first report on VAT, the draft regulations concerning the fulfilment house due diligence scheme, and HMRC’s revised guidance on input tax deduction for funded occupational pension schemes.

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Blog

Trump calls out Chinese IP practices

Published on 29 November 2017. By Lorcan Treacy, Trainee Solicitor

Although Donald Trump implicitly calling Kim-Jong Un 'short and fat' might have stolen the headlines, the President's first official visit to Asia has also indicated that he is serious about his 'America First' policy, and protecting intellectual property.

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Blog

Bereavement Damages incompatible with European Convention on Human Rights

Published on 29 November 2017. By Genevieve Isherwood, Associate and Leah Wood, Trainee Solicitor

Consideration of the Court of Appeal decision in Smith v Lancashire Teaching Hospitals NHS Foundation and others that restriction on awards for bereavement damages under the Fatal Accidents Act 1976 are incompatible with the European Convention on Human Rights.

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Blog

Key legal pitfalls of starting up

Published on 27 November 2017. By Charles Buckworth, Senior Associate

Introduction to the RPC blog series 'key legal pitfalls of starting up' – a guide for Insurtech start-ups. Contains top-tips on legal issues.

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Blog

A step closer

Published on 27 November 2017. By Matthew Griffith, Partner and Neil Brown, Partner

Matthew Griffith and Neil Brown explore Lloyd's SPAs as an alternative for new market entrants to standalone syndicate formations and M&A

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Blog

Bekoe: Tribunal cancels discovery assessments and penalties issued to taxpayer

Published on 27 November 2017. By Constantine Christofi, Associate

In Edwin Bekoe v HMRC [2017] UKFTT 772, the First-tier Tribunal (FTT) has held that the taxpayer was not liable to assessments and penalties where he had demonstrated that deposits paid into his brother's bank account were loans and not undeclared taxable trading income and HMRC's reliance on the "assumption of continuity" principle had been misplaced.

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Press and Media

Insurance team to build RPC's London offering

27 November 2017

New team includes two new Partners and is expected to expand the firm's international offering

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Blog

SFAT fines HSBC Private Bank record-breaking HK$400 million and suspends its securities licenses

Published on 24 November 2017. By Jonathan Crompton, Partner

On Tuesday (21 November 2017), Hong Kong's Securities and Futures Appeals Tribunal fined HSBC Private Bank (Suisse) SA HK$400 million, suspended its license to advise on securities and partially suspended its license to deal in securities, for one year. The previous largest fine was HK$30 million.

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Blog

Mobile health app developers take note – the importance of patient safety

Published on 24 November 2017. By Ella Shanks, Trainee Solicitor

'Natural Cycles' and 'GP at Hand' are examples of apps revolutionising healthcare. Developers must take all appropriate steps to mitigate the risk of harm to patient safety.

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Publication

Product liability update November 2017

Published on 24 November 2017. By Gavin Reese, Partner and Dorothy Flower, Partner and Robert John, Senior Associate

A round-up of some of the recent stories making the news, from automated vehicles to food safety and product advertisements.

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Blog

What next for the Discount Rate?

Published on 23 November 2017. By Leah Wood, Trainee Solicitor

A discussion of the proposed date of implementation for the new discount rate / Ogden rate following a government consultation in 2017. The discount rate was reduced by the Lord Chancellor from 2.5% to minus 0.75% in February, but is expected to increase to between 0% and 1% following lobbying from the insurance industry and other bodies including the NHS.

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Publication

Customs and excise quarterly update, November 2017

21 November 2017

In this update we report on the Government’s White Paper setting out its approach to the UK’s future customs, VAT and excise regimes; the Trade Bill 2017-2019; and the implementation of the Fulfillment House Due Diligence Scheme.

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Blog

Broken bonds - the FCA clamps down on firm promoting mini-bonds

Published on 21 November 2017. By David Allinson, Senior Associate

According to a recent article in Citywire, the FCA has ordered a firm promoting mini-binds to "cease all regulated activity" following a series of losses being incurred by investors in respect of mini-bonds.

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Blog

Benham – Upper Tribunal dismisses HMRC's appeal regarding the correct treatment of a purported amendment of a return relating to a failed rollover claim

Published on 20 November 2017. By Alexis Armitage, Associate

In Benham (Specialist Cars) Limited v HMRC [2017] UKFT 389 (TCC), the Upper Tribunal (UT) dismissed HMRC's appeal upholding the decision of the First-tier Tribunal (FTT) that section 153A(4), Taxation of Chargeable Gains Act 1992 (TCGA), does not provide a freestanding right for HMRC to make or amend an assessment in order to bring a rolled-over gain back into charge following the lapse of a declaration of intention to claim roll-over relief made under section 153A(1), TCGA.

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Blog

ADR coming of age for financial disputes in Hong Kong

Published on 20 November 2017. By Jonathan Crompton, Partner and Maria Petzsch, Registered Foreign Lawyer (England & Wales)

Alternative dispute resolution is coming of age for financial disputes in Hong Kong, as we see the FDRC's Financial Dispute Resolution Scheme expand from 1 January 2018 and 1 July 2018.

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Publication

Wealth and trusts quarterly digest November 2017

17 November 2017

Welcome to our latest Wealth and trusts digest. Our quarterly digest provides up to date commentary and analysis on key sector developments. It is written by members of our wealth and trusts team 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.

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Press and Media

Retail M&A falls but pipeline suggests deals are around the corner

14 November 2017

Only 16 M&A deals in retail in the past year, but Tesco/Booker, Co-op/Nisa deals suggest bumper year to come

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Blog

To sue in debt or damages? A documentary credit dilemma

Published on 14 November 2017. By Stuart Shepherd, Partner

A good presentation under a letter of credit gives rise to a claim in debt against the issuing or confirming bank. But that debt claim is lost if, in the face of a rejection of the documents, the beneficiary takes the documents back. In those circumstances the beneficiary must ask itself the question "Do I want my documents back?"

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Publication

The FCA turns its attention to the wholesale insurance sector

13 November 2017

After indicating its intention to conduct a wholesale insurance market study in its 2017/18 Business Plan, the FCA has now announced the launch of its wholesale insurance broker market study and set out its terms of reference. This is an important development for brokers and insurers operating in this sector, and also for their clients.

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Blog

Court of Appeal drives through London Taxi's hopes of enforcing protection for its shape marks

Published on 13 November 2017. By Ben Mark, Legal Director and Holly Pownall, Associate

The Court of Appeal has dismissed an appeal against a High Court decision that 3D trade marks for models of London black taxis were invalid for lack of distinctive character.1

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Blog

Payment and Payless Notices – the Basis of Calculation – Judicial Guidance at last

Published on 13 November 2017. By Sarah Shafiq, Associate and Dan Preston, Partner

Whilst the Scottish case of Muir Construction Limited v Kapital Residential Limited is not binding on the English courts, the judgment is not only perfectly sensible but also provides useful guidance on the requirements for a payless notice under the amended Housing Grants, Construction and Regeneration Act (the Act) - an area which has not had much judicial attention since the change from the withholding notice regime. In a bumper month for payment notice disputes, we also had guidance from the Court of Appeal on the need for payment notices following termination – both decisions coming just as the Government announced its consultation on the 2011 amendments to the Act.

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Blog

The Barty Party – HMRC's information notice was invalid

Published on 09 November 2017. By Nicole Kostic, Senior Associate

In The Barty Party Company Limited v HMRC [2017] UKFTT 697, the First-tier Tribunal (FTT) allowed the taxpayer's appeal against an information notice which HMRC had issued pursuant to Schedule 36, Finance Act 2008, on the basis that the information notice was invalid.

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Blog

Sinking and Reserve Funds – how best to save for a rainy day

Published on 08 November 2017. By Johanna Hall, Senior Associate

Most managing agents will know that it is best practice to keep funds aside for a rainy day but how many are aware of the formalities necessary to properly account for such funds?

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Blog

"Cash is king"? The rise of the "tap and go" cashless society

Published on 08 November 2017. By Heather Rimmer, Associate

Blink and you'll miss it. In the age of increasing cashless payments and "tap and go" transactions, what are the consequences for businesses, consumers and society?

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Blog

NCL Investments - Tribunal allows deductions against trading profits in EBT case

Published on 06 November 2017. By Michelle Sloane, Senior Associate

In NCL Investments Limited and another v HMRC [2017] UKFTT 495, the First-tier Tribunal (FTT) held that accounting debits relating to the grant of share options to employees were a deductible expense for corporation tax purposes.

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Blog

Schemes and offers where drags don't work

Published on 06 November 2017. By James Mee, Partner and David Wallis, Partner

James Mee and David Wallis detail the statutory solutions available when drag-along rights are either ineffective or non-existent for the sale of private companies with a large employee shareholder base

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Video

The opportunity of technology in insurance

04 November 2017

Simon Laird and Richard Breavington explain how organisations can prepare for the future in a competitive data and technology focused world.

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Blog

欧州M&A最前線 2017年11月

Published on 03 November 2017. By Nigel Collins, Partner, Head of Japan Desk

M&A(企業の買収・合併)市場の夏休み明けの出足は例年より鈍かったものの、現在は数多くの案件が進行している。テクノロジー企業の資金調達ラウンドが活発化しており、市場に資金が流れ込むとともに、日本企業の間でも動きが見られる。

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Blog

Cabinet office to oversee contaminated blood inquiry

Published on 03 November 2017. By Emma Kislingbury, Associate

Statutory public inquiry announced into how contaminated blood transfusions infected thousands with HIV and hepatitis C in the 1970s and 80s.

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Blog

Construction Act and Retention consultations published by the Government

Published on 02 November 2017. By Jamie Key, Senior Associate

The Government has recently published two consultations to review (i) the implementation of the 2011 changes to the Construction Act; and (ii) the practice of cash retention under construction contracts.

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Publication

Tax update, November 2017

02 November 2017

In this month’s update we report on HMRC’s revised guidance relating to venture capital schemes, the coming into force of section 166, Finance Act 2016 (offences relating to offshore income) and HMRC’s new guidance on self-reporting for failure to prevent the facilitation of tax avoidance.

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Blog

From light industrial to residential – the new permitted development right

01 November 2017

At a time when headlines and inboxes are filled with new comment, consultation and discussion on how to tackle England's housing crisis, a new permitted development right allowing a change of use from light industrial to residential has come into effect with very little fanfare. So what's new, and why have we not heard more about it?

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Blog

FCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements

Published on 01 November 2017. By Robert Morris, Partner

The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.

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Blog

TV formats are the real 'Minute Winner': High Court confirms TV formats can be protected as artistic works

Published on 01 November 2017. By Ciara Cullen, Partner and Sophie Tuson, Associate

In a recent judgment, the High Court has provided helpful clarification on a particularly grey area of IP law by confirming that TV formats can be protected by copyright as artistic works.

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