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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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Blog

A Shift in Vicarious Liability (Armes v Nottinghamshire County Council)

Published on 01 November 2017. By Kristiana Reynolds, Associate

Armes v Nottinghamshire County Council [2017] UKSC 60. A review of recent case law extending Vicarious Liability and the impact this will have on organisations and their insurers.

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Publication

Favourable approach for insurers to the construction of exclusion clauses

31 October 2017

In a recent decision the Commercial Court has followed the Supreme Court in the Impact Funding case. It declined to apply the contra proferentem rule to an exclusion clause in an insurance policy. Insurers will welcome the decision.

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Blog

FCA allows confidential report to be scrutinised by Treasury Select Committee

31 October 2017

The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.

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Press and Media

Disputes over football and music copyright dominate in High Court

30 October 2017

Football and music bodies were the top three most frequent claimants in the High Court last year*, as the two industries look to protect their intellectual property.

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Publication

Corporate tax update, third quarter 2017

27 October 2017

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s Tax Team and published quarterly.

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Blog

欧州M&A最前線 2017年10月

Published on 27 October 2017. By Nigel Collins, Partner, Head of Japan Desk

読者の多くは、2018年5月25日に施行される欧州連合(EU)の「一般データ保護規則(GDPR)」についてご存じだろう。世界各国の企業は、EU市民の個人データや基本的プライバシーを保護していることを証明する義務を負う。この規則は、欧州で事業を展開する全ての日本企業に影響を及ぼす。

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Press and Media

RPC promotes three to Legal Director

26 October 2017

RPC promotes three to Legal Director

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Publication

VAT update, October 2017

26 October 2017

In this month’s update we report on the processing of personal data to combat tax fraud, the new proposals for taxing intra-EU supplies and the change in VAT treatment of pension fund management services supplied by regulated insurers.

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Blog

Liability for commencement of approach voyage under voyage charters - absolute?

Published on 25 October 2017. By Stuart Shepherd, Partner

A recent judgment of the Commercial Court examines a novel point in respect of the obligation on an owner under a voyage charter to get the vessel to the load port when the charter contains a cancelling date but no expected readiness to load date or load port ETA.

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Blog

PE funds: Risks to LP limited liability status 

Published on 24 October 2017. By William L. Jones, Senior Associate

One of the key attributes of an English limited partnership is that the general partner has unlimited liability for the debts and obligations of the limited partnership.

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Blog

Transferring limited partnership interests

Published on 24 October 2017. By William L. Jones, Senior Associate

A limited partner may assign its interest in a limited partnership, subject to the general partner's consent and any contrary agreement between the limited partners.

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Press and Media

UK financial services trade marks hit record high as fintech investment grows

23 October 2017

This rise in trade mark activity has been partly propelled by new financial products being launched in the fintech sector.

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Blog

Adjudication – mind the recovery gap

Published on 23 October 2017.

O'Farrell J recently severed an adjudicator's decision as she considered that the adjudicator did not have jurisdiction to award costs under the Late Payment of Commercial Debts (Interest) Act 1998 (Late Payment Act) in Enviroflow Management Ltd v Redhill Works (Nottingham) Ltd (2017) (unreported, 16 August 2017).

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Blog

Digital Comparison Tools: The CMA's Verdict

Published on 20 October 2017. By Melanie Musgrave, Senior Associate and Lambros Kilaniotis, Partner

The CMA has recently concluded its year-long digital comparison tools (DCT) market study with the publication (on 26 September 2017) of its Final Report. However, this is by no means the end of the story. In addition to making recommendations to DCTs, their users, the regulators (in particular, the FCA), other bodies and the Government, the CMA has launched a competition investigation into the use of wide "most favoured nation" (MFN) contractual arrangements by a DCT in the home insurance sector and will keep other commercial arrangements under review.

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Blog

The FCA makes clear its expectations of financial advisers

Published on 18 October 2017. By Charlotte Thompson, Associate

FCA, regulatory, financial services

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Blog

SUSSEX CARS - Tribunal orders HMRC to pay taxpayer's costs of appeal

Published on 18 October 2017. By Constantine Christofi, Associate

In Sussex Cars Association v HMRC [2017] UKFTT 0691 (TC), the First-tier Tribunal (FTT) has exercised its discretion, under Rule 10(1)(b) of the Tribunal Rules, to make an order for costs against HMRC on the basis that it had "acted unreasonably in bringing, defending or conducting the proceedings".

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Blog

Not Fazed –September Sales and Consumer Confidence Defy Expectations

Published on 18 October 2017. By Henry Priestley, Senior Associate and Jani Ihalainen, Paralegal

Building on the positive sales figures at the end of the summer period, which we discussed in an earlier article, retailers have kept the momentum going in September.

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Blog

McGreevy – Tribunal describes HMRC's argument as "clap trap" in late filing case

Published on 17 October 2017. By Robert Waterson, Legal Director

In R McGreevy v HMRC [2017] UKFTT 0690 (TC), the First-tier Tribunal (FTT) allowed a non-resident taxpayer's appeal against a penalty for the late filing of her non-resident CGT (NRCGT) return on the basis that she had a reasonable excuse.

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Blog

Are there dark clouds on the horizon for SIPP providers?

Published on 17 October 2017. By David Allinson, Senior Associate

According to Citywire, the FCA is poised to complete further supervisory work on the SIPP industry with a specific focus on non-standard investments. We understand that the FCA has questioned SIPP providers on the number of high risk investments they hold following a spate of complaints about such products in recent years.

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Blog

Are there dark clouds on the horizon for SIPP providers?

Published on 17 October 2017. By David Allinson, Senior Associate

According to Citywire, the FCA is poised to complete further supervisory work on the SIPP industry with a specific focus on non-standard investments. We understand that the FCA has questioned SIPP providers on the number of high risk investments they hold following a spate of complaints about such products in recent years.

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Publication

General liability update October 2017

Published on 17 October 2017. 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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Publication

Government to cover negligence claims against GPs

Published on 17 October 2017. By Dorothy Flower, Partner and Kristiana Reynolds, Associate

Government to cover negligence claims against GPs

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Publication

Government to cover negligence claims against GPs

Published on 17 October 2017. By Dorothy Flower, Partner and Kristiana Reynolds, Associate

Government to cover negligence claims against GPs

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Blog

Instant Retail Therapy

Published on 16 October 2017. By Karen Hendy, Head of Corporate and Nadia Tymkiw, Associate

ASOS Instant, the same-day delivery service launched by ASOS last week, reflects the growing momentum of "fast shopping", where the ultimate consumer experience is effortless and almost instantaneous.

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