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Blog

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

Published on 02 November 2018.

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, Partner 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, Partner

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?

29 October 2018

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, Senior 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, Senior 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

24 October 2018

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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Publication

VAT Update October 2018

24 October 2018

In this month’s update we report on changes to the VAT treatment of supplies of digital services, the European Parliament’s adoption of changes which are intended to simplify VAT for small businesses and the European Commission’s proposals for VAT rates and intra-EU supplies. We also comment on three recent decisions relating to the VAT option to tax a property third party access to documents filed at the First-tier Tribunal and the validity of Alternative Dispute Resolution agreements that are wrong in law.

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Blog

Part 1: What is the SMCR?

23 October 2018

The Senior Managers & Certification Regime (“SMCR”) will replace the FCA’s existing approved persons regime and represents a paradigm shift in the financial services industry in the UK.

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Blog

Reflections on the UK Bribery Act seven years on

Published on 23 October 2018. By Davina Given, Partner and Lucy Kerr, Senior Associate

Following the appearance of RPC's Sam Tate at the annual IBA conference earlier this month, where he joined a panel of experts discussing Corruption and Corrupt Contracts, here are our reflections on how the Bribery Act has changed the landscape of bribery offences and corporate criminal liability, first published by the IBA earlier this year and now updated.

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Blog

Professional Game Match Officials – football referees not employed for tax purposes

Published on 22 October 2018. By Ben Roberts, Partner

In Professional Game Match Officials Ltd v HMRC [2018] UKFTT 528, the First-tier Tribunal (FTT) has held that football referees and other match day officials were not employees of Professional Game Match Officials Ltd (PGMOL).

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Press and Media

Craft beer boom sees trade marks jump 20% to record high

Published on 22 October 2018. By Ciara Cullen, Partner and Ben Mark, Partner

The craft beer boom has seen the number of new trade marks registered in the UK for beer brands rise by 20%, to a record high of 2,372 in 2017, up from 1,983 the previous year*, shows research from RPC, the City-headquartered law firm.

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Blog

Stephen Hawking's big questions for Life Sciences

Published on 19 October 2018. By Peter Rudd-Clarke, Legal Director

Stephen Hawking's posthumously published "Brief Answers to the Big Questions" is a fascinating foretelling of legal challenges that the life sciences sector may face.

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Blog

HMRC cannot require an auditor to provide information regarding a taxpayer's audited accounts even if the auditor also acts as the taxpayer's tax accountant

Published on 19 October 2018. By Adam Craggs, Partner

In HMRC ex parte a Taxpayer [2018] UKFTT 541 (TC), the First-tier Tribunal (FTT) has held that paragraph 24, Schedule 36, Finance Act 2008 (FA 2008), protects a taxpayer's auditor, who also prepares and files the taxpayer's tax returns, from having to disclose information and documents to HMRC regarding the taxpayer's audited accounts.

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Blog

Information requirements to change under European communications contracts

Published on 18 October 2018. By Marlon Cohen, Senior Associate

The rules around what needs to be provided to consumers under communications contracts are going to be changing under the new European Electronic Communications Code. This will have implications for consumer contracts provided by communication providers in Europe, including broadband, voice and "over the top" providers.

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Publication

Corporate tax update

18 October 2018

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this third 2018 edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2018.

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Blog

FCA proposes FOS award limit increase to £350,000

Published on 17 October 2018. By David Allinson, Senior Associate and Ashley Daniells, Associate

The FCA has announced plans for an increase in the current FOS compensation cap. Currently standing at £150,000, the changes would see the limit increase to £350,000, an increase of 133%. It is also proposed that the limit will further increase automatically each year in line with inflation.

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Blog

Oil or nothing: Court of Appeal considers damages in continuing misrepresentation claim

Published on 16 October 2018. By Harriet Evans, Associate and Davina Given, Partner

The Court of Appeal recently held that a director who had made continuing fraudulent misrepresentations was liable for damages calculated at the point of sale and not at the point of entering into the contract. This judgment is a reminder that, in the right case, deceit may be used to pierce the corporate veil. It also highlights the considerations when assessing damages regarding continuing representations, particularly when there is time between the representation being made and the performance of the contract.

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Blog

Done Brothers – supplies through fixed odds betting terminals exempt from VAT

Published on 15 October 2018. By Michelle Sloane, Partner

In Done Brothers (Cash Betting) Ltd v HMRC [2018] UKFTT 406 (TC), the First-tier Tribunal (FTT) has held that supplies made through fixed odds betting terminals (FOBT) are exempt from VAT.

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Press and Media

UK cryptocurrency regulations could take up to two years based on comparable regulatory extensions

11 October 2018

UK regulation of the cryptocurrency market would take two years to introduce based on comparable extensions of the FCA’s remit.

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Blog

What's next for the FCA after Brexit?

Published on 10 October 2018. By Ashley Daniells, Associate

Brexit - you can rarely go a day without hearing this word. But what does it mean in real terms for financial professionals? The FCA has acknowledged that a looming Brexit will have implications for how the FCA works in the future and has begun to discuss its plans.

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Blog

Meet your new loss adjustor: the drone

Published on 10 October 2018. By Leah Wood, Associate

Listed by Lloyd's in 2016 as an 'emerging risk', drones have caught insurers' attention in the last few years. However, the potential benefits for the industry go further than the new capital received from premiums.

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Blog

Atherley - qualifying loan write off created an allowable loss

Published on 08 October 2018. By Robert Waterson, Partner

In Douglas Atherley v HMRC [2018] UKFTT 0408 (TC), the First-tier Tribunal (FTT) has found that the taxpayer's partial writing-off of a loan made to a company of which he was the sole shareholder, created an allowable loss under section 253(3), Taxation of Chargeable Gains Act 1992 (TCGA).

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Blog

Court of Appeal enforces fraudster’s claim against lawyers

Published on 08 October 2018. By Nick Bird, Partner

In Stoffel & Co v Maria Grondona the Court of Appeal applied Lord Toulson’s judgment in Patel v Mirza to permit a fraudulent mortgagor to enforce her claim against her conveyancing solicitors. There may though be stronger grounds for the defence in other claims against professionals.

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Blog

The Latin American challenge – a London market perspective

Published on 08 October 2018. By Alex Almaguer, Latin America Insurance Practice Lead

If the London market wants to maintain its leadership in the region, London reinsurers need to look at ways to improve direct communication with local players.

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Blog

Relief for Skilled Persons as the Court of Appeal rules they are not amenable to judicial review

Published on 04 October 2018. By Davina Given, Partner and Lucy Kerr, Senior Associate

In what circumstances might skilled persons appointed under FSMA be subject to judicial review? The Court of Appeal recently explored the vulnerability of skilled persons to judicial review and dismissed an application for judicial review against KPMG, acting as a skilled person on behalf of Barclays Bank, as it found the framework in which KPMG operated was not sufficient to bring it into the public law arena.

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Blog

SFC Disciplinary Action – Customer/Personal Data

03 October 2018

On 20 September 2018, the Securities and Futures Commission (“SFC”) banned an individual named Ngo Wing Chun from re-entering the industry for 12 months (the “Decision”) for having taken the personal data of approximately 995 customers from his employer and emailed it to his personal email. The evidence showed that none of the information had been disclosed to any third parties.

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Publication

Tax update October 2018

03 October 2018

In this month’s update we report on HMRC’s Spotlight 45 on umbrella company avoidance schemes, an update to HMRC’s Venture Capital Schemes Manual; and call for evidence on HMRC powers.

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Blog

ESMA renews restrictions on CFDs and binary options

Published on 02 October 2018. By Lucy Kerr, Senior Associate

The European Securities and Markets Authority (ESMA) has decided to renew intervention measures, which restrict the sale of contracts for difference (CFDs) and binary options to retail investors, for a further three months.

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Blog

Newton – Tribunal confirms that "statutory records"  should be narrowly construed

01 October 2018

In Newton v HMRC [2018] UKFTT 513 (TC), the First-tier Tribunal (FTT) has held that, due to the lack of taxpayer appeal rights, the definition of "statutory records" for the purpose of an information notice issued pursuant to Schedule 36, Finance Act 2008 (FA 2008), must be construed narrowly.

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Publication

Health and safety update September 2018

28 September 2018

Welcome to the latest edition of our health and safety update where we look at the health and safety stories that have recently hit the headlines as well as the latest fines and sentences that have been handed down.

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Blog

CJEU proves even easy copyright cases make bad law

Published on 27 September 2018.

Commentary on the recent CJEU decision in Renckhoff C-161/17 about the communication to the public right.

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Blog

Force Majeure – specificity is vital – Seadrill v Tullow

Published on 26 September 2018. By Parham Kouchikali, Partner

Force majeure clauses in contracts must be clear on the events that can excuse a party from fulfilling its obligations. Inability to perform under the contract must be wholly caused by that event. So said the High Court in the case of Seadrill Ghana Operations Ltd v Tullow Ghana Ltd.

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Publication

VAT update September 2018

26 September 2018

In this month’s update we report on the ECON committee’s amendments to the European Commission’s proposal for simplification of VAT for SMEs, the government’s technical note on the impact on VAT in the event of a no-deal Brexit; and Revenue and Customs Brief 6 (2018) on VAT exemption for all domestic service charges.

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Blog

High Court warns directors to get match fit for new reporting regulations

Published on 25 September 2018. By Geraldine Elliott, Partner and Matthew Evans, Senior Associate

It is understandable that directors might be reluctant to seek legal advice – be it due to concern about time or cost or a potential conflict of interest if seeking advice internally. However, as a recent case demonstrates, this is a small price to pay to avoid the time and financial cost of a claim, especially when a company's subsequent precarious financial position shines a light on an officer's behaviour and competence.

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Snapshot

Snapshots - Autumn 2018

25 September 2018

This is your roundup of all recent legal updates spanning advertising & marketing, commercial cases,technology / digital, data protection and intellectual property.

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Snapshot

EU takes on the power of online intermediate services

24 September 2018

What steps is the EU taking in response to concerns over the growth in power of online intermediation services?

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Snapshot

Online advertising to tackle copyright infringement and counterfeit good

24 September 2018

How is industry responding to the threat of advertising on websites and apps which infringe copyright or disseminate counterfeit goods?

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Snapshot

Gambling acts of "particular appeal" to children

24 September 2018

How easy is it for gambling websites to stray into creating content which is of "particular appeal" to children and therefore banned under the CAP Code?

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Snapshot

ASA ruling on significant information: I Can Have It Ltd

24 September 2018

Is including significant information on a competition landing page enough? Or do you need to include this information in an individual competition listing? And how clear do you have to be if there is no closing date about how a competition is administered and the potential length of each competition?

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Snapshot

Fairly administering a prize promotion: Walkers Snacks Ltd t/a Quaker Oats

24 September 2018

What steps are needed for a prize promotion to be fairly administered in accordance with the terms and conditions of the promotion?

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Snapshot

ASA ruling on prize promotions: Highland Spring

24 September 2018

What information must be made available to prospective participants of a prize promotion in order to avoid unnecessary disappointment?

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Snapshot

ASA HFSS ruling on Cadbury's Easter promotion

24 September 2018

When engaging influencers to promote a high in fat, salt or sugar (HFSS) product, how can advertisers ensure that they will not be promoting their product to children?

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Snapshot

Amazon Prime's "one day delivery" service misleading

24 September 2018

Will a 'One-Day Delivery' claim be misleading if not all products under the relevant service are delivered the next day?

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Snapshot

Taking on the ticket touts - Ticket sales regulations 2018

24 September 2018

What are the new rules banning the automated purchasing of tickets in the UK for reselling at a higher price?

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