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Blog

Don’t blag it!

02 September 2016

Yesterday the FCA fined and prohibited a sole trader for failure to act with integrity and repeatedly misleading the regulator.

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Blog

Tribunal finds in taxpayer's favour in IBA case

Published on 02 September 2016. By Adam Craggs, Partner

In David Wellstead v HMRC [2016] UKFTT 0492 (TC), the First-tier Tribunal (FTT) has held that where a developer acquired a lease of land, constructed industrial units on that land and sold one of the units by way of an under-lease, the grant of the under-lease amounted to the sale of a relevant interest for the purposes of section 296, Capital Allowances Act 2001 (CAA 2001), entitling the purchaser to claim industrial buildings allowances (IBAs) on the purchase price.

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Publication

Tax update, September 2016

Published on 31 August 2016. By Adam Craggs, Partner

In this month's edition we report on (1) HMRC's much anticipated consultation on proposals to tackle disguised remuneration (2) further amendment to the Finance Bill 2016 in relation to EBT settlement relief and (3) HMRC's consultation on proposed penalties for "enablers" of tax avoidance arrangements. We also comment on three recent cases concerning penalties, scheme sanction changes and industrial buildings allowance.

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Blog

What Feng Shui says about your office space

Published on 26 August 2016.

Feng Shui holds significant influence over many business people in China. So what's it all about?

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Blog

Harry Potter star loses £1m battle with HMRC

Published on 25 August 2016. By Robert Waterson, Legal Director

The First-tier Tribunal (FTT) has held that a taxpayer's new accounts did not meet the requirements of section 217, Income Tax (Trading and Other Income) Act 2005 (ITTOIA), for a change in accounting date, as the accounts did not exist when HMRC were notified of the change.

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Publication

VAT update, August 2016

24 August 2016

In this month's edition of our VAT update we report on (1) the Law Society's response to HMRC's consultation on VADRA, (2) HMRC's new brief on TOGCs, and (3) HMRC's new policy paper on "Use and Enjoyment" of insurance repair. We also comment on three recent cases concerning Article 9 of the VAT Directive, repayment of VAT by an individual member of a VAT group, and a "hardship" application.

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Blog

Sponsors drop lying Lochte - the fallout from Rio 2016

Published on 24 August 2016. By Jeremy Drew, Partner and Joshua Charalambous, Associate

Importance of anti-embarrassment clauses highlighted by US Olympic swimmer Ryan Lochte being dropped by sponsors, including Speedo and Ralph Lauren.

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Blog

New Guidance on when lawyers can attend an SFO section 2 interview

Published on 18 August 2016. By James Wickes, Partner

On 6 June 2016, the SFO issued 3 short guidance notes to replace the Operational Handbook that had previously governed interviews under Section 2 of the Criminal Justice Act 1987 (Section 2).

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Blog

SIPP scheme administrator avoids 'pension liberation' tax charge

17 August 2016

In a recent case the First-tier Tribunal (FTT) has found that HMRC was wrong to refuse Sippchoice's application for the discharge of liability to scheme sanction charges in circumstances where it was not aware of a pension liberation scheme being operated in respect of the pension scheme's invested funds.

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Blog

High Court dismisses claimants' application for an independent re-review of defendants' disclosure

Published on 16 August 2016. By Alexis Armitage, Associate and Davina Given, Partner

In a dispute about the treatment of protestors at copper mines in Peru, the English High Court reinforced the breadth of the test for disclosure and held that it has the power to order a party to appoint a separate law firm to conduct an independent re-review of its disclosure.

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Press and Media

Number of forced interviews at the SFO jumps 37%

15 August 2016

Significant ramp up in activity at the agency.

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Blog

Political adverts – freedom to misinform?

Published on 15 August 2016. By Victoria Noto, Associate

Promises of an additional £350m per week to be given to the NHS, posters featuring "white thugs" shouting at vulnerable old ladies, and billboards plastered with images of a flood of new refugees. These are just a few of the wildly misleading, harmful and offensive adverts that featured in the build-up to the EU referendum on 23 June.

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Blog

Supreme Court clarifies the impact of a "collateral lie" made by an assured during the claims process

Published on 12 August 2016. By Hugh Thomas, Senior Associate

The Supreme Court has ruled that a lie told by an assured during the course of a claim presentation will not necessarily invalidate the assured's right to recover under his insurance.

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Publication

Life sciences, August 2016

11 August 2016

Here is our latest life sciences update. Read on for practical tips on the Insurance Act 2015, the implications of the NHS wading into the debate over diagnostic apps, how Brexit may affect medical regulations and impending litigation over fertility treatment. Some of these topics will be addressed in more detail in our next life sciences seminar on 20 September 2016. To register your interest, please email seminars@rpc.co.uk.

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Blog

Technology assisted review in English civil proceedings: the exception or the norm?

Published on 10 August 2016. By Daniel Wyatt, Senior Associate and Simon Hart, Partner

Hot on the heels of its first endorsement of the use of predictive coding in the widely publicised Pyrrho decision in February 2016, the English court has recently given judgment ordering the use of predictive coding in circumstances where its use was opposed by one party.

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Blog

Taxpayer succeeds on penalties issue in Pendulum scheme

Published on 10 August 2016. By Robert Waterson, Legal Director

In a recent case the First-tier Tribunal (FTT) has found that a taxpayer was not fraudulent or negligent in the completion of his tax return when relying on the advice of his professional advisors.

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Publication

Offer rejected by counter-offer - a cautionary tale

09 August 2016

Non-Part 36 offer not capable of acceptance once rejected by a Part 36 counter offer

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Blog

Office to Residential Permitted Development Rights – an update

08 August 2016

The rights to convert a building from office use to residential without needing to submit a planning application are not new, although a recent decision from the Planning Court have brought them back to the headlines and suggest that they may be more flexible than anticipated.

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Blog

Introducers & Inappropriate Influence

Published on 08 August 2016. By Matthew Watson, Associate

Last week must have been a busy one for those working at the FCA.

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Blog

5 Partners = 1 Invalid Break Notice

05 August 2016

Landlords beware – if you hold property in the name of a partnership which consists of more than four individuals, and you serve a break notice on your tenants in the partnership name, it may not be valid.

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Blog

The unexpected effect of Brexit on Part 36 offers

05 August 2016

Insurers may need to check the adequacy of any Part 36 offer they have made in claims where the claimant seeks damages in a foreign currency and may also need to reconsider whether to accept any Part 36 offer made by a claimant in such a case. This is particularly so where the Part 36 offer was made in sterling.

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Blog

Taxpayer wins appeal against HMRC after receiving contradictory tax demand

Published on 04 August 2016. By Alexis Armitage, Associate

In Walkers’ Baggage Transfer Company Ltd v HMRC [2016] UKFTT 0415 (TC), the First-tier Tribunal (FTT) has allowed the taxpayer's appeals and concluded that the appellant had accounted for the PAYE properly due in relation to one of its employees over a three year period.

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Publication

Product Liability Update August 2016

04 August 2016

In this Update we take a look at some of the recent stories making the news, from electrical fires to mislabelled fishcakes.

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Publication

Read with "interest" - Part 36 offers

04 August 2016

In many cases it will be easy to determine whether a claimant has beaten their Part 36 offer and accordingly whether they are entitled to the additional benefits provided for under CPR 36.17(4). Sometimes, however, because of the interest accruing on damages between the date of the Part 36 offer and the judgment date, the judgment sum only exceeds the Part 36 offer by a small amount. If this happens, what are the consequences?

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Blog

Court of Appeal considers effectiveness of "in writing" variation clause

Published on 04 August 2016. By Simon Hart, Partner

In this case, the Court of Appeal was asked to consider the correct contractual interpretation of a long-term supply agreement. In its judgment, the Court of Appeal indicated, obiter, that including an 'in-writing only' variation clause in a contract would not prevent subsequent variation of the contract orally or by conduct in certain circumstances.

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Blog

Art works: businesses and the value of art

Published on 04 August 2016. By Sophie Newton, Associate

You're heading to a company's offices for a meeting. Does this company's involvement with art affect its success as a business, and if so, how?

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Publication

Tax update, August 2016

04 August 2016

In this month's edition we report on (1) HMRC's new guidance on contracting-out for defined benefit pension schemes (2) this years' tax take, (3) a new EU directive aimed at reducing corporate tax avoidance. We also comment on three recent cases concerning the validity of a discovery assessment, the tribunal's hardened approach to compliance with directions, and the validity of a notice of enquiry.

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Blog

Pension redress methodology – more changes afoot?

Published on 03 August 2016. By Matthew Watson, Associate

Unsuitable DB pension transfer to personal pension? Advisers have woken up this morning to the Financial Conduct Authority's announcement that next year may see an update to the methodology used to calculate redress due in such situations.

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Video

Collective redress and class actions regimes – from the US to Asia

03 August 2016

Antony Sassi - Partner, Asia - reviews the recent introduction of class action regimes in Asia and discusses why this changed litigation landscape is important for insurers.

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Blog

FCA finds shortcomings in principal firms' control and oversight of their ARs

Published on 03 August 2016. By Jonathan Charwat, Associate

The Financial Conduct Authority's (FCA) report on its thematic review of principal firms and their appointed representatives (ARs) has identified significant shortcomings in their control and oversight.

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Video

MAR: enhancing investor protection, market integrity and harmonising the market abuse regime across the EU

Published on 02 August 2016. By Karen Hendy, Head of Corporate

Karen Hendy, Corporate Partner, explains the benefits and implications of the all new Market Abuse Regulation and highlights the grey areas to be aware of.

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Blog

Sanctions: brainteasers with serious consequences

Published on 02 August 2016. By Davina Given, Partner

Failure to comply with financial sanctions carries serious penalties, most notably in the US, where banks have collectively paid billions of dollars in fines.

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Blog

The "purpose" means the "dominant purpose"

Published on 02 August 2016. By Ed Holmes, Senior Associate and Tim Brown, Partner

The Court of Appeal has recently dismissed an appeal in relation to the interpretation of a clause referring to "the purpose" of a transaction.

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Blog

Brexit and the housing crisis – where are we now?

01 August 2016

It is only a couple of months since the Government restated its 'one million homes by 2020' pledge. How does Brexit impact on this

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Blog

Brexit and the housing crisis – where are we now?

01 August 2016

It is only a couple of months since the Government restated its 'one million homes by 2020' pledge. It was always going to be a big ask, with talk of land banking, constructions skills shortages and delays in the planning system being bandied about on a regular basis

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Blog

Making a racket about the tennis pay gap

Published on 29 July 2016. By Charlotte Thompson, Associate

In 2015 Novak Djokovic, men’s world number one, received $21.65m in prize money whereas Serena Williams, women’s world number one, won less than half of that amount

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Blog

Part VII transfers: Court protects policyholder interests by modifying guarantees

Published on 29 July 2016. By Jonathan Charwat, Associate and Matthew Griffith, Partner

High Court uses its powers to ensure third party guarantees continue to apply in the same way following Part VII transfer

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Publication

VAT update, July 2016

28 July 2016

In this month’s edition of our VAT update we will report on (1) the EU Council’s variation to the Principal VAT Directive relating to vouchers, (2) HMRC’s update on VAT Notice 708, and (3) a variation in the law on the applicably of VAT to offshore property held by insurers. We also comment on three recent cases concerning the supply of services by a bank, the applicability of VAT to an incomplete transfer of title, and whether VAT is payable on charitable donations.

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Publication

Follow the money

27 July 2016

How do you get your money back from a potential fraudster who has siphoned the money off into planes, luxury houses abroad and mysterious accounts? The English courts have a broad range of remedies available to help.

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Blog

Tribunal allows taxpayer's appeal as notice of enquiry was invalid

Published on 27 July 2016. By Adam Craggs, Partner

First-tier Tribunal (FTT) determined that HMRC had not given a valid notice of intention to enquire into the taxpayer's return because the purported notice of enquiry referred to tax year ended 6 April 2009, rather than 5 April 2009.

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Blog

Drones: don't fly out of bounds (legally)

Published on 27 July 2016.

Various commercial industries have already woken up to the myriad opportunities offered by drone technologies. Whilst the regulatory regime evolves, it is important that companies don’t fall foul of the law.

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Blog

Planning: the sequential test

26 July 2016

For those involved in retail development, a recent Planning Court case serves as a helpful summary and update on the interpretation of the sequential test set out in para 24 of the NPPF.

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Publication

Winning the battle but losing the war

22 July 2016

We have previously commented on the need for claimants to establish all elements of a claim (duty, breach, causation and loss) if they want to achieve more than a Pyrrhic victory. The case of Mortgage Express v Countrywide Surveyors Limited provides another example of this, but with a slightly different twist.

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Blog

Pensions freedoms where are we now?

Published on 22 July 2016. By Rachael Healey, Legal Director

On 14 July 2016 the Financial Conduct Authority published three releases relating to pension freedoms. The releases provide an insight into the FCA's areas of concern following the introduction of the pension freedoms in April 2015.

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Blog

China’s richest man strikes deal to host new global football tournament

Published on 21 July 2016. By Joshua Charalambous, Associate

Earlier this month, it was reported that the Dalian Wanda Group planned to create a European club tournament to rival the UEFA Champions League.

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Blog

High Court criticises HMRC's conduct finding that it breached taxpayer's legitimate expectation

Published on 20 July 2016. By Adam Craggs, Partner

High Court criticises HMRC's conduct finding that it breached taxpayer's legitimate expectation

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Press and Media

Number of FCA dawn raids at its lowest level since the financial crisis

19 July 2016

60% fall in the number of raids in a year Concern that smaller scale financial crimes are slipping through the net

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Publication

Corporate tax update, second quarter 2016

19 July 2016

On 23 June 2016 the UK voted to leave the EU in an historic referendum result. A period of some political, economic and social uncertainty will undoubtedly follow (and we've already had a turbulent few weeks) but as far as corporate tax is concerned there should be no immediate consequences. It remains to be seen what happens to the planned further reduction in corporation tax to 15% as announced by the then-Chancellor George Osborne. Some initial views on the likely corporate tax consequences of Brexit are set out below. It has also been announced that Royal Assent to this year's Finance Bill is not now expected before the Autumn. In the aftermath of the referendum result, it is perhaps easy to forget that some significant changes to the UK corporate tax regime are planned. Whether all of these changes now proceed, at the pace originally intended, will become clear in due course. In this edition we therefore also highlight some of the key tax developments of interest to UK corporates from the second quarter of 2016.

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Blog

Price fixing online – a new competition authority warning

Published on 18 July 2016. By Alyson Lloyd, Senior Associate and Melanie Musgrave, Senior Associate

The UK's Competition and Markets Authority ("CMA") has released an open letter to suppliers and retailers warning against online practices which constitute price fixing.

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Blog

Failure to comply with direction leads to strike out of taxpayers' appeals

Published on 15 July 2016. By Adam Craggs, Partner

In the recent case of Grindley & Others v HMRC [2016] UKFTT 0834 (TC), the First-tier Tribunal (FTT) has directed that the taxpayers' appeals be struck out for failure to comply with a direction issued by the FTT.

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