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Blog

High Court holds deception undermines "dominant purpose" for claim to litigation privilege

Published on 12 January 2016. By Davina Given, Partner

In Property Alliance Group Ltd v Royal Bank of Scotland Plc the Court held that where a claimant had met the defendant's former employees to seek evidence for the claim, but had misled them as to the purpose of the meetings, the dominant purpose of those meetings could not be said to be the litigation.

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Publication

Annual Insurance Review 2016

08 January 2016

Landmark insurance law reform and market consolidation

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Publication

Annual Insurance Review 2015

08 January 2016

There are no prizes for guessing the likely main insurance law event of 2016. The Insurance Act 2015 will come into force on 12 August 2016.

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Blog

Pay the correct court fee – or else!

Published on 08 January 2016. By Jonathan Wyles, Legal Director

On 9 March 2015 there was a substantial increase in the fees to issue civil proceedings. As a result, the court fee is now £10,000 to issue a claim worth in excess of £200,000 (or the damages are unquantified).

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Blog

Tribunal allows company's appeal and confirms that the four-year time limit does not apply to corporation tax self-assessment returns

Published on 08 January 2016. By Robert Waterson, Partner

In Bloomsbury Verlag GmbH v HMRC [2015] UKFTT 660 (TC),the First-tier Tribunal (Tax and Chancery) (FTT) has held that the four-year time limit does not apply to corporation tax self-assessment returns and that trading losses can be carried forward even though they were not included in a return.

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Video

What makes a "Law Firm of the Year"?

07 January 2016

Managing Partner Jonathan Watmough speaks with John Malpas, Editor-in-Chief of Legal Week, about what contributed to being named Law Firm of the Year 2015.

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Publication

Tax update

06 January 2016

Beneficial ownership plan: HMRC publishes policy paper

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Blog

Cavendish win on penalties: Supreme Court makes finger-tip save of ageing doctrine

06 January 2016

The Supreme Court has provided long awaited clarification of the law on penalty clauses and liquidated damages, upholding the "penalty rule" but further limiting its utility in a commercial setting.

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Blog

Speed & Consumption – good weather daze?

05 January 2016

The High Court of England & Wales has overturned an arbitration Award in a rare appeal on a performance dispute[1].

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Blog

Court of Appeal permits early redemption of Lloyds Banking Group's Enhanced Capital Notes

Published on 04 January 2016. By Matthew Evans, Senior Associate and Parham Kouchikali, Partner

In BNY Mellon Corporate Trustee Services Ltd v LBG Capital No.1 and No. 2 Plc, the Court of Appeal reversed the first instance decision of the High Court, by allowing early redemption of certain convertible securities (known as Enhanced Capital Notes, or ECNs).

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Press and Media

RPC advises on establishment of Lloyd's Special Purpose Syndicate

04 January 2016

City law firm RPC has advised on the creation of a Lloyd's Special Purpose Syndicate (SPS) to be managed by Pembroke (the Lloyd's operation of Ironshore, the global speciality property and casualty insurance division of the Fosun Group).

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Blog

UK source of interest

Published on 30 December 2015. By Adam Craggs, Partner

In Ardmore Construction and Andrew Perrin v HMRC [2015] UKUT 633 (dual appeal), the Upper Tribunal (UT) dismissed the taxpayers appeals and confirmed that they had received UK source dividends on which UK income tax was deductible at source.

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Blog

Daily Telegraph publisher fined £30k for general election email campaign

30 December 2015

On 15 December 2015 the Information Commissioner's Office (ICO) issued Telegraph Media Group Limited (the Telegraph) with a Monetary Penalty Notice

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Blog

Titan v Colliers – the price of everything and value of nothing

30 December 2015

The Court of Appeal recently overturned the High Court's judgment in the case of Titan v Colliers.

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Blog

'Dear CEO letter' to debt management firms clarifies FCA's expectations on transfer of customers or their information

29 December 2015

Following ongoing consolidation in the debt management market, Jonathan Davidson, FCA Director of Supervision (Retail and Authorisations), has published a 'Dear CEO letter' which sets out the FCA's expectations of debt management firms when customers or customer information are being transferred.

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Blog

Upper Tribunal accepts reasonable excuse defence for late claim for repayment of tax

Published on 23 December 2015. By Nicole Kostic, Senior Associate

In Raftopoulou v HMRC [2015] UKUT 579, the Upper Tribunal (UT) has confirmed that a taxpayer can make a valid claim for repayment of overpaid tax ...

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Publication

VAT update

22 December 2015

This is our last VAT update of 2015. RPC’s next VAT update will be published on 28 January 2016. We wish all our readers a Merry Christmas and a Happy New Year!

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Blog

High Court rejects interest rate swap misselling claim

Published on 22 December 2015. By Daniel Hemming, Senior Associate and Parham Kouchikali, Partner

In Thornbridge Limited v Barclays Bank PLC the High Court considered a claim for the missale of an interest rate swap based on several different causes of action, all of which were unsuccessful.

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Publication

Restructuring and insolvency

18 December 2015

An update on recent changes

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Blog

New EU data protection rules (finally!) agreed

18 December 2015

On the 17th of December, and after much negotiation, a final draft of the new General Data Protection Regulation (GDPR) was approved by the Civil Liberties, Justice and Home Affairs (LIBE) committee of the European Parliament.

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Blog

EU in or EU out?

Published on 18 December 2015. By Constantine Christofi, Associate

The UK will soon be faced with a question that may well have a profound impact on its future and materially shape its place in the world, namely: should the UK remain in or out of the European Union.

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Blog

Delay not a bar to obtaining freezing injunction

Published on 18 December 2015. By Charlotte Henschen (née Ducker), Senior Associate and Geraldine Elliott, Partner

The High Court has granted three insolvent Cayman companies (each in liquidation) a worldwide freezing order in support of proceedings against Mr Terrill, an individual who operated behind the companies' respective corporate directors as their sole director and shareholder.

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Blog

Getting ahead of the curve: EBA consults on 'robo-advisers'

17 December 2015

Technology will transform the financial advice world, and this transformation has already begun.

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Publication

Financial Litigation roundup

17 December 2015

Welcome to the latest edition of our Financial Litigation roundup. In this edition, we consider recent judgments and ongoing cases from the banking and financial world in the UK and Asia, as well as regulatory developments in those jurisdictions

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Publication

Financial Litigation roundup

17 December 2015

Welcome to the latest edition of our Financial Litigation roundup. In this edition, we consider recent judgments and ongoing cases from the banking and financial world in the UK and Asia, as well as regulatory developments in those jurisdictions

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Publication

Employment update, November 2015

17 December 2015

Penalty clauses: what is the test where a clause is claimed to be unenforceable?

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Blog

Show me the money: new capital requirements for PIFs

16 December 2015

Last week the FCA released its Policy Statement PS15/28: Capital resources requirements for personal investment firms (PIFs) updating rules that set the amount of capital to be held by directly authorised PIFs which date back to 1994.

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Blog

Hely-Hutchinson - taxpayer wins legitimate expectation judicial review

16 December 2015

In R(oao Hely-Hutchinson) v HMRC [2015] EWHC 3261 (Admin) ...

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Blog

Anti-suit injunctions – do not delay

16 December 2015

The recent judgment of the English Commercial Court in Essar Shipping Ltd v Bank of China Ltd[1] has highlighted the importance of applying for anti-suit injunctions swiftly once the dispute arises.

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Blog

Litigation privilege: A tangled web unwoven

Published on 15 December 2015. By Davina Given, Partner

Deception undermines the "dominant purpose" necessary for a claim to litigation privilege in the most recent instalment in the ongoing saga of Property Alliance Group Ltd v Royal Bank of Scotland Plc.

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Press and Media

HMRC targeting high street accountants with threatening letters

14 December 2015

HMRC broadening its focus to ordinary high street accountants

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Blog

IFAs quizzed by FCA over insistent clients

Published on 14 December 2015. By James Wickes, Partner

The FCA has asked IFAs to explain how they deal with situations where clients wish to act against advice on pension transfers.

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Blog

Ballast Water Management Convention likely to come in 2016

14 December 2015

Three countries, Monaco, Indonesia and Ghana, ratified the IMO Ballast Water Management (BWM) Convention, during the recent IMO Biennial Assembly Meeting, in London.

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Press and Media

17% increase in attempts by businesses to block trade mark applications by rivals

14 December 2015

Businesses have stepped up attempts to block rivals registering conflicting trade marks in the last year, with the number of attempts to block trade marks increasing by 17% to 2,070 up from 1,775 in the previous 12 months*, says City law firm RPC.

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Publication

National Grid Gas plc hit with £2m fine for health and safety breach

11 December 2015

National Grid Gas plc hit with £2m fine for health and safety breach

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Publication

National Grid hit with £2m fine for health and safety breach

11 December 2015

A sign of things to come?

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Blog

No returns for M&S following Supreme Court ruling

11 December 2015

The Supreme Court has upheld the decision of the Court of Appeal in the case of Marks and Spencer plc (M&S) v BNP Paribas Securities Trust Company (Jersey) Ltd (BNPP).

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Blog

PRA fines bank for outsourcing failures

10 December 2015

Last week, the PRA announced that it had imposed a fine of over £1.2 million on R. Raphael & Sons plc.

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Blog

Discovery assessments - HMRC fails to discharge burden of proof

Published on 10 December 2015. By Adam Craggs, Partner

The following is taken from an article originally published in Tax Journal

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Blog

FCA frustrated by continuing shortcomings in wealth management sector but must accept subtleties of suitability

09 December 2015

The FCA's thematic review report published today expresses concern about some wealth management firms who are still not getting suitability right despite five years of regulatory 'communications'.

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Blog

Lawyer v lawyer: where there's blame there's a claim?

Published on 09 December 2015. By Claire Revell, Senior Associate

Dissatisfied clients of law firms have probably never had so many ways to complain about their solicitor.

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Blog

China's Two Child Policy: Too Little Too Late?

08 December 2015

Announced in a very 21st century way, China's official news agency recently tweeted that China will be implementing a policy allowing couples to have two children.

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Blog

Serbian forum shopper in disclosure breach of duty has privacy and libel action struck out

07 December 2015

On 23 November 2015 Sir Michael Tugendhat set aside an order for service out of the jurisdiction of proceedings for the misuse of private information and libel which had been made by Master Roberts on 31 March 2015 in respect of an article in Politika,

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Blog

The Supreme Court restates the rule on penalties

Published on 07 December 2015. By Andy McGregor, Head of Civil Fraud

The Supreme Court has recast the test for penalties to bring it into line with modern commercial practices. The new test is less formalistic and leaves the courts with greater discretion to look at the commercial rationale for a clause.

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Press and Media

RPC advises Daily Mail and General Trust on £29m sale of Wowcher

04 December 2015

Leading City-headquartered law firm RPC has advised the Daily Mail and General Trust (DMGT) on the sale of Wowcher to a newly formed online voucher business, to be controlled by private equity group, Exponent. Exponent was advised by Allen & Overy.

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Blog

Delegation of regulated activities – warning from the FCA

Published on 03 December 2015. By Rachael Healey, Partner

Adviser firms delegating regulated activities to unregulated third parties have been removed from the FCA's Christmas card list following a notice issued this week.

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Blog

FCA has increasing appetite to use alternative enforcement penalties

03 December 2015

In a recent appearance before the Treasury Select Committee the FCA has hinted that it may make further use of its restriction and suspension powers as an alternative as well as an addition to the power to impose financial penalties.

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Blog

High Court clarifies scope of duties owed by directors to shareholders

Published on 03 December 2015. By Simon Hart, Partner

The High Court has struck out a number of claims brought by shareholders in what was, in 2008, Lloyds TSB against its directors (Sharp & others v Blank & others).

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Publication

Tax update

02 December 2015

Small Business Research & Development Relief

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