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Blog

Registering the effects of the MLRs

Published on 26 March 2015. By Davina Given, Partner

A recent case is a stark reminder of the wide-reaching impacts of the Money Laundering Regulations 2007.

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Blog

Litigation meets regulation

Published on 26 March 2015. By Davina Given, Partner

In an ever more regulated world, commercial litigators need to be aware of both the risks and opportunities regulation may bring.

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Blog

Non-exclusive jurisdiction clauses in cross-border agreements

Published on 25 March 2015. By Jonathan Cary, Partner

Hong Kong courts adopt robust approach to uphold parties' contractual bargain as to their choice of forum

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Blog

Avoidance scheme effective despite HMRC's attempt to rely on Ramsay

Published on 25 March 2015. By Adam Craggs, Partner

In Gemsupa Limited and Consolidated Property Wilmslow Limited v HMRC [2015] UKFTT 0097 (TC) ...

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Blog

Do not-so smart pension reforms mean FCA wants pensioners to be ScamSmart?

24 March 2015

Less than two weeks after Martin Wheatley's speech identifying April's 'big bang' pension reforms as "[t]he defining challenge of our time" ...

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Blog

Budget 2015 - impact on insurance

20 March 2015

George Osborne's announcement on Wednesday set out at least two areas of potential impact for the insurance industry.

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Blog

Tribunal confirms no penalty for implementing tax avoidance scheme

18 March 2015

In the recent case of Herefordshire Property Company Ltd v HMRC1, the First-tier Tribunal (Tax Chamber) ("FTT") allowed the taxpayer's appeal ...

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Blog

Supreme caution required when applying double identity rule

Published on 17 March 2015. By Jeremy Drew, Partner and Georgia Davis, Legal Director

A recent High Court decision1 not only demonstrates the difficulty for trade mark owners in enforcing descriptive trade marks (and the risk that those trade marks may be found to be invalid) but also highlights potential pitfalls where trade marks co-exist within the same market.

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Blog

Unrealistic expectations? - FCA research highlights investors' lack of understanding of structured products

Published on 13 March 2015. By George Smith, Senior Associate

Findings published by the FCA beg the question, are firms are doing enough to ensure that customers understand structured products before investing?

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Blog

FCA prepares for Consumer Rights Act

Published on 13 March 2015. By Andrew Price, Senior Associate

The FCA last week removed much of its unfair contract terms guidance and a number of undertakings (mainly relating to the mortgage and investment sectors) from its unfair contract terms library, citing the need to update them in light of, amongst other things, the unfair contract terms provisions in the Consumer Rights Bill and the CMA's 2015 guidance consultation on those provisions.

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Blog

Hong Kong expected to introduce mandatory low-sulphur fuel regulations

12 March 2015

Many vessels currently calling to Hong Kong voluntarily burn low-sulphur fuel, in return for financial incentives under a scheme introduced by the Government in 2012.

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Blog

CMA call for information on use of online reviews

Published on 12 March 2015. By Paul Joseph, Partner and Sarah Hill, Legal Director

Online reviews: love them or hate them, there is no escape. Products, services, large multinationals, SMEs, online or offline, almost everyone is being judged these days.

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Blog

Important judgment on liquidators' ability to obtain documents

Published on 11 March 2015. By Samuel Hung, Senior Associate

In an important judgment handed down recently by the Court of First Instance in Hong Kong, ...

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Blog

Tribunal finds in favour of property developer who was not trading

11 March 2015

In Terrace Hill (Berkeley) Ltd v HMRC[1], the First-tier Tribunal ("the FTT") rejected HMRC's arguments and concluded that a property developer's activity in relation to the development of an office property was an investment rather than a trading activity and allowed its appeal.

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Blog

New Senior Managers' Regimes to kick off in early March 2016

10 March 2015

The FCA and PRA have taken their most significant step to date in the relentless pursuit of greater accountability of senior management and the promotion of good governance and culture.

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Blog

Reflex actions: Plaza BV -v- The Law Debenture Trust Corporation

Published on 10 March 2015. By Jake Hardy, Legal Director

The recent judgment of Mrs Justice Proudman in Plaza BV –v- The Law Debenture Trust Corporation1 illustrates and extends a line of authorities in which the English courts have sought to narrow the scope of the mandatory application of Article 2 of the Brussels Regulation 44/2001.

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Blog

Solicitors' responsibility for conveyancing credit risk denied by the High Court

10 March 2015

In a transaction the claimant's own counsel described as 'murky', the High Court has dismissed a negligence claim against solicitors for the alleged failure to make further enquiries regarding the solvency of the vendor:

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Blog

91 year-old activist and angry neighbour: Supreme Court looks at police retention of personal data

09 March 2015

Case report: R (Catt) v Commissioner of Police of the Metropolis and ACPO and R (T) v Commissioner of Police of the Metropolis [2015] UKSC 9

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Blog

Juncker's Utopia: a virtual Europe without borders

Published on 06 March 2015. By Jeremy Drew, Partner and Ciara Cullen, Partner

It is 2015 and the relentless appetite for consumption of content has never been greater.

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Blog

Part 36 – Make your offers early

Published on 06 March 2015. By Alexandra Anderson, Partner

A recent judgment has highlighted the importance of early timing in the making of Part 36 offers.

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Blog

Bond schemes or Bond cars?

05 March 2015

For the ultra-wealthy, the path of pursuing traditional investments is well-trodden. From stocks and shares, to bonds and real estate, there is no shortage of ways and means to play the market.

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Blog

Fashioning a market – the impact of London Fashion Week on high street retailers

05 March 2015

London Fashion Week (LFW) has closed its doors once again for another 6 months before fashion's greatest and most celebrated designers return to showcase their S/S16 collection on 18 September 2015.

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Blog

Competing agendas? How the FCA, PSR and CMA plan to work together

04 March 2015

In mid-February, the UK investment and corporate banking sector braced itself for yet another regulatory investigation, as the FCA announced its plans to launch a wholesale market study into the industry in Spring 2015.

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Blog

Tax avoidance scheme succeeds before the Upper Tribunal

Published on 04 March 2015. By Robert Waterson, Legal Director

In Tower Radio Limited and another v HMRC[1], the taxpayers successfully utilised a scheme which was designed to take advantage of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA).

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Blog

ICO fines online travel insurer £175,000 for failing to keep customers’ personal information secure

Published on 03 March 2015. By Oliver Bray, Partner

The Information Commissioners Office (the “ICO”) has fined Staysure.co.uk Limited (“Staysure”), an online travel insurance company, £175,000 for its failure to comply with the seventh data protection principle, after IT security failings allowed hackers to access up to 100,000 customer financial records.

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Blog

Pensions Freedoms and the Second Line of Defence – some flesh on the bone

Published on 02 March 2015. By Rachael Healey, Legal Director

In late January the FCA issued a Dear CEO letter to pension providers, proposing new protections to be provided to consumers seeking to access their pension pot when the new pension freedoms are introduced from 6 April 2015.

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Blog

Taxpayer successfully relies on human rights argument to defeat HMRC following the taxation of the same profits twice

27 February 2015

The appellant, in Ignatius v HMRC[1], has successfully fought off an attempt by HMRC to strike out his appeal, by relying on the European Convention on Human Rights ("ECHR").

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Blog

Senior insurance managers regime – proposals for NEDs

Published on 27 February 2015. By Jonathan Charwat, Associate

Last year, we reported on proposals for a new senior insurance managers' regime ('Senior insurance managers - all change!').

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Blog

Shared parental leave: switching the boardroom for baby care

Published on 26 February 2015. By Rachael Ellis, Associate

Nick Clegg’s new baby - shared parental leave - has been born and, would-be dads, it means you can now spend almost a year off work with your bundle of joy. Why then, are you all so keen to stay at the office?

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Blog

An uncharacteristic appeal: Ocean Victory decision reversed

24 February 2015

Charterers (and their insurers) concerned by the first instance decision in The "Ocean Victory" may rest a little easier following the successful appeal which saw Daiichi Chuo overturn a judgment of over US$130 million against them.

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Blog

A step closer to ring-fencing of banking activities?

Published on 23 February 2015. By Matthew Watson, Associate

The Government has taken some tentative steps towards ensuring ring-fenced banks cannot become liable for the pension schemes of other entities.

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Blog

The fraudsters are back – they never left!

Published on 20 February 2015. By Jonathan Wyles, Legal Director

In July 2014 we warned about fraudsters targeting solicitors to gain access to their client account

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Blog

Scheming for foreign companies

Published on 19 February 2015. By Gary Yin, Partner

In the recent case of Re LDK Solar Co Ltd,(1) Justice Lam considered the approach that the court should take in deciding whether to invoke its jurisdiction to approve an arrangement or compromise between a foreign company and its creditors or members.

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Blog

High Court criticises HMRC's conduct and compels it to honour its undertakings

Published on 19 February 2015. By Kristiana Reynolds, Associate

The published judgment in Abbey Forwarding[1] will not make for comfortable reading for HMRC.

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Publication

Apps: regulators globally push for data transparency

16 February 2015

“Not in front of the telly: Warning over ‘listening’ TV”.

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Blog

"Horse play" – Tribunal concludes that racehorse ownership was a gamble and not a trade and rejects the taxpayer's loss relief claim

13 February 2015

In recent years, there has been a seemingly unending string of cases relating to whether certain activities constitute trading.

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Blog

Taking the parody?

Published on 13 February 2015. By Cristina Faro, Associate

In October last year, the time honoured British tradition of taking the mickey became enshrined within our legal system as the law was updated to include a parody exception to copyright infringement.

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Blog

UK VAT changes following Skandia decision

Published on 12 February 2015. By Ben Roberts, Senior Associate

On Tuesday this week, HMRC confirmed a change to the UK VAT treatment of intra-entity supplies of services, from 1 January 2016.

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Blog

Civil Appeals - one shot as of right only

10 February 2015

The right of appeal to the Court of Final Appeal (CFA) with respect to final judgments of the Court of Appeal amounting to HK$1 million or more has been repealed as of 24 December 2014.

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Blog

High street consumers grant HMV a second chance

Published on 10 February 2015. By Henry Priestley, Senior Associate

Music and entertainment retailer HMV has posted a 17.5 percent increase in sales for 2014, making it the UK's biggest seller of physical music and signalling a triumphant comeback following its decline into administration in 2013.

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Blog

SFC provides further guidance on Corporate Professional Investor Regime

Published on 09 February 2015. By Jonathan Cary, Partner

As noted in my blog dated 3 October 2014 concerning the SFC's conclusions on professional investors and client agreements (link), the SFC is looking to enhance the protection afforded to professional investors who are not institutional investors.

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Blog

A perk too far?

09 February 2015

Tech companies have become known for their unconventional benefits packages, which seem to attract envy and disdain from the general public in equal measure.

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Blog

Out of court settlement may lead to adjustment in CGT liability

Published on 05 February 2015. By Robert Waterson, Legal Director

The Court of Session has found in favour of the taxpayer in Sir Fraser Morrison v HMRC[1] ...

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Blog

An Enterprising look at survey evidence

Published on 05 February 2015. By David Cran, Partner and Ciara Cullen, Partner

True to form, Mr. Justice Arnold's recent judgment in Enterprise Holdings Inc v. (1) Europcar Group UK Limited (2) Europcar International SASU [2015] EWHC 17(Ch) runs to an extensive 227 paragraphs.

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Blog

PI Insurer Liable to indemnify firm of solicitors in respect of loans made to its clients by a finance company

Published on 04 February 2015. By Sally Lord, Associate

The Court of Appeal has this week handed down its decision in Impact Funding Solutions Ltd v Barrington Support Services Ltd, which is a case that has sparked a lot of interest since the first instance judgment was delivered back in December 2013.

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Blog

Sharing is caring (with a fee)

04 February 2015

Sleeping on a stranger’s sofa; sharing a ride; borrowing a dog for the day. These seem like rather strange concepts, but they are all examples of a huge new "sharing economy" where people rent beds, cars, boats and other assets directly from each other via the internet.

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Blog

New powers to audit NHS authorities' data protection compliance

Published on 04 February 2015. By Mark Crichard, Partner

From 1 February 2015, the ICO will be able to subject public healthcare organisations to compulsory audits of their data protection compliance under section 41A of the Data Protection Act 1998.

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Blog

High Court considers jurisdiction over non-EU defendant in proceedings also including domestic defendants

Published on 30 January 2015. By Andy McGregor, Head of Civil Fraud

The decision in Jong v HSBC Private Bank (Monaco) SA and others[i]serves as a useful reminder that the Court will be guided by the substance, and not the form, of proceedings when considering questions of jurisdiction.

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Blog

No discretion to extend time to appeal registration of foreign judgments

Published on 29 January 2015. By Dan Wyatt, Senior Associate

In Taylor-Carr -v- Howkins & Harrison LLP[1], it was held that the English courts have no power to extend the time for appealing against the registration of a foreign judgment under Council Regulation 44/2001, which permits judgments in one member state to be enforced in another.

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Blog

FTT decision pays dividends for Mr and Mrs Jones

29 January 2015

In Richard Jones, Julie Jones v HMRC[1], the First-tier Tribunal (Tax Chamber) (FTT) has decided that the owners of an insolvent recruitment consultancy do not have to pay employment taxes in respect of dividends paid to them which they subsequently reclassified as salary.

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