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Tribunal decides that taxpayers must attempt to obtain information held by trustee!

Published on 27 March 2014. By Natalie Drew, Senior Associate

In the recent case of H A Patel & K Patel (a partnership) v HMRC [1], the First-tier Tribunal (Tax Chamber) (‘FTT’) dismissed an appeal by the taxpayers that information and documents held by a trustee were not ‘in their possession or power’ for the purpose of paragraph 18, Schedule 36, Finance Act 2008.

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Blog

Persistent breaches of the partnership agreement? – don’t slice the salami

26 March 2014

The recent Court of Appeal decision in Bishop v Golstein[1] has provided welcome clarification on the way to bring a traditional partnership to an end, when one party has breached the partnership agreement repeatedly.

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Blog

RMB exchange rate causing distress: Recent depreciation risks significant losses under exotic currency derivatives

Published on 25 March 2014. By Jonathan Cary, Partner

The renminbi (RMB) appreciation over the last several years appears to have halted for now (at least in the short-term), which has taken much of the market by surprise.

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Blog

The Law of Confidence – Where are we now?

25 March 2014

Our latest article, which first appeared in the March 2014 issue of PLC Magazine, ...

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Blog

A continuation on a thematic review: insurance broker fined for ABC systems failings

25 March 2014

Such is the seeming regularity with which insurance brokers face censure from the FCA for failings in their anti-bribery and corruption systems and controls that the £315,000 fine dished out to Besso Limited this week may not be considered by some as blog-worthy (particularly when that blog is introduced with such an awful pun).

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Blog

Court of Appeal confirms no general duty to advise on sophisticated tax planning

Published on 25 March 2014. By Robert Morris, Partner

Last year the High Court's decision in Mehjoo v Harben Barker gave rise to plenty of lurid headlines.

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Blog

Budget 2014 - update

Published on 24 March 2014. By Ben Roberts, Senior Associate

Last week's Budget announcements were light on the property tax front.

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Blog

Budget 2014 - update

Published on 24 March 2014. By Ben Roberts, Senior Associate

Last week's Budget announcements were light on the property tax front.

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Blog

Different Emails, Read Together, Can be a Qualifying Whistleblowing Disclosure

21 March 2014

In the case of Norbrook Laboratories (2B) Limited v Shaw the EAT considered whether emails sent to different recipients could be taken as a whole to amount to a qualifying disclosure for the purposes of a whistleblowing claim.

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Blog

Market manipulation: why you should give a Forex

Published on 19 March 2014. By Simon Hart, Partner

Allegations of manipulation in the Forex market have the potential to give rise to both regulatory fines and legal claims dwarfing those relating to LIBOR –

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Blog

HMRC lose FURBS appeal

Published on 19 March 2014. By Dan Wyatt, Senior Associate

In HMRC v Forde and McHugh Limited [2014] UKSC 14, the Supreme Court has dismissed HMRC's appeal and reinstated the decision of the Upper Tribunal.

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Blog

Relief from sanctions: round-up of recent decisions

Published on 17 March 2014. By Dan Wyatt, Senior Associate

Please click here for our latest article which looks at three recent decisions concerning relief from sanctions following the much publicised changes in April 2013 and the seminal case of Mitchell v News Group Newspapers Ltd [2013] EWCA Civ 1537.

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Blog

Company succeeds in overturning section 419 ICTA assessment

14 March 2014

The First-tier (Tax Chamber) Tribunal ('FTT') has decided in RKW Limited v HMRC [2014] UKFTT 151 (TC) that consideration payable by an individual in future instalments for subscribing for shares in an unconnected close company, as defined in section 414 Income and Corporation Taxes Act 1988 ('ICTA'), is not a loan or debt within the meaning of section 419 ICTA ('section 419').

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Blog

Geographical indication: food for thought

14 March 2014

Food manufacturers and retailers engage with consumers on a variety of levels in order to stand out in an increasingly crowded marketplace.

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Blog

Deal or No Deal: FOS recommends taking legal advice following Clark v In Focus

13 March 2014

Reacting to the decision in Clark v In Focus, FOS has updated its technical notes to help guide complainants who might have previously sought to top up their award in Court.

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Blog

When within Rome I or II, do as your EU counterpart might (or might not) do but not in quite the same way they would do it.

Published on 12 March 2014. By Jake Hardy, Legal Director

It seems fairly uncommon[1] for a personal injury action to become a precedent of interest to, and significance for, commercial lawyers.

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Blog

FCA's first market study finds little value-add in uncompetitive insurance add-ons market

12 March 2014

The FCA is proposing to make dramatic changes to the £1 billion insurance add-ons market in order to protect consumers, according to its market study report released yesterday.

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Blog

Litigation privilege in liquidations

Published on 11 March 2014. By Robert Morris, Partner

The recent Court of Appeal decision in Rawlinson and Hunter Trustees SA & others v Akers & another [2014] serves to emphasise that third party reports commissioned by liquidators to enable them to consider whether litigation should be commenced ...

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Blog

Scottish integration?

07 March 2014

In December we commented on the regulatory position of Scottish insurers post-independence (should this come to pass).

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Blog

TTIP of the iceberg - EU/US trade negotiations

06 March 2014

How will the Transatlantic Trade and Investment Partnership (TTIP) - currently being negotiated between the EU and the US - impact on the insurance market?

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Blog

HMRC blunder prevents it from collecting tax

06 March 2014

The Upper Tribunal ('UT') has recently held in Bristol & West plc v HMRC [2014] UKUT 73 (TCC) that closure notices that HMRC had mistakenly sent to a taxpayer were valid and could not therefore be amended.

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Blog

The Cost of Redress: Citizens Advice Bureau reveals £5 billion cost of CMCs

05 March 2014

Last week we reported Lady Justice Arden's fears about the "development of a claims industry… that increases the cost of obtaining financial advice".

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Blog

Top tips for corporates on conducting internal investigations

04 March 2014

The ability to conduct and manage an internal investigation...

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Blog

Misrepresentor remains in firing line following change of counterparty

Published on 04 March 2014. By Daniel Hemming, Senior Associate

In Cramaso LLP v Ogilvie-Grant, Earl of Seafield and others[i] the Supreme Court considered whether a party could be liable for a negligent pre-contractual misrepresentation in circumstances where the party to which the representation was originally made was not the ultimate contracting party.

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Blog

Catch the pigeon - Jack Wills clips House of Fraser's wings in trade mark dispute

Published on 04 March 2014. By Jeremy Drew, Partner

Well-known retail brand Jack Wills has successfully relied on its community trade mark of a pheasant (below and left) in infringement proceedings against House of Fraser's use of a pigeon logo (below and right).

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Blog

Top tips - internal investigations

03 March 2014

The ability to conduct and manage an internal investigation in a way which is proportionate to the issue which has arisen as well as timely and cost effective is a skill not to be under-estimated.

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Blog

Definitive Guideline published for sentencing corporates

28 February 2014

To coincide with Deferred Prosecution Agreements (DPAs) going live earlier this week, the Sentencing Council recently published a Definitive Guideline on the appropriate penalties for corporates convicted of fraud, bribery and money laundering.

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Blog

No need to plead and no need for CMCs

27 February 2014

Those celebrating the common sense decision of the Court of Appeal in Clark v In Focus will have an additional reason to smile when they read comments in the leading judgment of Lady Justice Arden on the purpose of FOS and the role of CMCs.

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Blog

Reflective loss – Court of Appeal decision mirrors the position in Gardner v Parker

Published on 27 February 2014. By Christopher Whitehouse, Senior Associate

In the case of Malhotra v Malhotra & Anor[1], the claimant, Mr Rakesh Malhotra, had given a cross-undertaking in damages in support of a without notice injunction, which was later discharged.

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Blog

First-tier Tribunal confirms compromise agreement is binding on HMRC

Published on 27 February 2014. By Natalie Drew, Senior Associate

The recent case of Southern Cross Employment Agency Ltd v HMRC [2014] UKFTT 088 (TC) considers HMRC's ability (or, in certain cases, their inability) to revoke a decision after a claim has been finalised and paid.

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Blog

Deferred Prosecution Agreements (DPAs) go live

26 February 2014

The Director of the Serious Fraud Office, David Green, regards DPA s as "a welcome addition to the prosecutor's tool kit" but nevertheless has confirmed that "Prosecution remains the preferred option for corporate criminality".

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Blog

Commercial Court confirms principles relating to law governing arbitration agreements

Published on 25 February 2014. By Chris Ross, Partner

The case of Habas Sinai v VSC Steel Company[1] reinforces the importance of providing for a governing law in contracts, particularly if the parties want an arbitration agreement to be governed by a different law from the law of the seat of the arbitration.

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Blog

Deferred Prosecution Agreements (DPAs) go live today

24 February 2014

The Director of the Serious Fraud Office, David Green, regards DPA s as "a welcome addition to the prosecutor's tool kit" but nevertheless has confirmed that "Prosecution remains the preferred option for corporate criminality".

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Blog

Battle lines drawn as High Court supports FCA collective investment scheme finding

21 February 2014

Further judicial guidance has been provided on unauthorised collective investment schemes ("CISs").

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Blog

The Principle of Fundamental Rule

21 February 2014

God ordered the world with 10 commandments, the FSA thought it would take 11 Principles and, perhaps in a statement of its omnipotence, the PRA has taken on the challenge with just 9 "Fundamental Rules".

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Blog

Taxpayer establishes clean break and wins residence case before Tax Tribunal

21 February 2014

The First-tier Tribunal (Tax Chamber) ('FTT') have decided in James Glyn v HMRC [2013] UKFTT 645 (TC) that, although Mr Glyn had retained his London house and returned to it several times during the year under appeal, he had nevertheless ceased to be UK resident for tax purposes as he had sufficiently loosened his ties with the UK to show there had been a distinct break with the UK.

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Blog

Annuities – what next for providers and advisers?

Published on 21 February 2014. By Rachael Healey, Partner

The FCA has published its of Thematic Review of Annuities having conducted a substantive review of the annuity market.

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Blog

'Total' win for FAGE in Greek yoghurt appeal

20 February 2014

The Court of Appeal has recently handed down judgment in one of only two recent cases concerning a claim for extended passing off.

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Blog

When is a solicitor acting as a solicitor?

Published on 20 February 2014. By Rachael Healey, Partner

The High Court has recently given some guidance on whether, when operating its client account, a firm is acting in its capacity as a solicitor.

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Blog

Mitchell: No excuse for a 'common sense' blind spot

19 February 2014

A recent decision by Mr Justice Stuart-Smith in the TCC in The Governor & Company of The Bank of Ireland -v- Philip Park Partnership illustrates that it is possible to push strict emphasis on CPR compliance too far.

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Blog

Rolex ruling-CJEU gives good news to EU rights holders

Published on 17 February 2014. By Jeremy Drew, Partner

This article was first published on Lexis®PSL IP & IT on 13 February 2014 and is in a Q&A format with Kate Beaumont.

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Blog

Basel III – insurance as a risk mitigant?

Published on 17 February 2014. By Oliver Knox, Senior Associate

RPC's banking team recently attended the Loan Market Association's (LMA's) seminar on "Mitigating Risk – Insurance as a Risk Mitigant" which focussed on whether insurance could be used by banks for the purpose of securing capital relief under Basel III.

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Blog

FOS in focus

14 February 2014

The Court of Appeal confirmed this morning that a FOS complainant with an award at the statutory maximum of £150k cannot sue for the balance of their losses in Court.

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Blog

FOS is the one and only

14 February 2014

After what has felt like an interminably long wait, the Court of Appeal has today allowed the appeal in Clark v In Focus.

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Blog

CJEU rules that linking and framing is not copyright infringement

Published on 13 February 2014. By Paul Joseph, Partner

The CJEU handed down an important decision this morning on online copyright infringement.

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Blog

FTT listens to used car salesman and allows his claim for entrepreneur's relief

13 February 2014

In a recent decision of the First-tier Tribunal (Tax Chamber) ('FTT') it was held that a significant change in business constituted a cessation of one business and the commencement of a second business, (Jeremy Rice v HMRC [2014] UKFTT 0133 (TC)).

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Blog

SEC ups the ante on audits of Chinese companies listed in US

Published on 13 February 2014. By Robert Morris, Partner

In its "Initial Decision" No. 553, a US Securities and Exchange Commission administrative law court recently concluded that the Chinese affiliates of five international accounting firms breached section 106 of the US Sarbanes-Oxley Act 2002 ...

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Blog

Competition and Markets Authority announces its 'Vision, values and strategy'

12 February 2014

The Competition and Markets Authority ("CMA") is the new combined successor body to the Office of Fair Trading and the Competition Commission, created by the Enterprise and Regulatory Reform Act 2013.

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Blog

Offshore Ombudsman: Financial Ombudsman Service for Jersey and Guernsey on its way

12 February 2014

With the first glimmers of spring breaking through the clouds, the Ombudsman, like many of us, is packing his bowler and planning a trip off-shore.

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Blog

Tour Operators – Can you benefit from adapting your TOMS calculations?

12 February 2014

After lengthy deliberation, HM Revenue & Customs (HMRC) has announced it is not going to change the way the Tour Operators Margin Scheme [TOMS] is operated in the UK.

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