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Corporate tax update
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this final 2017 edition we highlight some of the key tax developments of interest to UK corporates from the fourth quarter of 2017.
Read moreCourt of Appeal holds that a facility agreement based on the LMA model form does not constitute lenders' standard terms for UCTA: But never say never…
The Court of Appeal has upheld a decision that a facility agreement based on the LMA model form did not constitute the lenders' standard terms for the purposes of UCTA. Had UCTA applied, the terms of the facility agreement would have been subject to a reasonableness test.
Read moreBrexit chess game to be played out at Chequers
The Life Sciences industry demands certainty over the Government's approach to regulation after Brexit. It is hoped that Government meetings this month will achieve that.
Read moreValue of UK litigation funders’ "war chests" hits £1 billion - up 42% in a year
Litigation funders ramp up case sourcing strategies to deploy the extra capital
Read moreCustoms and excise quarterly update, February 2018
Welcome to the February edition of our customs and excise quarterly update.
Read moreMr Justice Langstaff to chair contaminated blood inquiry
Mr Justice Langstaff will lead the public inquiry into how contaminated blood transfusions infected thousands of people with HIV and hepatitis C in the 1970s and 80s
Read moreInsuring Cryptocurrency risk, and why a duck might not actually be a duck
Cryptocurrencies have dominated headlines with their soaring value and accelerating use. Their regulation has remained somewhat of an afterthought, however. This blog post looks at some of the pitfalls and the larger implications for financial professionals and the insurance industry that the risks of cryptocurrency present.
Read moreBeware of the risks when notifying warranty claims
In Teoco UK Limited v Aircom Jersey 4 Limited, Aircom Global Operations Limited(1) the Court of Appeal upheld the High Court's decision to strike out certain breach of warranty claims on the basis that the buyer had given the seller inadequate notice of those claims. The buyer's attempt to keep its options open by drafting its notices widely proved fatal to its claims, as it failed to identify the specific warranties to which its claims related as required by the share purchase agreement.
Read moreICOs in Hong Kong
We have all seen the rise in the price of Bitcoin in the last year, and may also be aware (at the very least) of the existence of ICOs. But what are ICOs? And what legal framework do they operate in? ICOs in Hong Kong.
Read moreSabotage at sea - The LADY M
In The LADY M, the English Commercial Court held that shipowners could rely on the Hague-Visby Rules fire defence even when the fire was set by the crew (without owners’ knowledge). In so doing, the admiralty concept of barratry received rare consideration by the Courts.
Read moreRICS Conflict Avoidance Pledge
It is a well-known fact that the costs of resolving disputes can quickly escalate, and that it is often not cost and time effective to pursue even mid-sized claims through arbitration or litigation. In an attempt to circumvent the need for this sort of dispute resolution, by avoiding disagreements developing into disputes, the Conflict Avoidance Coalition has formed and introduced a "Conflict Avoidance Pledge".
Read moreTrainees Take on 2018: can we predict the unpredictable?
Despite the rollercoaster that was 2017, our trainees did fairly well in predicting its twists and turns, including that Trump would continue without restraint on Twitter. In an attempt to continue our success, the trainees have submitted their predictions for 2018. Disclaimer: we failed to foresee the rise in Bitcoin last year (and therefore must continue to work), so please do not rely on the below for your investment advice! Read on to see our bets on Brexit, US Politics, the World Cup and 'automated bundling'!
Read moreCannon: Tax barrister not careless in relying on advice received from his accountant
In Cannon v HMRC [2017] UKFTT 859 (TC), the First-tier Tribunal has held that a tax barrister was not careless in relying on tax advice received from an accountant retained to give professional advice on specified issues.
Read moreMonkey See, Monkey Do
Implications for humans and animals of the recent successful cloning of monkeys by Chinese researchers
Read morePrivilege: A welcome respite from ENRC?
Are interviews held with employees to prepare a report intended to deter a governmental authority from taking legal action privileged?
Read moreEnglish Holdings - UT allows set-off of corporation tax loss against general income
In English Holdings Ltd v HMRC [2016] UKFTT 0346 (TC), the Upper Tribunal (UT) upheld a decision of the First-tier Tribunal (FTT) which allowed an appeal by a non-UK resident company against a decision of HMRC refusing its claim to offset losses arising in its UK permanent establishment (PE) against profits earned by its UK property rental business.
Read moreCMA clamps down on unfair gambling promotions
The CMA has spoken: online gambling operators must act now to avoid falling foul of misleading terms and practices. See below for our list of dos and don’ts.
Read moreGovernment announces new office for product safety and standards
On 21 January 2018, the Government announced the creation of the Office for Product Safety and Standards (OPSS), a new national oversight body tasked with “identifying consumer risks and managing responses to large-scale product recalls and repairs”.
Read moreTax update - February 2018
In this month’s update we report on HMRC’s recently published guidance relating to penalties for enablers of defeated abusive tax arrangements; the publication by the EU of a list of non-cooperative jurisdictions in tax matters; and the outcome of HMRC’s consultation on reporting obligations for offshore structures.
Read moreBeneficial House – Tribunal orders HMRC to issue closure notices in tax avoidance case
Beneficial House; Stanley Dock; Chancery (UK) LLP, Valhalla Private Client Services LLP; Business Premises Renovation Allowance; BPRA; Disclosure of Tax Avoidance Scheme rules; DOTAS; Tax on restoration of hotel; HMRC closure notices; closure notices; Tribunal orders HMRC to issue closure notices; application for a closure notice; section 28 TMA..
Read moreDuty calls: What information should be provided to patients following treatment?
Summary of the High Court's recent decision in a case concerning the duty to inform a patient of treatment outcomes and the requirement for follow-up, further treatment, or monitoring.
Read moreTrainees took on 2017: were they right?
Following RPC trainees' 2017 "predictions", our editors take a look back at the key trends and events over the last 12 months to determine whether the trainees were right!
Read moreRetrospective and prospective delay analyses – do they provide the same results?
The recent case of Fluor v Shanghai Zhenhua Heavy Industry Co considered the difference between prospective and retrospective approaches to delay analysis and whether they lead to the same results.
Read moreOrgan donation: have your say
Organ donation is, for some, a difficult topic of conversation, but a Government consultation is encouraging us to think about it and share our views.
Read moreESMA to use new powers to attack the sale of CFDs and binary bets to retail investors
ESMA has launched a public consultation on measures to protect retail investors investing in contracts for difference (CFDs) and binary bets. Potential changes include wide-ranging restrictions on the marketing and sale of CFDs, and a complete prohibition on the sale of binary bets to retail investors. An intervention would mark ESMA's first use of its new powers under MiFID II, which came into force on 3 January.
Read more2018 TerraLex guide to navigating cross-border copyright rules
Drawing together contributions from copyright experts in 21 territories we have found are key to global businesses, this guide explores questions regarding legislation and regulation, ownership, infringement, remedies, enforcement and copyright reform on a country-by-country basis.
Read moreFOS consultation on SME access to Ombudsman service
The FCA is currently consulting on proposed new rules to allow larger small and medium sized enterprises to refer complaints to the FOS.
Read moreFOS consultation on SME access to Ombudsman service
The FCA is currently consulting on proposed new rules to allow larger small and medium sized enterprises to refer complaints to the FOS.
Read moreVAT Update - January 2018
In this month’s update we report on the VAT treatment of pension fund management services for insurers; the establishment of the EU cross-border prosecution service; and guidance published by HMRC following the Supreme Court’s decision in Littlewoods.
Read moreCommodity specification breach – can I reject?
A common question which arises in day to day commodity trading is whether a buyer can reject goods which do not meet the specifications set out in the contract. This blog discusses the factors which commonly come into play in determining that question.
Read moreConnected and Autonomous Vehicles: Changes ahead for UK road traffic laws
The UK Government has recently launched a consultation on proposals to amend the Road Vehicles (Construction and Use) Regulations 1986 (Regulations) and the Highway Code. The proposed changes will clarify the legal position for use of features in Connected and Autonomous Vehicles (CAVs) and should bring the UK law in line with recent updates to international rules.
Read moreNew Year, New You? How about joining the virtual reality gym…
Looking to beat the January gym rush? Well, look no further than American based firm Black Box VR who have combined gaming and gyming to create a virtual reality workout using just a resistance machine and headset.
Read moreIncorrect Ownership Certificates: A Cautionary Tale
In a case which the judge deemed to be "a cautionary tale about how not to submit a planning application and its consequences", the High Court has recently tackled the question of the effect of incorrect ownership certificates submitted with planning applications. In considering the issue, the Court has given us a helpful reminder of when such an error might lead to the quashing of a planning permission.
Read moreThorny issues of jurisdiction and claim form service laid bare by High Court
In Howard Kennedy v The National Trust for Scotland [2017] EWHC 3368 (QB), the High Court considered two complex issues: one relating to the doctrine of forum non conveniens and the other to the CPR provisions on service of a claim form. In his judgment, handed down yesterday, Sir David Eady stayed the action in England & Wales on the basis that Scotland is the more appropriate forum. He also provided guidance on the tricky interplay between deemed and actual service of a claim form, ultimately holding that the claim form in this case had been validly served in time.
Read moreBig Data, big problems?
Big Data is here to stay, whether we like it or not. It has transformed the way businesses operate and continues to streamline everyday life for individuals. However, Big Data has big implications for privacy; this blog considers the highs and lows of Big Data and what the law is doing to intervene.
Read moreCooke: Tribunal allows taxpayer's discovery assessment appeal
In Cooke v HMRC [2017] UKFTT 844 (TC), the First-tier Tribunal (FTT) has allowed an appeal against a discovery assessment issued by HMRC pursuant to section 29, Taxes Management Act 1970 (TMA). The FTT found that the 'hypothetical officer' could have been reasonably expected to be aware that certain claims in the taxpayer's return were excessive.
Read moreAnnual Insurance Review 2018
Welcome to RPC’s Annual Insurance Review for 2018.
Read moreAnd the (Christmas) results are in: Part II
Since our previous update many retail companies across the UK have posted their festive financials with several big retailers posting disappointing Christmas results.
Read moreTop 10 industry highlights for 2018: RPC’s Annual Insurance Review
RPC, the City-headquartered professional services firm, has selected 10 industry highlights expected to impact the insurance market in 2018 as part of its Annual Insurance Review. The insights are based on the expertise and experience of individuals and teams in RPC’s market-leading insurance practice.
Read moreAccountants
In this chapter of our Annual Insurance Review 2018, we look at the main developments in 2017 and expected issues in 2018 for accountants.
Read moreOur latest set of retail law 'Snapshots' are now available
Each Snapshot focuses on the key questions: What's the development? Why does it matter? And what should you be doing about it.
Read moreNotification under a specific clause must be clear
Systems Pipework Limited (SPL) v Rotary Building Services Limited (RBSL) determines that where a clause may have a draconian effect it is necessary for notification of this clause to include reference to the clause and clearly comply with the clause's purpose and requirements.
Read moreTo each his own: which papers belong to the solicitor?
Although it has previously been established that clients don't necessarily own all of their solicitors' file, clients don't always appreciate this when making a file request. Some recent case law provides support to solicitors when dealing with such requests.
Read moreThe FCA pledges to take action against providers of contracts for difference
The FCA has concluded that consumers are at "serious risk of harm" due to the poor practices of some providers and distributors of CFDs. The regulator will take further action against at least one firm in its latest crack-down on these "complex, high-risk" products.
Read moreUpper Tribunal refuses permission for judicial review of HMRC's policy on prior misapplication of law
In The Queen (on the application of R Clarke and others) v HMRC [2017] UKUT 379, the Upper Tribunal (UT) refused an application for permission to judicially review HMRC's decision not to compensate the taxpayer beyond the scope of its published policy contained in Business Brief 28/04.
Read moreThoughts on the FCA's fund fee transparency proposals
Alternative investment funds may soon be required to report total cost of ownership in a standardised form. Work on new templates in ongoing, and fund managers need to be aware of the situation and to be involved in this important debate that has so far been largely overlooked.
Read moreName and Shame: HM Land Registry to publish list of worst offenders
HM Land Registry has announced plans to publish a list of the top 500 entities responsible for the highest number of applications and ranking them by their track record of correctly completing Land Registry forms and applications.
Read more欧州Ｍ＆Ａ最前線 2018年１月
寒さ厳しい東京で、この記事を執筆している。幸い気温は低くても東京の雰囲気は温かい。 保険部門の同僚が、2018年に保険業界で予想される10大トピックスを公表した。非常に興味深い内容なので紹介する。
Read moreAnd the (Christmas) results are in…
The focus of last year's post-Christmas update was Next's post-Christmas profit warning. This year however it was largely good news for the retailer as they reported that sales in the 54 days to 24 December 2017 were up by 1.5% compared to the same period in 2016. This is against Next's expectation in November 2017 that sales would fall by 0.3% for the period.
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