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7 Swans-a-Swimming: new regulations are there to protect them
It's day seven of our festive blog series: The Conservation of Habitats and Species Regulations 2017 have come into effect. What do they say for the likes of our swimming swans?
Read moreBarclays Wealth Trustees - normal meaning to apply to 'settlement' for IHT purposes
In Barclays Wealth Trustees (Jersey) Ltd and Michael Dreelan v HMRC [2017] EWCA Civ 1512, the Court of Appeal has confirmed that inheritance tax will not apply in circumstances where a transfer between excluded property settlements takes place after a settlor becomes domiciled in the UK.
Read morePost-crisis low in individuals banned from financial services by FCA
The FCA’s tough approach to individual responsibility is paying off
Read moreInitial Coin Offerings – the digital financing process under global scrutiny
In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?
Read more6 Geese A-Laying: The Significance of laying the Golden Brick
What does the term "Golden Brick" mean, who uses it and why? In this article we explore the usefulness of the golden brick, the formalities which determine whether it applies and alternative approaches.
Read moreIndependent inquiry launched into malpractice of Ian Paterson
The Department of Health has announced the launch of an independent inquiry into the circumstances and practices surrounding the activity of convicted breast surgeon Ian Paterson.
Read more5 gold rings: a sensible way of paying for your Christmas shopping?
It's day five of our festive blog series: Gold is rare as a payment form these days, and cash is becoming increasingly so. Whilst retailers and consumers are embracing cashless payments, they are not without their risks.
Read moreTax update December 2017
In this month’s update we report on HMRC’s increased activity in respect of the so-called Panama Papers; HMRC’s new guidance in relation to “enablers” of defeated tax avoidance schemes; new settlement terms concerning disguised remuneration; and HMRC’s updated Litigation and Settlement Strategy
Read more4 Calling Birds – it's good to talk…
How will the new electronic communications code affect telecoms providers?
Read moreKey legal pitfalls of starting up: Agreeing the deal with your co-founders
RPC advice on agreeing the deal with your start-up co-founders, including a list of key considerations, which can prevent expensive disagreements in the future.
Read more3 French hens: are too many of our house-building eggs in their baskets?
We couldn't pass up the opportunity to mention Brexit – its potential impact on the rate at which we are building out new homes has been in the news a lot recently, with fears over the loss of foreign workers and slowdown across the economy.
Read moreJiminez: High Court quashes information notices issued to non-UK resident taxpayer
In Jimenez v (1) HMRC & (2) The First Tier Tax Tribunal [2017] EWHC 2585 (Admin), the High Court has quashed an information notice given by HMRC to a non-UK resident taxpayer.
Read moreChanges to business rates calculations are good news for retailers
The government announced two changes to business rate annual increases in the Autumn budget, moving from RPI to CPI in April 2018 (rather than 2020 as originally proposed) and shortening the revaluation cycle. It is good to see that the government has listened to concerned businesses but will the changes go far enough?
Read more2 Turtle Doves
Most leases of both commercial and residential premises include an express quiet enjoyment covenant, but what does this actually mean, and how can you ensure peace is retained.
Read moreA Partridge in a Pear Tree
This is the first of a series of blogs we shall be posting in the run up to Christmas based upon The Twelve Days of Christmas carol with a property theme. We hope you enjoy reading them and have a very merry Christmas.
Read moreEngagement news
Manufacturers and insurers may have missed Prince Harry's news on Monday in the general excitement surrounding the Government's Industrial Strategy, announced on the same day.
Read moreVAT update November 2017
In this month’s update we report on the Office of Tax Simplification’s first report on VAT, the draft regulations concerning the fulfilment house due diligence scheme, and HMRC’s revised guidance on input tax deduction for funded occupational pension schemes.
Read moreTrump calls out Chinese IP practices
Although Donald Trump implicitly calling Kim-Jong Un 'short and fat' might have stolen the headlines, the President's first official visit to Asia has also indicated that he is serious about his 'America First' policy, and protecting intellectual property.
Read moreBereavement Damages incompatible with European Convention on Human Rights
Consideration of the Court of Appeal decision in Smith v Lancashire Teaching Hospitals NHS Foundation and others that restriction on awards for bereavement damages under the Fatal Accidents Act 1976 are incompatible with the European Convention on Human Rights.
Read moreKey legal pitfalls of starting up
Introduction to the RPC blog series 'key legal pitfalls of starting up' – a guide for Insurtech start-ups. Contains top-tips on legal issues.
Read moreA step closer
Matthew Griffith and Neil Brown explore Lloyd's SPAs as an alternative for new market entrants to standalone syndicate formations and M&A
Read moreBekoe: Tribunal cancels discovery assessments and penalties issued to taxpayer
In Edwin Bekoe v HMRC [2017] UKFTT 772, the First-tier Tribunal (FTT) has held that the taxpayer was not liable to assessments and penalties where he had demonstrated that deposits paid into his brother's bank account were loans and not undeclared taxable trading income and HMRC's reliance on the "assumption of continuity" principle had been misplaced.
Read moreInsurance team to build RPC's London offering
New team includes two new Partners and is expected to expand the firm's international offering
Read moreSFAT fines HSBC Private Bank record-breaking HK$400 million and suspends its securities licenses
On Tuesday (21 November 2017), Hong Kong's Securities and Futures Appeals Tribunal fined HSBC Private Bank (Suisse) SA HK$400 million, suspended its license to advise on securities and partially suspended its license to deal in securities, for one year. The previous largest fine was HK$30 million.
Read moreMobile health app developers take note – the importance of patient safety
'Natural Cycles' and 'GP at Hand' are examples of apps revolutionising healthcare. Developers must take all appropriate steps to mitigate the risk of harm to patient safety.
Read moreProduct liability update November 2017
A round-up of some of the recent stories making the news, from automated vehicles to food safety and product advertisements.
Read moreWhat next for the Discount Rate?
A discussion of the proposed date of implementation for the new discount rate / Ogden rate following a government consultation in 2017. The discount rate was reduced by the Lord Chancellor from 2.5% to minus 0.75% in February, but is expected to increase to between 0% and 1% following lobbying from the insurance industry and other bodies including the NHS.
Read moreCustoms and excise quarterly update, November 2017
In this update we report on the Government’s White Paper setting out its approach to the UK’s future customs, VAT and excise regimes; the Trade Bill 2017-2019; and the implementation of the Fulfillment House Due Diligence Scheme.
Read moreBroken bonds - the FCA clamps down on firm promoting mini-bonds
According to a recent article in Citywire, the FCA has ordered a firm promoting mini-binds to "cease all regulated activity" following a series of losses being incurred by investors in respect of mini-bonds.
Read moreBenham – Upper Tribunal dismisses HMRC's appeal regarding the correct treatment of a purported amendment of a return relating to a failed rollover claim
In Benham (Specialist Cars) Limited v HMRC [2017] UKFT 389 (TCC), the Upper Tribunal (UT) dismissed HMRC's appeal upholding the decision of the First-tier Tribunal (FTT) that section 153A(4), Taxation of Chargeable Gains Act 1992 (TCGA), does not provide a freestanding right for HMRC to make or amend an assessment in order to bring a rolled-over gain back into charge following the lapse of a declaration of intention to claim roll-over relief made under section 153A(1), TCGA.
Read moreADR coming of age for financial disputes in Hong Kong
Alternative dispute resolution is coming of age for financial disputes in Hong Kong, as we see the FDRC's Financial Dispute Resolution Scheme expand from 1 January 2018 and 1 July 2018.
Read moreWealth and trusts quarterly digest November 2017
Welcome to our latest Wealth and trusts digest. Our quarterly digest provides up to date commentary and analysis on key sector developments. It is written by members of our wealth and trusts team to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any issues you may have and always welcome feedback on the content of our publications.
Read moreRetail M&A falls but pipeline suggests deals are around the corner
Only 16 M&A deals in retail in the past year, but Tesco/Booker, Co-op/Nisa deals suggest bumper year to come
Read moreTo sue in debt or damages? A documentary credit dilemma
A good presentation under a letter of credit gives rise to a claim in debt against the issuing or confirming bank. But that debt claim is lost if, in the face of a rejection of the documents, the beneficiary takes the documents back. In those circumstances the beneficiary must ask itself the question "Do I want my documents back?"
Read moreThe FCA turns its attention to the wholesale insurance sector
After indicating its intention to conduct a wholesale insurance market study in its 2017/18 Business Plan, the FCA has now announced the launch of its wholesale insurance broker market study and set out its terms of reference. This is an important development for brokers and insurers operating in this sector, and also for their clients.
Read moreCourt of Appeal drives through London Taxi's hopes of enforcing protection for its shape marks
The Court of Appeal has dismissed an appeal against a High Court decision that 3D trade marks for models of London black taxis were invalid for lack of distinctive character.1
Read morePayment and Payless Notices – the Basis of Calculation – Judicial Guidance at last
Whilst the Scottish case of Muir Construction Limited v Kapital Residential Limited is not binding on the English courts, the judgment is not only perfectly sensible but also provides useful guidance on the requirements for a payless notice under the amended Housing Grants, Construction and Regeneration Act (the Act) - an area which has not had much judicial attention since the change from the withholding notice regime. In a bumper month for payment notice disputes, we also had guidance from the Court of Appeal on the need for payment notices following termination – both decisions coming just as the Government announced its consultation on the 2011 amendments to the Act.
Read moreThe Barty Party – HMRC's information notice was invalid
In The Barty Party Company Limited v HMRC [2017] UKFTT 697, the First-tier Tribunal (FTT) allowed the taxpayer's appeal against an information notice which HMRC had issued pursuant to Schedule 36, Finance Act 2008, on the basis that the information notice was invalid.
Read moreSinking and Reserve Funds – how best to save for a rainy day
Most managing agents will know that it is best practice to keep funds aside for a rainy day but how many are aware of the formalities necessary to properly account for such funds?
Read more"Cash is king"? The rise of the "tap and go" cashless society
Blink and you'll miss it. In the age of increasing cashless payments and "tap and go" transactions, what are the consequences for businesses, consumers and society?
Read moreNCL Investments - Tribunal allows deductions against trading profits in EBT case
In NCL Investments Limited and another v HMRC [2017] UKFTT 495, the First-tier Tribunal (FTT) held that accounting debits relating to the grant of share options to employees were a deductible expense for corporation tax purposes.
Read moreSchemes and offers where drags don't work
James Mee and David Wallis detail the statutory solutions available when drag-along rights are either ineffective or non-existent for the sale of private companies with a large employee shareholder base
Read more欧州Ｍ＆Ａ最前線 2017年11月
Ｍ＆Ａ（企業の買収・合併）市場の夏休み明けの出足は例年より鈍かったものの、現在は数多くの案件が進行している。テクノロジー企業の資金調達ラウンドが活発化しており、市場に資金が流れ込むとともに、日本企業の間でも動きが見られる。
Read moreCabinet office to oversee contaminated blood inquiry
Statutory public inquiry announced into how contaminated blood transfusions infected thousands with HIV and hepatitis C in the 1970s and 80s.
Read moreConstruction Act and Retention consultations published by the Government
The Government has recently published two consultations to review (i) the implementation of the 2011 changes to the Construction Act; and (ii) the practice of cash retention under construction contracts.
Read moreTax update, November 2017
In this month’s update we report on HMRC’s revised guidance relating to venture capital schemes, the coming into force of section 166, Finance Act 2016 (offences relating to offshore income) and HMRC’s new guidance on self-reporting for failure to prevent the facilitation of tax avoidance.
Read moreFrom light industrial to residential – the new permitted development right
At a time when headlines and inboxes are filled with new comment, consultation and discussion on how to tackle England's housing crisis, a new permitted development right allowing a change of use from light industrial to residential has come into effect with very little fanfare. So what's new, and why have we not heard more about it?
Read moreFCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements
The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.
Read moreTV formats are the real 'Minute Winner': High Court confirms TV formats can be protected as artistic works
In a recent judgment, the High Court has provided helpful clarification on a particularly grey area of IP law by confirming that TV formats can be protected by copyright as artistic works.
Read moreA Shift in Vicarious Liability (Armes v Nottinghamshire County Council)
Armes v Nottinghamshire County Council [2017] UKSC 60. A review of recent case law extending Vicarious Liability and the impact this will have on organisations and their insurers.
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