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"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.
Read moreFavourable approach for insurers to the construction of exclusion clauses
In a recent decision the Commercial Court has followed the Supreme Court in the Impact Funding case. It declined to apply the contra proferentem rule to an exclusion clause in an insurance policy. Insurers will welcome the decision.
Read moreFCA allows confidential report to be scrutinised by Treasury Select Committee
The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.
Read moreDisputes over football and music copyright dominate in High Court
Football and music bodies were the top three most frequent claimants in the High Court last year*, as the two industries look to protect their intellectual property.
Read moreCorporate tax update, third quarter 2017
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s Tax Team and published quarterly.
Read more欧州M&A最前線 2017年10月
読者の多くは、2018年5月25日に施行される欧州連合(EU)の「一般データ保護規則(GDPR)」についてご存じだろう。世界各国の企業は、EU市民の個人データや基本的プライバシーを保護していることを証明する義務を負う。この規則は、欧州で事業を展開する全ての日本企業に影響を及ぼす。
Read moreVAT update, October 2017
In this month’s update we report on the processing of personal data to combat tax fraud, the new proposals for taxing intra-EU supplies and the change in VAT treatment of pension fund management services supplied by regulated insurers.
Read moreLiability for commencement of approach voyage under voyage charters - absolute?
A recent judgment of the Commercial Court examines a novel point in respect of the obligation on an owner under a voyage charter to get the vessel to the load port when the charter contains a cancelling date but no expected readiness to load date or load port ETA.
Read morePE funds: Risks to LP limited liability status
One of the key attributes of an English limited partnership is that the general partner has unlimited liability for the debts and obligations of the limited partnership.
Read moreTransferring limited partnership interests
A limited partner may assign its interest in a limited partnership, subject to the general partner's consent and any contrary agreement between the limited partners.
Read moreUK financial services trade marks hit record high as fintech investment grows
This rise in trade mark activity has been partly propelled by new financial products being launched in the fintech sector.
Read moreAdjudication – mind the recovery gap
O'Farrell J recently severed an adjudicator's decision as she considered that the adjudicator did not have jurisdiction to award costs under the Late Payment of Commercial Debts (Interest) Act 1998 (Late Payment Act) in Enviroflow Management Ltd v Redhill Works (Nottingham) Ltd (2017) (unreported, 16 August 2017).
Read moreDigital Comparison Tools: The CMA's Verdict
The CMA has recently concluded its year-long digital comparison tools (DCT) market study with the publication (on 26 September 2017) of its Final Report. However, this is by no means the end of the story. In addition to making recommendations to DCTs, their users, the regulators (in particular, the FCA), other bodies and the Government, the CMA has launched a competition investigation into the use of wide "most favoured nation" (MFN) contractual arrangements by a DCT in the home insurance sector and will keep other commercial arrangements under review.
Read moreThe FCA makes clear its expectations of financial advisers
FCA, regulatory, financial services
Read moreSUSSEX CARS - Tribunal orders HMRC to pay taxpayer's costs of appeal
In Sussex Cars Association v HMRC [2017] UKFTT 0691 (TC), the First-tier Tribunal (FTT) has exercised its discretion, under Rule 10(1)(b) of the Tribunal Rules, to make an order for costs against HMRC on the basis that it had "acted unreasonably in bringing, defending or conducting the proceedings".
Read moreNot Fazed –September Sales and Consumer Confidence Defy Expectations
Building on the positive sales figures at the end of the summer period, which we discussed in an earlier article, retailers have kept the momentum going in September.
Read moreMcGreevy – Tribunal describes HMRC's argument as "clap trap" in late filing case
In R McGreevy v HMRC [2017] UKFTT 0690 (TC), the First-tier Tribunal (FTT) allowed a non-resident taxpayer's appeal against a penalty for the late filing of her non-resident CGT (NRCGT) return on the basis that she had a reasonable excuse.
Read moreAre there dark clouds on the horizon for SIPP providers?
According to Citywire, the FCA is poised to complete further supervisory work on the SIPP industry with a specific focus on non-standard investments. We understand that the FCA has questioned SIPP providers on the number of high risk investments they hold following a spate of complaints about such products in recent years.
Read moreAre there dark clouds on the horizon for SIPP providers?
According to Citywire, the FCA is poised to complete further supervisory work on the SIPP industry with a specific focus on non-standard investments. We understand that the FCA has questioned SIPP providers on the number of high risk investments they hold following a spate of complaints about such products in recent years.
Read moreGeneral liability update October 2017
The latest general liability news coming out of the courts.
Read moreGovernment to cover negligence claims against GPs
Government to cover negligence claims against GPs
Read moreGovernment to cover negligence claims against GPs
Government to cover negligence claims against GPs
Read moreInstant Retail Therapy
ASOS Instant, the same-day delivery service launched by ASOS last week, reflects the growing momentum of "fast shopping", where the ultimate consumer experience is effortless and almost instantaneous.
Read moreMedical device concerns and MHRA compliance
Increase in medical devices regulatory alerts and how to respond to concerns
Read more71% jump in regulator alerts over medical devices
There has been a 71% jump in regulatory 'alerts' over medical devices in the past year, says City-headquartered professional services firm, RPC.
Read moreGill - Tribunal rejects HMRC's interim applications
In Gill v HMRC [2017] UKFTT 0597 (TC), the First-tier Tribunal (FTT) dismissed three interim applications made by HMRC for (1) permission to adduce expert evidence; (2) a direction excluding a large amount of documentation adduced by the taxpayer; and (3) a direction that the taxpayer disclose data in an alternative format to that provided by the taxpayer.
Read moreNorth Midland Building Limited v Cyden Homes Limited [2017] EWHC 2414 (TCC): Choose your extension of time provisions carefully
North Midland Building Limited v Cyden Homes confirms the primacy of the parties' contract in determining an extension of time. Specifically, in North Midland the High Court held that an amendment made to the construction contract meant that, in a situation of concurrent delay, North Midland Building Ltd (the Contractor) was not entitled to an extension of time from Cyden Homes Ltd (the Employer) and that the prevention principle, had it arisen, would not take precedence over the expressly agreed terms of the contract.
Read moreSerial referrals and abandoned adjudications: will the court grant an injunction prohibiting adjudication proceedings?
In Jacobs v Skanska, the TCC has recently held that starting a second adjudication on the same or similar issues is unreasonable but not oppressive and an injunction should not be granted. In the recent case of Jacobs UK Limited v Skanska Construction UK Ltd [2017] EWHC 2395 (TCC), Justice O'Farrell DBE clarified the courts will not restrain a party who opens and closes numerous adjudications for a tactical benefit but, the responding party may be granted a wasted costs order.
Read moreRPC's growing Hong Kong Commercial Disputes team adds strength with new Partner
Banking and finance litigator Jonathan Crompton joins the Asian office as a Partner
Read moreChadwick – Discovery assessment on wrong person cannot be remedied by section 114 TMA
In Chadwick (as trustee in bankruptcy of Mrs Gloria Oduneye-Braniffe) v The National Crime Agency [2017] UKFTT 656 (TC), the First-tier Tribunal (FTT) has held than an assessment issued to a trustee in bankruptcy was a gross error that could not be cured by section 114 of the Taxes Management Act 1970 (TMA).
Read moreFCA criticised by Complaints Commissioner for its handling of enforcement limitation issues
The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.
Read moreDB Transfers - now what?
We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.
Read moreTax update, October 2017
In this update we report on HMRC’s recently published guidance concerning the new offences of failing to prevent the facilitation of tax evasion; HMRC’s new powers to refuse to register or de-register master trust pension schemes; and new guidance on investors’ relief in the CGT context.
Read moreGetting to the heart of database right and copyright
Getting to the heart of database right and copyright: Technomed Ltd and another v Bluecrest Health Screening Ltd and another [2017] EWHC 2142 (Ch), 24 August 2017 It's not often that a case features successful claims for both copyright infringement and database right infringement but this is one of those cases.
Read moreInsurtech Jargon 101: What does it all mean?
"Insurtech" is a nebulous concept broadly referring to innovative technology in the insurance industry. Comments on insurtech are often littered with references to specific computing concepts which individually are pretty straight-forward. However, when used in conjunction with one another with no further explanation, insurtech jargon can sound much more complex than it really is. I explain some of the key terms below.
Read moreService provider liability
EU proposal provides clarity on incoming requirements for digital service providers
Read more欧州M&A最前線 2017年9月
夏季休暇が明け、日常に戻ったロンドンの金融街シティーには、さまざまなプロジェクトを進めようという意欲と活気がみなぎっている。
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