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Supreme Court rejects taxpayers' appeals and denies enterprise zone allowances
In R (ota of Cobalt Data Centre 2 LLP and another) v HMRC [2024] UKSC 40, the Supreme Court dismissed the taxpayers' appeals concerning capital allowances on enterprise zone expenditure, confirming the correct interpretation of section 298 of the Capital Allowances Act 2001.
Read moreGreen claims update: February 2025
Welcome to our round-up of the key legal and regulatory developments relating to green claims.
Read moreTaxing Matters: Mike Ashley wins landmark data protection case against HMRC
At the end of January, Mike Ashley won his high-profile and landmark data protection case against HMRC, with the High Court concluding that HMRC wrongly withheld his personal information for over two years. In this month's episode of Taxing Matters, our host and Senior Associate, Alexis Armitage is joined by Megan Grew, Associate at RPC and part of Mike Ashley's legal team, to discuss the legal aspects of the case that led to a landmark data protection victory against HMRC for Mike Ashley in the High Court.
Read moreThe Public Accounts Committee's report on tax evasion in the retail sector
Adam Craggs and Jasprit Singh share their thoughts on the Public Accounts Committee’s criticisms of HMRC’s approach to tax evasion in the retail sector
Read moreR&D claim upheld by Tax Tribunal
In Collins Construction Ltd v HMRC [2024] TC09332, the First-tier Tribunal (FTT) upheld the company's claim for R&D tax relief rejecting HMRC's claims that the expenditure was "subsidised" or tied to "contracted out" activities.
Read moreContentious Tax Review
A recap of important tax decisions from 2024, with a particular focus on interesting procedural and jurisdictional issues that the tax tribunals and courts considered, including decisions on anonymity in tax appeals, cross-examination in judicial review, and the consequences of failing to comply with tribunal directions.
Read moreThe Year to Come – 2025 – Financial Services and Accountants trends and developments we expect to see in 2025
Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
Read moreTribunal allows taxpayers' appeals as they were carrying on a business with a view to profit
In GCH Corporation Ltd and others v HMRC [2024] UKFTT 922 (TC), the First-tier Tribunal (FTT) allowed the taxpayers' appeals and concluded that GCH Active LLP was carrying on a "business" with a view to profit at the time loan notes were transferred to it and the requirements of section 59A, Taxation of Chargeable Gains Act 1992 (TCGA), were therefore satisfied and the transfers were capital contributions rather than disposals and no chargeable gain arose.
Read moreTax Bites – February 2025
Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.
Read moreLawyers Covered - January 2025
It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to our January 2025 bumper edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.
Read moreAcceptable levels of consumer harm – the FCA seek guidance in balancing risk with reward
The chief executive of the Financial Conduct Authority (FCA), Nikhil Rathi, has called for the UK government to define an 'acceptable level of consumer harm' in response to the government's demand for reduced regulations.
Read moreThe FCA reveals its new strategy for supervision of wholesale brokers
On 24 January 2025, the Financial Conduct Authority (FCA) published a portfolio letter setting out their new strategy for supervising wholesale brokers.
Read moreTaxing Matters: Nature's wealth: unlocking the power of natural capital with Daisy Darrell
In the latest episode of Taxing Matters, our host, Alexis Armitage is joined by Daisy Darrell, a Senior Associate in Birkett's Agricultural and Estates team to discuss all things natural capital.
Read moreRegulators support government growth objective and aim to reduce regulatory burden
Since the general election, the new Labour government has been signalling its intentions for financial services as a key driver of its economic growth agenda and, following the Autumn Budget, HM Treasury launched a call for evidence which outlined the government's plans for its Financial Services Growth & Competitiveness Strategy (Strategy).
Read morePLC QTRLY - Q4 2024
This is our Q4 2024 quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read moreUpper Tribunal considers when a dividend becomes 'due and payable' for tax purposes
In HMRC v Gould [2024] UKUT 00285 (TCC), the Upper Tribunal dismissed HMRC's appeal and confirmed that an enforceable debt arises when a company pays an interim dividend to one shareholder but not another of the same class.
Read moreFCA consults on new reporting obligations for (i) incidents and (ii) third party arrangements
On 13 December 2024, the FCA published consultation paper CP24/28 (the CP) on proposals for firms to report on operational incidents and, separately, on material third party arrangements. The CP mirrors similar proposals put forward by the PRA and Bank of England on the same day and is designed to align with current international standards (e.g. the EU Regulation on digital operational resilience (DORA)).
Read moreFormalities – not so formal?
In two cases – one recent, one not so recent – the High Court looked at and got around formalities; (1) to find a claim in time for limitation purposes by concluding that an agreement had been executed as a deed and (2) by rectifying a signature block so that an amendment to a pension scheme's rules took place as intended. These cases potentially show the courts taking a more lenient approach to formalities and may assist in professional negligence claims arising where documents are considered invalid for failing to follow relevant formalities.
Read moreLoan Charge regime - High Court strikes out taxpayers' Part 8 claims as abuse of process
In allowing HMRC's appeal, the High Court determined that the taxpayers' claims in respect of the Loan Charge should be struck out as an abuse of process.
Read moreAn update to the FCA's "polluter pays" framework – accountability for harm caused to consumers.
The Financial Conduct Authority (the FCA) has issued updated guidance on its "polluter pays" framework. In an update published on 14 January 2025, the FCA provided further information on the framework, which could lead to firms compensating consumers when they provide poor advice, products or services.
Read moreAntony Sassi named RPC Managing Partner
International law firm RPC has elected Antony Sassi as its next Managing Partner. Antony will commence his four-year term on May 1, 2025, succeeding James Miller, who has been in the role since 2017.
Read moreOmbudsman decision – clarifying liability where there are delays in the pension administration process
When delays occur in pension transfers, the implications for members can be significant—but how far does a provider’s responsibility extend? A recent determination by the Pensions Ombudsman in the case of Mr R offers important clarification. Whilst the Ombudsman recognised some administrative shortcomings, the decision reaffirmed that providers are not liable for all financial consequences arising from delays, particularly when those consequences result from a member’s own actions.
Read moreIs time up for the Shareholder Rule? High Court departs from the century-old principle
In a recent decision, the High Court departed from a century-old precedent in ruling that the so-called 'Shareholder Rule' – the principle that a company cannot assert privilege against its own shareholders save for communications regarding litigation between the company and the shareholder – does not exist in English law. Justice Picken, in making this departure, has significantly limited the circumstances in which a claimant shareholder may be able to obtain disclosure of privileged information.
Read moreUpper Tribunal allows taxpayers' appeals on 'deliberate' behaviour
In the Outram case, the Upper Tribunal overturned the First-tier Tribunal's decision concluding that it had erred in law when deciding that the taxpayers had deliberately filed an inaccurate return without considering the subjective knowledge and intention of the taxpayers concerned.
Read moreBrace for impact: major UK and EU regulatory changes set to transform 2025
2025 is poised to be a landmark year for businesses as a wave of new UK and EU regulations promise to reshape industries and redefine compliance standards. From product safety laws to AI regulations, leaders across multiple sectors will need to stay ahead to navigate these changes effectively.
Read moreThe Consumer Duty – a theme running through 2024 and one to continue for 2025
The Consumer Duty has made a lot of headlines this year and as we enter 2025 its unlikely to change anytime soon. The FCA continues to publish its findings as part of its review of firms' compliance with the Consumer Duty and its most recent publication addresses the FCA's findings when reviewing firms' approaches to complaints and root cause analysis. This publication again highlights good practices for firms and areas for improvement.
Read moreSanta Claus and Section 32 of the Limitation Act – a lot in common?
Section 32 of the Limitation Act 1980 has seen some focus in recent years and next year we could see an even sharper focus given its potential importance in the area of undisclosed commission cases dependent on the outcome of the appeal to the Supreme Court. A recent case rejecting a claimant's amendments to their pleadings on grounds they were out of time and s.32 did not save them provides a useful reminder of some of the guiding principles – but to start with what can we learn from Santa Claus when it comes to s.32.
Read moreNew guidance on balancing data protection with the FCA's Consumer Duty and the TPR's Code of Practice
The Financial Conduct Authority (FCA), Information Commissioner's Office (ICO) and The Pensions Regulator (TPR) have published welcome guidance (Joint Statement) aimed at retail investment firms and pension providers on how to ensure their customer communications comply with the FCA's Consumer Duty (Consumer Duty) and the TPR’s Code of Practice (Code of Practice), whilst ensuring they follow the rules on direct marketing and data protection.
Read moreLawyers Covered - December 2024
What could be more festive than our December edition of Lawyers Covered – so here it is, a gift from the Lawyers Liability and Regulatory Group at RPC, to all of you, our lovely readers! And it’s a bumper edition with links to 3 full articles as well as our usual snippets. Happy holidays!
Read morePrivacy developments – looking back and looking forward
In this article, we give you a high-level snapshot of the key data protection and privacy developments in the UK and EU in 2024 as well as developments we anticipate for 2025.
Read moreWill the UK government's latest measures targeting promoters of tax avoidance and fraud be effective?
In this article, which is based on an article published in Issue 4 2024 of the British Tax Review, Adam Craggs considers whether the UK's latest measures targeting promoters of tax avoidance schemes and tax fraud will be effective.
Read moreMoney Covered: The Year That Was 2024 - Top 10 risks facing the financial sector
Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
Read moreFinancial Crime Time - Your update from RPC: 2024 Q4
Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.
Read moreCourt of Appeal Confirms Occupational Pensions Are Shielded from Creditor Claims
The Court of Appeal has recently held that occupational pensions are protected from injunctions requiring them to be made available to creditors for enforcement purposes in the judgment of Manolete v White [2024] EWCA Civ 1418.
Read moreLiquidator granted permission to disclose bank statements to an assignee to pursue a cause of action
The High Court has recently handed down its judgment in Asertis Ltd & Anor v Melhuish & Ors [2024] EWHC 2819 (Ch), granting permission for a liquidator, who had assigned his claims against former directors, to disclose bank statements obtained under section 236 of the Insolvency Act 1986 to the assignee.
Read moreKey takeaways from the Financial Ombudsman Service's Annual Report and Accounts for 2023-2024
The Financial Ombudsman Service (FOS) has published its Annual Report and Accounts for 2023-2024 (the Report) providing valuable insights into the trends and challenges faced by the financial services industry. It is important to understand these developments to proactively manage risks and ensure compliance.
Read morePreparing for an HMRC dawn raid
How to prepare for a dawn raid by HMRC under the authority of a search warrant issued under the Police and Criminal Evidence Act 1984 (PACE), enabling them to enter and search premises to investigate suspected tax fraud.
Read moreFCA gets head start on setting Consumer Duty new year resolutions
The Financial Conduct Authority (FCA) has published their priorities under the Consumer Duty for the remainder of the 2024/2025 financial year.
Read moreTwo years on from the Digital Services Act
How has the European Commission (Commission) enforced the Digital Services Act (DSA) since its inception?
Read moreOfcom rolls out implementation phases for compliance with the Online Safety Act
What is Ofcom’s timeframe for implementation of the Online Safety Act (OSA) and what actions will in-scope services need to take to ensure compliance?
Read moreNew Safer Phones Bill aims at “making social media less addictive” for young people
How does the Safer Phones Bill intend to protect young people online?
Read moreEU publishes draft Code for general-purpose AI models
What measures are proposed by the EU AI Office to regulate general-purpose AI (GPAI) models?
Read moreThe EU's Cyber Resilience Act: 10 on the 10
Today the EU's Cyber Resilience Act (Regulation (EU) 2024/2847) ('CRA') enters into force. The CRA recognises that the continuously evolving world of smart products is frequently challenged by vulnerabilities which can potentially lead to cyber-security incidents. Whilst most of the Act's obligations will not be applicable until three years from now, 10 December is the day when the EU takes a big step towards it's ten-year Cybersecurity Strategy. To mark the occasion, we have outlined ten key points that entities in scope must be aware of in preparation for compliance with the CRA.
Read moreTaxing Matters: Deck the halls… with weird and wonderful taxes throughout history
In our special Christmas episode, Alexis Armitage, RPC's Taxing Matters podcast host and Senior Associate in our Tax Disputes and Investigations team, is joined by Andrew Hubbard, editor-in-chief of Tolley's Taxation Magazine. From candles to beards, join them as they discuss the most bizarre taxes that have existed throughout British history.
Read moreCompeting interests – phase two of the 'Name and Shame' proposal
On 28 November, the Financial Conduct Authority (FCA) released phase two of their consultation regarding proposals to publicise enforcement investigations, outlining the changes they propose to this so-called 'Name and Shame' proposal.
Read moreTribunal strikes out HMRC's application for a tax-related information notice penalty against Paul Baxendale-Walker
In Paul Baxendale-Walker v HMRC [2024] UKUT 00154 (TC), the Upper Tribunal granted an application by the taxpayer, under Rule 8(3)(c) of the Upper Tribunal Procedure (Upper Tribunal) Rules 2008, to strike out HMRC's application seeking a tax-related information notice penalty pursuant to paragraph 50 of Schedule 36, Finance Act 2008.
Read moreDORA Watch - November 2024
As financial entities and ICT service providers undergo the final stages of implementation of the Digital Operational Resilience Act (DORA) requirements into their systems and processes, it is imperative to understand the legal developments and ongoing updates arising from EU Member States as they go through their respective transposition and alignment processes. Through TerraLex - our global legal network, which provides us with access to 22,000 lawyers from highly regarded and carefully vetted law firms stretching more than 120 countries – we have collated legal updates focusing on DORA and its implications in EU jurisdictions.
Read moreFinancial Conduct Authority to hold roundtable discussion with IFAs to test simplified advice
On 15 November 2024, the Financial Conduct Authority ("FCA") published a feedback statement setting out the responses received on the Advice Guidance Boundary Review and what approach they will take on the proposed targeted advice and simplified advice regimes going forwards.
Read moreFCA sets out its strategy for 2025-2030
The FCA published a speech on 26 November 2024 by Emily Shepperd, FCA Chief Operating Officer, setting out the FCA's strategy for 2025 to 2030. The FCA's focus will be on economic growth and innovation, financial crime, consumer resilience, and how they can become a more efficient and effective regulator.
Read moreTax Bites – December 2024
Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.
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