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Tribunal refuses HMRC's application for specific disclosure from taxpayer
In Coopervision Lens Care Ltd v HMRC [2024] UKFTT 00351 (TC), the First-tier Tribunal (FTT) refused HMRC's application for specific disclosure finding that the order sought by HMRC was unclear, disproportionate and inappropriate in the circumstances.
Read moreHigh Court permits enforcement of foreign judgment in crypto recovery case
Tai Mo Shan Ltd v. Persons Unknown [2024] EWHC 1514 (Comm)
Read moreNo objection: When is a party barred from challenging jurisdiction where it continues in the arbitration?
The High Court has provided invaluable guidance on the factors that it will consider when determining when a party is barred from challenging jurisdiction under s. 67 of the Arbitration Act 1996 (the Act) by failing to raise an objection while continuing to take part in the arbitration.
Read moreEmbracing digital change: the new reporting functions for the Financial Reporting Council
The Financial Reporting Council (FRC) has announced two new functions, to better understand its existing market intelligence and to deliver on UK growth and competition. However, following the King's speech this week, and with the industry expecting a new, more powerful regulator in the Audit, Reporting and Governance Authority (ARGA) under this new Labour government, are these new functions simply a steppingstone to wider auditing reform?
Read moreWhat might the new Labour government mean for UK business?
On 4 July 2024, the Labour party won a landslide general election victory – its first since 2005. In the run up to the election, Labour billed itself as the party of "wealth creation", with Keir Starmer hailing this his "number one mission." Starmer stated that his plan for growth was “pro-worker and pro-business”.
Read moreTribunal confirms no tax due on disposal of property held on trust for taxpayer's brother
In Raveendran v HMRC [2024] UKFTT 273 (TC), the First-tier Tribunal allowed the taxpayer's appeal against HMRC's discovery assessment in relation to the disposal of a property because it was held on trust for his brother.
Read moreThe Supreme Court clarifies the law on the recovery of damages for non-pecuniary damage arising out of a maliciously false statement
The Claimant was an employee of the second defendant, LCA, a recruitment agency owned and operated by the first defendant. After leaving LCA, the Claimant was employed by another recruitment agency and began targeting LCA's clients. LCA's owner told two third parties, one of whom was the Claimant’s new line manager and the other a client of LCA, that by doing this the Claimant was in breach of her contract of employment with LCA. In fact, there was no term of that contract (as the owner of LCA knew) which prohibited the claimant from soliciting business from LCA’s clients.
Read moreEmployer lessons from teacher's menopause bias win
On May 31, a Scottish employment tribunal made its decision in Allison Shearer v. South Lanarkshire Council and awarded a teacher over £60,000 ($77,829) for disability discrimination and unfair dismissal, following her dismissal for ill health after a period of long¬term sickness absence.
Read moreAI in Construction
There is a lot of discussion around Artificial Intelligence ("AI") and its application to industry. We have considered what AI is, the benefits and risks, how it fits into the construction industry, the effect on insurers and what the future holds.
Read moreThe What, the How, and the Responsibility – Liability of Principals for actions of Appointed Representatives under FSMA s39
The Court of Appeal has recently affirmed the views of the lower court on the liability of principals for their appointed representatives' actions in KVB Consultants Limited v Jacob Hopkins McKenzie Limited and others.
Read moreTribunal confirms loans from remuneration trust were disguised remuneration
In allowing HMRC's appeal in part, the Upper Tribunal determined that payments received under a remuneration trust scheme were caught by the anti-avoidance provisions in Part 7A of the Income Tax (Earnings and Pensions) Act 2003.
Read moreFCA Review of Consumer Duty Outcomes Monitoring Across the Insurance Industry
In this blog we take a look at the FCA's recent review of Consumer Duty outcomes monitoring across the insurance sector.
Read moreUK government updates NSIA market guidance and statement on call-in powers
Recent developments such as the removal of Huawei from the UK's 5G networks and President Biden's 2023 executive order on outbound investment in sensitive technologies have brought into focus potential national security risks arising from global trade and investment.
Read moreCrypto damages quantification: valuation at the date of breach or date of judgment?
In Southgate v. Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency's fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date.
Read moreThe Corporate Sustainability Due Diligence Directive expert briefing
The Corporate Sustainability Due Diligence Directive (CSDDD) was adopted on 24 May 2024 and was published in the Official Journal of the EU on 5 July. It entered into force on 26 July, and will apply to companies from 26 July 2028.
Read moreAI in auditing: Embracing a new age for the profession
Artificial Intelligence (AI) is a rather new concept for many (ignoring those versed in 80’s Sci-Fi movies); it’s something many don’t know much about and certainly don’t use in our day-to-day lives (or at least appreciate we are using). However, that’s not the case for everyone. Auditors have long been reaping the benefits of AI, but are auditors just scratching the surface of what AI can offer and what impact will an increased use have on their insurance requirements and claims they face?
Read moreWhat does a new Labour government mean for the management liability market?
We have a new government and the first Labour government for 14 years. What does it mean for the management liability market? We look at what Labour has promised and with that the areas those in the market will want to consider across directors and officers, employment liability and pensions.
Read moreDealing with HMRC information notices
Considering three common types of HMRC information notices and the extent to which they can be challenged.
Read moreEnvironmental sustainability: a snapshot of a changing regulatory landscape
Sophie Tuson charts the key legal developments in the UK and EU across the product lifecycle and flags practical considerations for businesses.
Read moreNew digital markets regime guidance published for consultation
The Digital Markets, Competition and Consumers Act 2024 received Royal Assent on 24 May 2024. This article considers who will be impacted by the new digital markets regime, the requirements it will introduce, and how it may be enforced, and summarises the CMA’s new draft guidance under consultation on how it intends to implement the regime in practice.
Read moreThe Digital Markets, Competition and Consumers Act – the Competition Perspective
This article considers the key changes to general competition law under the Digital Markets, Competition and Consumers Act which received Royal Assent on 24 May 2024 and is expected to enter into force in the Autumn.
Read moreCompulsory mediation in small claims: a quick guide for the busy lawyer
A new pilot scheme requiring parties in money claims valued at up to £10,000 to take part in a compulsory free one-hour mediation appointment, provided by HMCTS' Small Claims Mediation Service – before the claim can then proceed to Court if no settlement is reached.
Read moreHow will the "Genny lec" impact the world of cyber and tech?
On 22 May 2024, Prime Minister Rishi Sunak stood in the pouring rain to announce a General Election, thus commencing a summer of political and meteorological uncertainty for those in the UK.
Read moreThe Financial Ombudsman Service Proactive Settlement Scheme - Here to Stay
The Financial Ombudsman Service's (FOS) Proactive Settlement Scheme (the Scheme), designed to encourage businesses to settle customer complaints quickly, is here to stay following its trial introduction in April 2023. The Scheme was trialled as a way to encourage early settlement allowing businesses to make a settlement offer in response to complaints referred to the FOS within 21 days, provided they notified the FOS of their intention to do so within 14 days of being told that a complaint had moved to the investigation stage. The FOS has now confirmed that the Scheme will become a permanent feature of their complaint resolution process.
Read moreAccessory liability: when will directors be held liable for IP infringements committed by their companies – and what is counted as "profits"?
The Supreme Court in Lifestyle Equities CV & Anor v Ahmed & Anor [2024] UKSC 17, has allowed an appeal by two company directors who were found liable as accessories to trade mark infringement by the company in which they were directors. The decision provides helpful clarification on the required elements for accessory liability in the context of IP right infringement claims and confirms the sums to be included in an account of profits if liability is established (spoiler alert: a director's salary is not considered to be "profit").
Read moreTribunal awards taxpayer his costs due to HMRC's unreasonable conduct
In Aftab Ahmed v HMRC [2024] UKFTT 00236 (TC), the First-tier Tribunal granted the taxpayer's application for costs as HMRC had acted unreasonably in defending the appeal.
Read more2024 Amendments to the Cybersecurity Act 2018
The Cybersecurity Act 2018 (the "Act") first came into force more than 6 years ago to establish a legal framework for the oversight and maintenance of national cyber security in Singapore.
Read moreNeed a psychiatrist? There's an app for that!
The Medicines and Healthcare products Regulatory Agency (MHRA) and the National Institute for Health and Care Excellence (NICE) have commissioned research to explore the public perception of Digital Mental Health Technology (DMHT).
Read moreAnother failed FOS judicial review on the issue of whether a customer was an "eligible complainant"
The High Court has rejected a judicial review claim arguing that (1) a complainant was not an eligible complainant having identified themselves as an "elective professional client" and (2) the FOS' approach to redress (adopting the FTSE UK Private Investors Income Total Return Index) and contributory negligence was irrational. The High Court judgment is a further example of the courts endorsing FOS' approach to complaints and its wide jurisdiction. The judgment is hot on the heels of the Court of Appeal judgment in Options last month. It is also a further example of permission having been granted to proceed with a judicial review and the increased appetite for respondent firms to challenge FOS, likely to be fuelled by the ever increasing FOS redress caps.
Read moreRoyal Assent for The Leasehold and Freehold Reform Act
The Leasehold and Freehold Reform Act 2024 (the Act) received Royal Assent on 24 May 2024. The Government's press release stated that " The Act will make it easier and cheaper for leaseholders to buy their freehold, increase standard lease extension terms to 990 years for houses and flats, and provide greater transparency over service charges."
Read moreRecent CAT rulings consider distribution concerns
With two collective settlements now approved by the UK's Competition Appeal Tribunal (CAT) and the outcome of the first substantive trial in the case of Le Patourel v BT anticipated shortly, it is an important time for the competition collective proceedings regime as the first sums start to be paid out to affected classes.
Read moreTribunal allows entrepreneurs' relief appeal
In Cooke v HMRC [2024] UKFTT 272 (TC), the FTT allowed the taxpayer's appeal against HMRC's refusal of entrepreneurs' relief
Read moreProviding the identity of third-party recipients of personal data to a data subject – helpful guidance from the High Court
The High Court has handed down a helpful judgment for data controllers responding to data subject access requests which analyses the circumstances in which it may be appropriate for a data controller to withhold the identities of third parties who have been provided with a data subject's personal data.
Read moreDigital Markets, Competition and Consumers Act becomes law
Following the announcement of a date for the general election, the Digital Markets, Competition and Consumers Act (DMCC) rapidly sped through the final stages of parliamentary processes to become law on 24 May 2024
Read moreParliamentary 'wash up' – which Bills made it through?
On 22 May 2024, Prime Minister Rishi Sunak announced that a General Election will take place on 4 July 2024. Parliament was then prorogued on 24 May 2024 which allowed a mere 2 days for 'wash up' - the process by which outstanding bills may be rushed through the parliamentary process.
Read moreTribunal dismisses HMRC's appeal and confirms transactions did not give rise to a taxable remittance
In dismissing HMRC's appeal, the Upper Tribunal confirmed that transactions entered into by the taxpayers for the sale of shares did not amount to a taxable remittance under section 809L of the Income Tax Act 2007 because no service was provided in the UK.
Read moreLas Vegas of the East – Navigating Challenges and Embracing Economic Diversification in Macau
Read moreKey features of the new non-UK domicile regime
The UK government's unexpected announcement in Spring Budget in March on the taxation of non-domicile individuals has sparked concerns and much comment. It represents a major change to the current system of taxation, which is more than 200 years old.
Read moreFiduciary Duties Post Liquidation
In the recent case of Mitchell v Al Jaber [2024] EWCA Civ 423, the Court of Appeal confirmed that a shareholder and director may still be subject to a fiduciary duty when purporting to transfer company property, even after the company enters liquidation. The decision was made in relation to British Virgin Island (BVI) law, but on the basis of English case authorities.
Read moreFinfluencers update: Reality TV stars face FCA charges
The FCA has charged 9 individuals for allegedly promoting or advising on contracts for difference ("CFDs"), a financial product where investors bet on the price of assets, via their social media accounts. The defendants include several former Love Island TV stars including: Biggs Chris, Jamie Clayton, Rebecca Gormley and Eva Zapico, as well as The Only Way is Essex star Lauren Goodger
Read moreICAEW announces key Professional Indemnity Insurance changes, whilst scaling back on the full suite of proposed changes
The ICAEW has confirmed some of the changes to its professional indemnity insurance (PII) requirements, which will come into effect from 1 September 2024.
Read moreRaising standards, welcoming views and closing the gap in tax advice
This article considers the Government's attempt to kick incompetent, unprofessional, unscrupulous and substandard tax advisors out of the market.
Read moreOptions v FOS [2024] – Court of Appeal dismisses Options' judicial review
The Court of Appeal has today dismissed Options UK Personal Pensions' judicial review (JR) of a Financial Ombudsman Service (FOS) decision. Options challenged a FOS decision upholding a complaint on the basis of inadequate due diligence on an unregulated introducer and unregulated investment. Broadly, Options argued that (1) FOS failed to explain its departure from the law, (2) made an error of law and/or (3) reached an irrational decision. The Court of Appeal decision is of relevance to any FCA regulated entity subject to the jurisdiction of FOS given its impact on FOS decision making.
Read moreFCA publishes Consumer Duty 'Dear CEO' letters
The FCA has published a series of 'Dear CEO' letters, setting out its expectations ahead of the the Consumer Duty's implementation in respect of closed products and services. The letters are sent ahead of the 31 July 2024 deadline.
Read moreTaxpayers' application for protective costs order against HMRC refused
UT dismisses taxpayer's application for a protective costs order against HMRC.
Read moreNo bouncing back for directors
Banned! Fraudsters! – Terms used by the Insolvency Service for directors who abused the government backed loan scheme which was put in place to help businesses struggling during the pandemic.
Read moreContentious Tax Update
Harry Smith and Adam Craggs examine developments in relation to DOTAS, R&D enquiries, and the Economic Crime and Transparency Act.
Read moreConsumer friendly compliance – guidance for retailers and consumer brands on the DMCC Bill
Following receipt of some 372 responses to the "Smarter Regulation: Improving consumer price transparency and product information for consumers" Consultation, the government has published its response in which it proposes significant amends to the Price Marking Order alongside new additions to the DMCC Bill.
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