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Upper Tribunal dismisses taxpayer's appeal in substantial shareholding exemption case
In M Group Holdings Ltd v HMRC [2023] UKUT 213 (TCC), the Upper Tribunal (UT) has upheld the decision of the First-tier Tribunal (FTT), which found that a company was not entitled to benefit from the substantial shareholding exemption (SSE) given that the shareholding had only been held for eleven months, as opposed to the required twelve months. The provision of paragraph 15A, Schedule 7AC, Taxation of Chargeable Gains Act 1992 (TCGA), which extends SSE relief when assets have been transferred within a group, was found not to apply and the appellant was liable to pay just over £10M in corporation tax.
Read moreWordings do matter
Contract drafting has been brass tacks for lawyers since the dawn of time. In its broadest terms, it involves putting the scope of a bargain reached between parties into clear and effective language.
Read moreEconomic Crime and Corporate Transparency Act – what you need to know about the corporate transparency reforms
The Economic Crime and Corporate Transparency Act, which received Royal Assent on 26 October 2023, overhauls the role of Companies House and the corporate transparency obligations of UK companies.
Read moreTribunal finds that CGT saving was not the main purpose of wider arrangements
In Wilkinson and others v HMRC [2023] UKFTT 00695 (TC), the First-tier Tribunal (FTT) allowed the taxpayers' appeals on the basis that CGT avoidance was not the main or one of the main purposes behind a deal involving the exchange of shares in one company for shares and loan notes in another.
Read moreStorm Babet, flooding and the insurance implications
Subtropical cyclone Storm Babet is currently responsible for over 350 flood warnings in the UK, with more flood warnings expected later this week.
Read moreCAT to Roll-Out its Collective Settlement Procedure
In the fledgling class action regime for competition claims in the UK's Competition Appeal Tribunal (CAT), many aspects of the regime remain untested. One such aspect is how the CAT's settlement approval procedure will be approached in practice.
Read moreTimely reminder of risks in cloud contracts
Over the last decade, cloud solutions have become popular tools to facilitate the digital transformation of businesses, and the retail sector is no exception in its uptake of cloud services.
Read moreTribunal allows taxpayers' application for costs against HMRC
While granting the taxpayers' application for costs, the First-tier Tribunal refused to award indemnity costs on the basis that HMRC's conduct did not merit the "stigma of an indemnity costs award".
Read moreLimitation proves to be a magic bullet for Magic Carpets
In Magic Carpets (Commercial) Ltd v HMRC [2023] TC08892, the First-tier Tribunal (FTT) held that although a taxpayer acted carelessly in implementing a tax planning arrangement involving an employee benefit trust (EBT), this carelessness did not bring about a loss of tax. HMRC's determinations were therefore out of time as they had been issued after the regular four-year limitation period had expired.
Read moreConstruction disciplinary trends analysis #1: continuing professional development
This article is the first in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.
Read moreFOS complaint data, an accumulation of decumulation?
FOS has published its half yearly complaint data for January - July 2023, this shows an increasing upwards trend in decumulation, life and pensions complaints which is only likely to continue.
Read moreCracking Down on High-Risk Investments: FCA considers industry performance
After introducing stricter rules for the promotion of Restricted Mass Market Investments (RMMIs) in February 2023, the FCA continues to monitor the performance of firms, is conducting a multi-firm review and has outlined good and poor practices in the industry.
Read moreOverview of the key risks affecting the Professional and Financial Risks market
Last month RPC's Professional and Financial Risks team hosted a panel discussion to address the evolving challenges and responsibilities faced by professional clients in the current economic landscape. Access our document to explore the key insights from the session.
Read moreUpper Tribunal dismisses HMRC's appeal confirming that input tax is recoverable on fiscal neutrality grounds
Upper Tribunal dismisses HMRC's appeal confirming that input tax is recoverable on fiscal neutrality grounds.
Read moreChanges to the One Stop Shop
In July 2023 the European Commission issued a Proposal for a Regulation of the European Parliament and of the Council laying down additional procedural rules relating to the enforcement of Regulation (EU) 2016/679 (the 'GDPR' Regulations).
Read moreGetting to know Global Access Lawyers
Global Access Lawyers brings together some of the worlds leading insurance law practices. In the following pages get to know the different law firms that make up Global Access, who we are, where we operate and the kind of work we do. We hope you find this useful to understand the international reach of Global Access.
Read moreCriminal Liability for Senior Managers under the Online Safety Act
Under the Online Safety Act (OSA), senior managers of in-scope services could be held personally liable in certain circumstances for the company's non-compliance with obligations within the legislation.
Read moreFirst out the traps: Dissecting the first remediation order under the Building Safety Act
Our non-contentious construction team have recently contributed an article to Practical Law considering the first remediation order made by the First-tier Tribunal under section 123 of the Building Safety Act 2022 in Waite and others v Kedai Ltd (2023) LON/00AY/HYI/2022/0005 & 0016.
Read moreMental Health Act v Mental Capacity Act: How to avoid a deprivation of liberty claim
A finding that the detention of a teenager ('JS') with complex mental health issues was unlawfully deprived of her liberty highlights the importance of understanding the interaction between the Mental Capacity Act 2005 (MCA) and Mental Health Act 1983 (MHA).
Read moreWhat the fix?! Get up to speed in 10 minutes with our new video
The first video in our new Getting Up To Speed series is now available below.
Read moreEU AI ACT-ion stations
The EU is forging ahead with its vision for AI. With wrapping up talks on the EU AI Act between the EU governments, the Commission and the parliamentary negotiators imminent, we bring you up to date on the EU's risk based approach, the scope of the Act, a timeline, key points that will form the basis of the discussions and next steps.
Read moreThe FCA sets expectations ahead of incoming cryptoasset marketing rules
The FCA has issued a "final warning" to firms promoting cryptoassets to UK consumers to prepare for the cryptoassets financial promotion regime. Effective from 8 October 2023, this regime aims to protect consumers from promotions that make exaggerated claims about the benefits in investing in cryptoassets.
Read moreIs TikTok the key to the bricks-and-mortar retail revival?
Against the backdrop of sustainably-minded shoppers and cost-conscious consumerism, one of the key focuses for the retail sector in 2023 was (and still remains) the 'revival' of the UK high street.
Read moreThe Online Safety Bill is set to become law
The Online Safety Bill will shortly become law in the UK as soon as it receives Royal Assent. The legislation will introduce a new regulatory regime for online platforms and search engines which target the UK, imposing wide-ranging obligations on in-scope services with serious consequences for non-compliance.
Read moreUK tech cases warn of liability clause drafting pitfalls
Excluding and limiting liability is a vital part of any commercial contract. The irony, though, is that despite its importance, almost any exclusion or limitation of liability — if pored over to the nth degree — will have some ambiguity in the face of complex and often unforeseen consequences of breach.
Read moreA tool that French law does not like: English Court refuses to grant anti-suit injunction in support of French-seated ICC arbitration
The English Court has refused to grant an anti-suit injunction (ASI) in support of an ICC arbitration seated in France.
Read moreTribunal finds in favour of taxpayer confirming that payments are consideration rather than a subsidy for expenditure
In a recent case, the Upper Tribunal found in favour of the taxpayer and confirmed that payments made for goods and services under an arm's-length contract are consideration rather than subsidy for expenditure, even when the payments are calculated to reflect such expenditure. The payments therefore do not provide grounds for HMRC to disallow the expenditure.
Read moreAdjusting your recruitment process for a candidate with a disability: What is reasonable?
The Employment Appeal Tribunal (EAT) has held that a failure to make enquiries into a job applicant's disability amounted to a failure to make reasonable adjustments.
Read moreAdvertising Video on Demand – To AVOD or avoid?
As most movie and TV streamers can attest to, Subscription Video on Demand services (or 'SVODs') continue to multiply. No need to put the kettle on while the adverts play; SVODs offer consumers an instant, ad-free escape to worlds unknown at just a click of a button.
Read moreCourt of Appeal finds in favour of FSCS on scope of the Policyholder Protection Rules (PRR)
The Court of Appeal has upheld an appeal by the FSCS from a High Court decision to grant an application for JR against FSCS following FSCS's refusal to compensate a policyholder for an insolvent insurer's failure to meet its liabilities.
Read moreAre settlements covered under liability policies if not consented to by the insurer? Does it make any difference if the insured was told to "act as a prudent uninsured"?
Does it make any difference if the insured was told to "act as a prudent uninsured"?
Read moreTribunal allows taxpayer's appeal as although he had failed to establish his domicile of choice HMRC had failed to prove there had been a loss of tax due to his carelessness
In Strachan v HMRC [2023] UKFTT 617 (TC), although the taxpayer had failed to establish a domicile of choice in Massachusetts, the Tax Tribunal allowed the taxpayer's appeal against two discovery assessments, despite a finding that the taxpayer had been careless, as HMRC had not discharged the burden of proving that the loss of tax had been bought about by the taxpayer's carelessness.
Read moreHMRC prevented from participating further in VAT appeal following failure to comply with unless order
In denying HMRC's application for relief from sanctions, the First-tier Tribunal determined that HMRC had committed a serious and significant breach of an unless order and barred HMRC from further participation in the appeal proceedings.
Read moreFraud not "some kind of open sesame" in Privy Council appeal to set aside judgment
An appellant was unsuccessful in his bid to set aside judgment on the basis of fraud as the Board of the Privy Counsel dismissed his claim as an abuse of process (1). The appellant had failed to show "fresh evidence" of fraud as he already had all of the information he was relying on to allege fraud at the time he entered into a final settlement agreement, and had not offered an explanation of why he had not deployed this information whilst the original dispute was live.
Read moreUpper Tribunal gives green light to NICs reclaims on car allowances
NICs reclaim allowed on motoring expenses by Upper Tribunal; taxpayers' appeals against HMRC successful.
Read moreWhat To Know About AI Fraudsters Before Facing Disputes
Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.
Read moreThe November 2023 AI safety summit and the UK's direction of travel
The government has confirmed that the UK AI safety summit will be held at Bletchley Park on 1 and 2 November 2023.
Read moreSRA fining powers – putting the SDT out of business?
The SRA is on a mission to increase its powers to levy financial penalties. The last 12 months have seen a substantial increase in its fining powers, and a grant of unlimited fining powers in matters relating to financial crime and SLAPPs is imminent. The SRA has now dramatically upped the ante, seeking the power to levy unlimited fines in all cases of serious misconduct. With the Legal Services Board appearing supportive, the proposal has the potential profoundly to affect the enforcement of professional discipline within the profession.
Read moreTelecoms supply agreement excludes "loss of profit" claim under "anticipated profits" liability exclusion (EE v Virgin Mobile)
In line with a number of recent cases, in EE Limited v Virgin Mobile Telecoms Limited [2023] EWHC 1989 (TCC) the courts have shown that parties generally cannot avoid clear wording contained in exclusion clauses in order to recover losses that have been expressly excluded (in this case, loss of profits).
Read moreWhat is driving the fashion retail insolvencies spike?
What is driving the fashion retail insolvencies spike?
Read moreTribunal confirms UK company was also resident in the USA for the purposes of the UK/USA double tax treaty
Upper Tribunal confirms that UK company was also USA resident for the purposes of the UK/USA double tax treaty.
Read moreUS to prohibit outbound investment in certain advanced technologies – a massive expansion of national security laws
On 9 August 2023, President Biden declared a US national emergency in relation to the national security threat posed by certain advanced technologies and issued an Executive Order directing that investment by US persons in such technologies be subject to prior notification or outright prohibition.
Read moreMcCulloch and Others v Forth Valley Health Board [2023]: Bolam is back in the game for consent
Bolam is well and truly back in the game for consent! The Supreme Court’s decision in McCulloch confirms that the Bolam test should be applied when considering whether alternative treatment options should be discussed with a patient.
Read moreCourt of Appeal confirms no reasonable excuse for non-payment of tax
In a recent case, the Court of Appeal provided guidance as to what evidence the tax tribunals and courts can consider when determining a taxpayer's subjective belief as to a reasonable excuse for non-payment.
Read moreSetting aside a transaction for a mistake - does it work for tax schemes?
The doctrine of mistake can be a useful tool if a professional provides advice that the transfer of an asset can save tax and it turns out that the advice was wrong. In circumstances where the structure of the transaction adopted involves a gift, then if a taxpayer can establish mistake, it is possible to unwind the transaction and remove the tax liability altogether (including interest and penalties).
Read moreAFMs receive B+ from the FCA: Good but could do better
In the wake of the FCA's new consumer duty requiring firms to deliver good outcomes for consumers that meet their needs and offer fair value, it comes as no surprise that the FCA has 'followed up' on its July 2021 review.
Read moreA Principal's responsibility for an Appointed Representative – a tale of a summary judgment
A recent summary judgment application, successfully made by claimants against a principal, provided that the principal was responsible for the acts of an appointed representative under the appointed representative agreement and highlights the risks of an unclear appointed representative agreement. The judgment also provides some useful commentary when it comes to considering the court's approach to the critical but potentially difficult distinction between limitations on what an appointed representative can do and on how the appointed representative should do it.
Read moreRolls-Royce entitled to hit the brakes in dispute over termination of a software services agreement (Topalsson v Rolls-Royce)
In Topalsson GmbH v Rolls-Royce Motor Cars Limited [2023] EWHC 1765 (TCC), the High Court has provided useful guidance on how to determine whether a software implementation timeline agreed by the parties is binding, when implementation is considered complete and in what circumstances failing to complete implementation by the contractual deadlines entitles the customer to terminate the contract.
Read moreDirectors' duties post Sequana – a differentiating factor?
As expected, the scope of directors' duties whilst a company is in financial difficulties has been the source of further consideration by the Court. The recent case of Hunt v Singh [2023] EWHC 1784 raised the question as to whether, following the Supreme Court decision in BTI 2014 LLC v Sequana SA, a director's duty to take into account the interests of creditors arises where the company is at the relevant time insolvent if a disputed liability comes to fruition. In Hunt, the disputed liability was to HMRC where the directors (wrongly, as it later turned out) believed that the tax scheme they were involved in worked.
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