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Value of NFT fraud plummets 82% in UK

Published on 18 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The value of Non-Fungible Token (NFT) fraud in the UK has dropped 82% over the last year as the collapse in prices and lower trading volumes make these digital assets less attractive to fraudsters, reveals new data from international law firm RPC.

New legislation proposed to bring FCA regulation to cryptoasset promotions

Published on 07 Jul 2023. By Oliver Bray, Senior Partner

What will the Government’s new legislation mean for the promotion of cryptoassets?

Crypto: issues for solicitors and their PI insurers

Published on 31 May 2023. By Simy Khanna, Partner and Harriet Keltie, Senior Associate

We explore the types of work lawyers are doing in this area, the risks this work may give rise to and issues for solicitors and their PI insurers to consider.

Binance successfully challenges interim proprietary injunction over deposited cryptoassets

Published on 24 May 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch), the cryptocurrency exchange Binance successfully applied to discharge an interim proprietary injunction obtained by a claimant whose misappropriated cryptoassets had been deposited at the exchange. This is the first recorded case of an exchange successfully having discharged such an injunction.

The FTX fallout so far and what may come next

Published on 16 Dec 2022. By Dan Wyatt, Partner

The collapse of FTX Trading Ltd. has been as dramatic as it has been fast. Until then, FTX had been the second-largest exchange in the world.

Three Crypto firsts for the English courts

Published on 22 Nov 2022. By Dan Wyatt, Partner and George Fahey , Associate

The recent judgment handed down in Jones v Persons Unknown [2022] EWHC 2543 (Comm) contained three firsts in the English Court: the imposition of a constructive trust between a crypto exchange and a victim of crypto fraud, an order for delivery up of Bitcoin, and summary judgment served by NFT airdrop. It shows the English courts' continued willingness to push the boundaries of English law in relation to the recovery of misappropriated cryptoassets. The innovative application of English law procedures and remedies to the growing problem of crypto theft and fraud is of considerable assistance to the victims of this pernicious and widespread fraudulent activity.

You've been airdropped: English court approves service by NFT and finds it arguable that cryptocurrency-exchanges hold misappropriated assets as constructive trustees

Published on 03 Aug 2022. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate and Becky Baker , Associate

In D’Aloia v (1) Persons Unknown (2) Binance Holdings Limited & Others [2022] EWHC 1723 (Ch), the English court approved service of proceedings by NFT and found that it was arguable that cryptocurrency exchanges owed constructive trustee duties to cyber-fraud victims.

First judgment obtained in proceedings brought by a cryptocurrency exchange in the English Courts

Published on 13 Jul 2022. By Christopher Whitehouse, Senior Associate and Jonathan Cary, Partner

In HDR v Shulev and Nexo [2022] EWHC 1685 (Comm), HDR (represented by RPC), which operates the cryptocurrency exchange BitMEX, initiated stakeholder proceedings under CPR Part 86 to resolve a dispute between two rival parties claiming control, and ownership of the contents, of a trading account.

Injunction granted over stolen NFTs held on constructive trust

Published on 10 Jun 2022. By Christopher Whitehouse, Senior Associate and Dan Wyatt, Partner and George Fahey , Associate

In a highly anticipated judgment, the Commercial Court in Lavinia Deborah Osbourne v (1) Persons Unknown (2) Ozone Networks Inc held that "there is at least a realistically arguable case" that non-fungible tokens ('NFTs') are to be treated as property in English Law.

Is the crypto market at the end of its Tether?

Published on 18 May 2022. By Christopher Whitehouse, Senior Associate

The crashing out of Terra has unleashed fears of unsettled investors, rising disputes and fraud exposure.

High Court finds that a cryptocurrency exchange arrangement was not a trust

Published on 16 Feb 2022. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The High Court decided that no trust could arise where two parties had agreed to an exchange of cryptocurrencies (in essence a sale and repurchase agreement), as the essential economic reciprocity precluded the existence of any trust.

Crypto-assets again confirmed as property by the English Commercial Court

Published on 26 Aug 2021. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate and Becky Baker , Associate

In the Commercial Court's latest crypto-related judgment, Fetch.AI(1), a proprietary injunction and worldwide freezing order were granted against various categories of persons unknown who had misappropriated various crypto-assets from one of the claimant's Binance trading accounts. In doing so, the Court agreed with the key finding in the seminal case AA v Persons Unknown, Re Bitcoin [2019] EWHC 3556 (Comm) – that bitcoin is 'property' – albeit it did so on a different basis.

No interim injunction over bitcoin account where damages would be adequate

Published on 03 Sep 2020. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The court has declined to continue interim injunctions granted in respect of a 'coin depot account' holding bitcoin over which the claimants asserted a proprietary right.

Bitcoin is 'property' and can therefore be subject of proprietary injunction

Published on 03 Feb 2020. By Christopher Whitehouse, Senior Associate

Following recent case law on the matter, the High Court has found that bitcoin can be 'property' and can therefore be the subject of a proprietary injunction.(1) In reaching its conclusion, the court adopted the detailed analysis of the issue set out in the UK Jurisdictional Task Force's November 2019 Legal Statement on Crypto-Assets and Smart Contracts, thereby providing a far more detailed judicial basis for the finding than found in previous cases. The bitcoins at the heart of this case were part of a ransom payment paid to a hacker who installed malware on a company's IT systems.

Regulation of cryptocurrency pre-ICO funding under English Law

Published on 15 May 2018.

Launching a cryptocurrency typically involves an initial fundraising process followed by a public sale process, by way of initial coin offering or token sale ("ICO").

Hong Kong regulator warns of cryptocurrency risks

Published on 09 Feb 2018. By Jonathan Cary, Partner

Crypto & Digital Assets Disputes

Our crypto and digital asset dispute lawyers have deep technical knowledge of the sector and the technology powering it alongside vast experience in navigating the commercial and legal complexities. Where fraud has occurred, we move fast to secure and recover stolen digital assets.

Tax Bites - May 2025

Published on 01 May 2025. By Adam Craggs, Partner and Daniel Williams, Associate

Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.

Tribunal allows capital allowances claim for expenditure on construction of a quay wall at the Port of Liverpool 

Published on 01 May 2025. By Jasprit Singh, Senior Associate

In The Mersey Docks and Harbour Company Ltd v HMRC [2024] UKFTT 1163 (TC), the First-tier Tribunal allowed the company's claim for capital allowances in respect of expenditure incurred on the construction of a quay wall at a new deep-water container terminal at the Port of Liverpool.

Taxing Matters: Tax risk for professionals and professional businesses with Thomas Slipanczewski, Associate Director at Deloitte

Published on 29 Apr 2025.

In this episode of Taxing Matters, Senior Associate and Taxing Matters host, Alexis Armitage is joined by Thomas Slipanczewski, who is an Associate Director at Deloitte in their tax controversy team, to discuss task risk for regulated professionals and professional businesses.

HMRC Landfill Tax Crackdown

Published on 28 Apr 2025. By Michelle Sloane, Partner and Daniel Williams, Associate

In recent years, HMRC has markedly increased its compliance activity in relation to Landfill Tax and it is therefore important that businesses operating in this area are aware of common issues that are triggering time-consuming tax enquiries, subsequent disputes and litigation.

Criminal Offences and Prosecutions for Tax Fraud

Published on 24 Apr 2025. By Adam Craggs, Partner and Daniel Williams, Associate

Adam Craggs and Daniel Williams consider HMRC's approach to investigation and prosecution of various tax fraud offences, and deferred prosecution agreements and unexplained wealth orders.

V@ update - April 2025

Published on 23 Apr 2025. By Adam Craggs, Partner and Jasprit Singh, Senior Associate

Welcome to the April 2025 edition of RPC's V@, our monthly update which provides news and analysis from the VAT world.

Court of Appeal confirms that compensatory payments made to settle regulatory investigations are not penalties

Published on 10 Apr 2025. By Daniel Williams, Associate

In ScottishPower (SCPL) Ltd and others v HMRC [2025] EWCA Civ 3, the Court of Appeal held that compensatory payments made to consumers in settlement of regulatory investigations were not penalties and therefore were deductible for corporation tax purposes.

Business Briefing: Navigating The New US-UK Trade Tariffs

Published on 07 Apr 2025. By Michelle Sloane, Partner and Liam McKay, Senior Associate

The Trump administration has introduced sweeping tariffs on goods imported into the United States. This move is expected to cause significant disruption to global trade, with notable consequences for UK businesses. As the ripple effects unfold, understanding the scope of the tariffs and how to respond strategically will be crucial for UK businesses looking to protect their margins, adapt their operations, and plan confidently for the future.

UT allows company's appeal as payment to EBT was not earnings of its employee

Published on 03 Apr 2025. By Tom Holden, Associate

In M R Currell Ltd v HMRC [2024] UKUT 00404, the Upper Tribunal set aside the First-tier Tribunal's decision and held that a payment from a company to an employee benefit trust was not taxable earnings as the facts were distinguishable from those in RFC 2012 plc (formerly The Rangers Football Club plc) v Advocate General for Scotland [2017] UKSC 45.

Tax Bites: April 2025

Published on 01 Apr 2025. By Adam Craggs, Partner and Daniel Williams, Associate

Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.

Judicial review in tax disputes – an overview

Published on 27 Mar 2025. By Adam Craggs, Partner and Liam McKay, Senior Associate

Judicial review remains an important tool for taxpayers to challenge HMRC's decisions, and it is important for taxpayers and practitioners to have a clear understanding of the judicial review process.

V@ update - March 2025

Published on 26 Mar 2025. By Adam Craggs, Partner and Jasprit Singh, Senior Associate

Welcome to the March 2025 edition of RPC's V@, our monthly update which provides news and analysis from the VAT world.

Taxing Matters: Navigating the human side of tax disputes with Mark Bevington of ADE Tax

Published on 26 Mar 2025.

In our latest episode of RPC's Taxing Matters, podcast host and Senior Associate, Alexis Armitage, is joined by Mark Bevington managing principal and founder of ADE Tax.

Court allows taxpayer's appeal and agrees the "exceptional circumstances" exemption was satisfied

Published on 20 Mar 2025. By Alexis Armitage, Senior Associate

In A Taxpayer v HMRC [2025] EWCA Civ 106, the Court of Appeal allowed the taxpayer's appeal, agreeing with the First-tier Tribunal's decision that the "exceptional circumstances" exemption in paragraph 22(4), Schedule 45, Finance Act 2013, was satisfied.

High Court permits recission in EBT case enabling taxpayers to avoid IHT liability

Published on 13 Mar 2025. By Jasprit Singh, Senior Associate

In JTC Employer Solutions Trustee Ltd and others v Garnett and another, the High Court allowed the claimants' claim and permitted rescission in relation to various Employee Benefit Trust appointments to sub-trusts, with the result that there was no IHT liability as the mistake in creating the sub-trusts was sufficiently serious to render it unconscionable to leave the mistaken disposition uncorrected.

Taxing Matters: IWD 2025 special with Ele Theochari

Published on 06 Mar 2025.

This month, RPC Senior Associate and Taxing Matters host, Alexis Armitage, is joined by Ele Theochari, Partner at Blick Rothenberg for a special episode to celebrate International Women's Day.

Tribunal allows taxpayer's appeal in R&D relief claim

Published on 06 Mar 2025. By Daniel Williams, Associate

In Stage one Creative Services Ltd v HMRC [2024] UKFTT 1059 (TC), the First-tier Tribunal allowed the taxpayer's appeal against HMRC's decision to refuse R&D relief claims on the basis that the relevant projects were not "subsidised" or "contracted out".

Tax Bites – March 2025

Published on 04 Mar 2025. By Adam Craggs, Partner and Daniel Williams, Associate

Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.

Supreme Court rejects taxpayers' appeals and denies enterprise zone allowances

Published on 27 Feb 2025. By Liam McKay, Senior Associate

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.

Taxing Matters: Mike Ashley wins landmark data protection case against HMRC

Published on 27 Feb 2025.

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.

Customs and excise quarterly update - February 2025

Published on 26 Feb 2025. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the first edition of 2025! In this edition, we report on significant news items from critical changes to the Warehousekeepers and Owners of Warehoused Goods Regulations 1999 (WOWGR) to the newly implemented EU General Product Safety Regulation (GPSR). In our case law section, we analyse three recent decisions relating to the classification of wetsuits and aluminium roller banner stands and excise duty penalties.

V@ update - February 2025

Published on 25 Feb 2025. By Adam Craggs, Partner and Jasprit Singh, Senior Associate

Welcome to the February 2025 edition of RPC's V@, our monthly update which provides news and analysis from the VAT world.

The Public Accounts Committee's report on tax evasion in the retail sector

Published on 21 Feb 2025. By Adam Craggs, Partner and Jasprit Singh, Senior Associate

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

R&D claim upheld by Tax Tribunal

Published on 20 Feb 2025. By Alexis Armitage, Senior Associate

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.

Contentious Tax Review

Published on 13 Feb 2025. By Adam Craggs, Partner and Liam McKay, Senior Associate

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.

Tribunal allows taxpayers' appeals as they were carrying on a business with a view to profit

Published on 06 Feb 2025. By Jasprit Singh, Senior Associate

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.

Tax Bites – February 2025

Published on 04 Feb 2025. By Adam Craggs, Partner and Daniel Williams, Associate

Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.

Taxing Matters: Nature's wealth: unlocking the power of natural capital with Daisy Darrell

Published on 30 Jan 2025.

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.

V@ update - January 2025

Published on 28 Jan 2025. By Adam Craggs, Partner and Jasprit Singh, Senior Associate

Welcome to the January 2025 edition of RPC's V@, our monthly update which provides news and analysis from the VAT world.

HMRC’s enquiry and correction powers

Published on 23 Jan 2025. By Alexis Armitage, Senior Associate and Sarah Dowding, Senior Associate

A key consultation on proposed reforms to HMRC’s enquiry and correction powers closed today. Dubbed the "Tax Administration Framework Review – New Ways to Tackle Compliance", this consultation is the latest in a series aimed at streamlining the UK’s tax system. The goal? To make it easier for taxpayers while enabling HMRC to allocate resources more effectively.

Upper Tribunal considers when a dividend becomes 'due and payable' for tax purposes

Published on 23 Jan 2025. By Daniel Williams, Associate

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.

HMRC launches new R&D voluntary disclosure platform amid increased enforcement and compliance efforts

Published on 20 Jan 2025. By Adam Craggs, Partner and Michelle Sloane, Partner

HMRC has introduced a new specialist research and development (R&D) voluntary disclosure platform. This development follows a surge in HMRC R&D compliance activity, including a number of high-profile raids and arrests. It is estimated that over £1 billion has been lost to the Exchequer in recent years due to speculative or fraudulent R&D claims, prompting HMRC to take decisive action.

Loan Charge regime - High Court strikes out taxpayers' Part 8 claims as abuse of process

Published on 16 Jan 2025. By Liam McKay, Senior Associate

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.