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Duties of Care to Third Parties in Tax Avoidance Schemes – Disappointment for Investors in McClean as Zacaroli, J Rejects Claims
Mr Justice Zacaroli has now handed down his judgment in David McClean and others v Andrew Thornhill QC [2022] EWHC 457 (Ch) - a ~£40m claim by investors in a tax scheme against one of the leading tax barristers in the country. The judge dismissed the claim in its entirety holding, amongst other things that the barrister did not owe a duty of care to the investors.
Read moreDuties of Care to Third Parties in Tax Avoidance Schemes – Disappointment for Investors in McClean as Zacaroli, J Rejects Claims
Mr Justice Zacaroli has now handed down his judgment in David McClean and others v Andrew Thornhill QC [2022] EWHC 457 (Ch) - a ~£40m claim by investors in a tax scheme against one of the leading tax barristers in the country. The judge dismissed the claim in its entirety holding, amongst other things that the barrister did not owe a duty of care to the investors.
Read moreSIPPs and FOS - does the Rowanmoor decision change anything?
Last week FOS published a decision it reached last year in a complaint against a SIPP provider involving advised sales. The FOS upheld the complaint, finding that the SIPP provider should have rejected business from the regulated financial adviser, CIB Life and Pensions Limited (CIB), given, broadly, red flags available to the SIPP provider with respect to the operation of CIB's business model including that CIB was not advising on the ultimate investment within the SIPP and as a result such introductions involved a significant risk of consumer detriment. The decision has received quite a bit of press attention - but has it moved the dial for SIPP complaints before FOS or not?
Read moreLawyers Covered - January 2022
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreThe Future of Insolvency Regulation
On 21 December 2021 the Government launched a consultation into the future of insolvency regulation. The changes proposed in the consultation document will have a wide ranging impact on the insolvency profession (and its insurers) with the proposals including: the direct regulation of insolvency firms, the introduction of a single regulatory body with powers to order compensation against insolvency practitioners and firms, a new additional requirements regime, changes to the bond regime and a public register of insolvency practitioners and firms. Many of the changes proposed require primary legislation and so it may be some time before the changes to take effect (if adopted). But there does appear to be some wind behind these proposals given they follow on from the Call for Evidence in 2019 and a more general focus on insolvency issues in the wake of the Covid-19 pandemic.
Read moreLawyers Covered - November 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - October 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - July 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - August 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - May 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - April 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreLawyers Covered - March 2021
Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.
Read moreDisciplinary investigations against architects #4 - investigations panel stage
Further to our previous three articles which provided (1) an overview of the Architect Registration Board's disciplinary process and (2) a review of the complaints stage (3) the review stage, this article explains the next stage of a disciplinary investigation against an Architect: the investigations panel stage.
Read moreArchitects' Code reforms – it's important that you have your say!
The Architects Registration Board (ARB) is consulting on a proposed new code of professional conduct for architects. The proposed new Code is shorter and simpler, but may be more complex to apply and more onerous. Architects should consider responding to the consultation by the deadline of 12 December 2024.
Read moreThe Week That Was - 20 September 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 13 September 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 6 September 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 30 August 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreRICS disciplinary process: an overview for surveyors
Download our complete guide to the procedure involved in a disciplinary investigation against a chartered surveyor.
Read moreThe Week That Was - 23 August 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreThe Week That Was - 16 August 2024
Welcome to the week that was, a round-up of key events in the construction sector over the last seven days.
Read moreConstruction and Engineering Law 2024
We are delighted to have contributed once again to ICLG's Construction and Engineering Law guide for 2024. The comprehensive guide delves into the multifaceted world of construction and engineering law, providing an essential reference for understanding and comparing the handling of common legal challenges across various jurisdictions.
Read moreConstruction disciplinary trends analysis #3: fraud and dishonesty
This article is the third instalment in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.
Read moreConstruction disciplinary trends analysis #2: engagement letters – worth more than the paper they're written on!
This article is the second in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.
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 moreA matter of interpretation – the Supreme Court look at contractual interpretation once more
In their recent Judgment in Sara & Hossein Asset Holdings Ltd (a company incorporated in the British Virgin Islands) v Blacks Outdoor Retails Ltd [2023] UKSC 2 the Supreme Court adopted a commercially balanced interpretation of a lease; rejecting the overly textual approach of the Court of Appeal in favour of reading the relevant clause in the context of the lease as a whole.
Read moreCAT Collective Proceedings - Summer 2024 update
Developments in the UK’s competition collective proceedings regime continue apace with new claims recently issued in the Competition Appeal Tribunal (CAT).
Read moreThe CAT's new approach: I can't afford a carriage (dispute)
Since the collective proceedings regime in the UK's Competition Appeal Tribunal (CAT) kicked off, a number of carriage disputes have arisen. So-called 'carriage disputes' arise when there are two or more competing proposed class representatives (PCRs) seeking certification (and therefore 'carriage') of overlapping class actions.
Read moreThe Times recognises RPC among Best Law Firms 2024
International law firm, RPC, has been recognised by The Times in its Best Law Firms 2024 report, an annual ranking of the top 250 law firms in England and Wales.
Read moreWhistle-blowing on illegal cartels drops 70% in 5 years
Competition and Markets Authority (CMA) recently increased award to £250,000 Calls to the CMA hotline have plummeted from 1,442 in 2017 to 427 in 2022
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 moreTax Bites – September 2024
Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.
Read moreHNWs: Understanding HMRC's Offshore Information Gathering Capabilities
Wealthy individuals have long been the focus of a substantial part of HMRC’s compliance activities, but a difficult economic climate together with a looming general election and possible change of government is likely to lead to even greater scrutiny of HNWs by HMRC in the short term.
Read moreA whistlestop tour of the taxation of international sports and rock stars with Patrick Way KC
In this episode, RPC's Taxing Matters Host and Senior Associate in RPC's Tax Disputes team, Alexis Armitage, will be discussing the taxation of international sports and rock stars with leading silk, Patrick Way KC.
Read moreA day in the life of a tax adviser with Jeremy Johnson
In this episode of Taxing Matters, we are joined by Jeremy Johnson, managing director of inTAX Limited.
Read moreAll is not (necessarily) lost: Crypto crime recovery
With over 2 million people in the UK now holding and using cryptocurrency, and the Chancellor announcing that a government backed non-fungible token ("NFT") is to be issued by the Royal Mint this summer, the market for crypto-assets is expected to continue to grow in the coming months and years; so much so that legislation is planned to implement a new regulatory regime for the crypto market.
Read moreFTT prevents HMRC from having two bites of the cherry!
In Lady Henrietta Pearson v HMRC [2014] UKFTT 890 (TC), the First-tier Tribunal (Tax Chamber) ('FTT') concluded that HMRC had "ignored" its previous decision by seeking to reduce the amount of a VAT refund which it had ordered HMRC make to Lady Henrietta Pearson ('the taxpayer').
Read moreMoney Covered: The Week That Was – 10 January 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreFOS complaints on the rise – is enough being done?
The Financial Ombudsman Service (FOS) has recently published its yearly complaint data, revealing that complaints regarding fraud, scams, current accounts and credit cards between July and September 2024 hit record levels, rising more than 50% compared to the same period in 2023. The data provides a breakdown of the areas where complaints appear to have increased the most.
Read moreHigh Court overturns SRA intervention
A recent High Court decision saw the court overturn the SRA's intervention in a regulated law firm: only the second decision of its kind in 20 years.
Read moreOakwood Solicitors Ltd v Menzies – Supreme Court decision on 'payment' of solicitors' bills
In their recent Judgment in Oakwood Solicitors Ltd v Menzies [2024] UKSC 34 the Supreme Court overturned the Court of Appeal decision. The Supreme Court held that deducting fees, payable under a statutory bill, is not a 'payment' within the meaning of section 70 Solicitors Act 1974 (the Act); even when deducted with the client's knowledge and consent.
Read moreMoney Covered: The Week That Was – 22 November 2024
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreMoney Covered: The Week That Was - 1 November
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreFOS Complaints Newsletter - October 2024
Welcome to the FOS complaints quarterly newsletter. We have pulled together FOS complaints data going back to 2018 when FOS first started publishing complaints data at a product/service level to bring you an overview of what we are seeing in terms of complaints and uphold rates so we can draw trends from the data. FOS complaints data runs from April to March and so the first quarter of any year covers April to June.
Read moreThe 'Audit Reform and Corporate Governance Bill': Momentum for legislative reform continues, but what does the proposed legislation mean for management liability?
We consider what we know about the proposed Audit Reform and Corporate Governance Bill.
Read moreFixed recoverable costs: One year on
1 October 2024 marks the one year anniversary of the implementation of the final Jackson reform: the biggest shake-up to civil costs in a decade. We consider the impact of the reforms and whether the predictions we made this time last year were right.
Read moreGrowth vs. client care: SRA’s warning on mergers and the risk to public trust
We consider the key takeaways from the SRA's warning notice to firms growing by merger, which urges firms to keep client interests central to their decision-making processes.
Read moreSRA consults the legal sector on proposed changes to their fining framework
The SRA is conducting a consultation from the 28 June to 20 September 2024 on their proposed changes to the SRA Fining Guidance. The regulator is seeking feedback in response to the new unlimited fining powers granted under the Economic Crime and Corporate Transparency Act (ECCTA 2023).
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 moreMoney Covered: The Week That Was – 10 May
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
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