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Stamp duty land tax (SDLT) avoidance and corporate property deals – the importance of timing!

Published on 21 May 2019. By Ben Roberts, Partner

The First-Tier Tribunal has, in a recent decision, caused something of a stir for clients and advisors familiar with the well-trodden (and, usually, tax-efficient) use of offshore unit trusts to hold UK property.

More than you bargained for: the implied duty of good faith

Published on 26 Apr 2019. By David Wallis, Partner and Neil Brown, Partner

The recent High Court decision in Bates v. Post Office (No. 3) confirms a general principle that if a contract is a "relational" contract then it will include an implied obligation of good faith. Previously, there had been doubt whether such a general principle exists, as historically this was not an approach recognised by the English courts.

Derivative transactions – the obligation to report

Published on 25 Apr 2019. By Edward Colville, Partner

As the recent £34.9m fine for Goldman Sachs shows, the FCA takes the obligation to report derivative transactions seriously. How does this affect parties who trade infrequently, and what changes to the reporting requirement can we expect post-Brexit?

Part Three: Five practical implications of side letters and most favoured nations clauses for fund investors and managers

Published on 15 Feb 2019.

In this third and final part of our series on side letters and most favoured nation (MFN) clauses in private equity funds, we examine five practical implications for investors and managers.

Corporate tax update - Fourth quarter 2018

Published on 12 Feb 2019.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this final 2018 edition we highlight some of the key tax developments of interest to UK corporates from the fourth quarter of 2018.

連載コラム・欧州Ｍ＆Ａ最前線＞12月・１月

Published on 31 Jan 2019. By Nigel Collins, Partner, Head of Japan Desk

2019年の幕開けは、東京と香港への出張で忙しくも生産的だった。ブレグジット問題の目まぐるしい展開は、やはり大きな話題となっていた。英国の誰もがそうだろうが、交渉がここまで遅れ、まだ合意が成り立っていないことに私も驚いている。（

Part Two: Side letters and fundraising

Published on 28 Jan 2019.

In this second of a three part series, we look more closely at side letters and most favoured nation (MFN) clauses in the private equity space.

Part One: Overview of side letters & MFNs when investing in private equity funds

Published on 14 Jan 2019.

In the first of a three part series we consider the importance of side letters and most favoured nations (MFN) clauses in private equity funds.

連載コラム・欧州Ｍ＆Ａ最前線2018年９月・10月

Published on 07 Dec 2018. By Nigel Collins, Partner, Head of Japan Desk

今月のテーマは電気自動車（ＥＶ）のための新規制だ。急速に進展するＥＶ産業のアドバイザーたちと業界トレンドについて話し合い、また伊藤忠商事がカーシェア・スタートアップ企業に投資するに当たり助言する中で、ＥＶ市場全般について考えたことを受け、このテーマを取り上げることにした。

連載コラム・欧州Ｍ＆Ａ最前線＞2018年11月

Published on 30 Nov 2018. By Nigel Collins, Partner, Head of Japan Desk

クリスマスまであと数日。オフィスには、すでに休暇入りした同僚達の空席がちらほら見られる一方、年内に取引やプロジェクトを完了しようと奔走する姿も目立つ。クリスマスと元日の間には営業日が２、３日あるが、ロンドンの金融街シティーは空っぽだろう。（ナイジェル・コリンズ／Ｍ＆Ａ専門弁護士）

Budget 2018 – 10 key business tax takeaways

Published on 08 Nov 2018. By Ben Roberts, Partner

連載コラム・欧州Ｍ＆Ａ最前線2018年８月

Published on 06 Nov 2018. By Nigel Collins, Partner, Head of Japan Desk

今月のコラムは、涼しい雨の東京で書いている。ここ1週間、ミーティング続きで忙しかったが、話題の中心はやはり英国の欧州連合（ＥＵ）離脱とそのＭ＆Ａへの影響だった。全般的に、ブレグジット交渉が完結するまでは、英国でのＭ＆Ａ取引の法的枠組みに変わりはない。

Corporate tax update

Published on 18 Oct 2018.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this third 2018 edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2018.

＜連載コラム・欧州Ｍ＆Ａ最前線＞2018年７月

Published on 21 Sep 2018. By Nigel Collins, Partner, Head of Japan Desk

日本と違いロンドンでは気候が変わり、全般的にずいぶんと涼しくなった。この夏は長く異例の暑さったが、Ｍ＆Ａ市場もそれに負けない熱気を帯びた。当社各部門も多忙を極め、今なお次々とＭ＆Ａや投資の取引が成立している。今のところ、この活況は夏が終わっても続きそうな勢いだ。（ナイジェル・コリンズ／Ｍ＆Ａ専門弁護士）

Corporate tax update - Second quarter 2018

Published on 31 Aug 2018. By Ben Roberts, Partner and Adam Craggs, Partner

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this second 2018 edition we highlight some of the key tax developments of interest to UK corporates from the second quarter of 2018.

＜連載コラム・欧州Ｍ＆Ａ最前線＞2018年６月

Published on 23 Aug 2018. By Nigel Collins, Partner, Head of Japan Desk

サッカーのワールドカップ（Ｗ杯）で、イングランドと日本が共に見事な活躍を見せ、熱い感動を与えてくれた後、ロンドンで夏のきらめきを楽しんでいる。「もしあのとき…」という思いが胸を過ぎる。日本が後半戦の最後の10秒に、ベルギーを振り切っていたら。イングランドが前半で、クロアチアから奪った得点を守っていたら。日本の会社に例えるならば、千載一遇のチャンスを逃さないことが、ビジネスを成功に導くのだと思う。

RPC Retail Compass 2018 Summer Edition

Published on 27 Jul 2018. By Nigel Collins, Partner, Head of Japan Desk

Legal and policy changes affecting retail.

Good news for UK share sellers - capital gains tax relief relaxed

Published on 27 Jul 2018. By Ben Roberts, Partner and Nigel Collins, Partner, Head of Japan Desk

The UK's entrepreneurs' relief (ER), which is already a valuable tax relief for individual UK-resident sellers of trading companies, is about to become a little more generous.

連載コラム● 欧州Ｍ＆Ａ最前線 2018年５月 ● 欧州連合（ＥＵ）営業秘密保護指令の施行により、背信行為を巡る訴訟が増加する見通しとなっている

Published on 27 Jun 2018. By Nigel Collins, Partner, Head of Japan Desk

ところで、欧州連合（ＥＵ）営業秘密保護指令の施行により、背信行為を巡る訴訟が増加する見通しとなっている。当社の同僚たちがこのほど、これについてまとめたので紹介する。 営業秘密保護の現状はどうなっているのか。

When can the Secretary of State intervene in a merger or acquisition?

Published on 30 May 2018. By Nigel Collins, Partner, Head of Japan Desk

This post sets out the circumstances in which the Secretary of State has been able to intervene in a merger or acquisition to date and looks at the ongoing consultation to protect national interests.

連載コラム・欧州Ｍ＆Ａ最前線 2018年４月

Published on 18 May 2018. By Nigel Collins, Partner, Head of Japan Desk

今朝のロンドンは美しく晴れ渡っているが、私は剣道英代表チームとの２日間にわたる稽古のせいで体中が筋肉痛だ。それはともかく、今回のテーマは暗号通貨（クリプトカレンシー）。中でも、暗号通貨発行による資金調達に適用される規制について取り上げてみたい。

Japanese banks joining Softbank's $100bn Vision Fund

Published on 10 May 2018. By Nigel Collins, Partner, Head of Japan Desk

MUFG, Mizuho, and Sumitomo Mitsui Banking Corporation will be among the final investors in SoftBank's Vision Fund

How hard is it to learn English?

Published on 02 May 2018. By Nigel Collins, Partner, Head of Japan Desk

As English is by far the number one language of business and politics, many non-native speakers have no choice but to overcome this challenge

Corporate tax update - First quarter 2018

Published on 01 May 2018. By Ben Roberts, Partner

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly.

Lisbon, a near-shore hub for UK business

Published on 01 May 2018. By Nigel Collins, Partner, Head of Japan Desk

Hosting a meeting at Hitachi Consulting's offices in Lisbon

Potentially largest ever Japan outbound deal

Published on 25 Apr 2018. By Nigel Collins, Partner, Head of Japan Desk

Takeda makes its 5th offer for Shire

Japan's Itochu to raise stake in FamilyMart to 50.1%

Published on 19 Apr 2018. By Nigel Collins, Partner, Head of Japan Desk

Itochu to spend $1.1bn for an 11.1 per cent premium in FamilyMart

欧州Ｍ＆Ａ最前線 2018年２月

Published on 23 Feb 2018. By Nigel Collins, Partner, Head of Japan Desk

酷寒の東京と暖かい香港、蒸し暑いシンガポールを出張で回り、大勢のクライアントや関係者を訪ねて帰ってきたところだ。各地とも景況感は良く、フィンテック（金融とＩＴの融合）やインシュアテック、クリーンエナジー技術が投資先として人気を高めている。

Corporate tax update

Published on 15 Feb 2018.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this final 2017 edition we highlight some of the key tax developments of interest to UK corporates from the fourth quarter of 2017.

Corporate tax update, third quarter 2017

Published on 27 Oct 2017.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s Tax Team and published quarterly.

PE funds: Risks to LP limited liability status 

Published on 24 Oct 2017.

One of the key attributes of an English limited partnership is that the general partner has unlimited liability for the debts and obligations of the limited partnership.

Transferring limited partnership interests

Published on 24 Oct 2017.

A limited partner may assign its interest in a limited partnership, subject to the general partner's consent and any contrary agreement between the limited partners.

欧州Ｍ＆Ａ最前線 2017年９月

Published on 29 Sep 2017. By Nigel Collins, Partner, Head of Japan Desk

夏季休暇が明け、日常に戻ったロンドンの金融街シティーには、さまざまなプロジェクトを進めようという意欲と活気がみなぎっている。

Corporate tax update, second quarter 2017

Published on 05 Sep 2017.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly.

欧州Ｍ＆Ａ最前線 2017年８月

Published on 25 Aug 2017. By Nigel Collins, Partner, Head of Japan Desk

シンガポール、ハノイ、香港、東京を巡る出張から帰ってきた。クライアントや知人などいろんな人に会ったのだが、会えなかった人がいるのもいつものこと。こんな調子なので、さっそく次の出張の計画を立てた方がいいだろうか。

New corporate criminal offence

Published on 03 Aug 2017.

Failure to prevent the facilitation of tax evasion

欧州Ｍ＆Ａ最前線 2017年６月

Published on 30 Jun 2017. By Nigel Collins, Partner, Head of Japan Desk

ブレグジット交渉が始まり、与党・保守党と北アイルランドの民主統一党（ＤＵＰ）の閣外協力もやっとのことで決まった。

欧州Ｍ＆Ａ最前線 2017年５月

Published on 26 May 2017. By Nigel Collins, Partner, Head of Japan Desk

市場とメディアは間もなく実施される英総選挙やトランプ米大統領提訴の可能性、先のサイバー攻撃の話題で持ち切りだが、英国では交渉中のＭ＆Ａ（企業の買収・合併）案件数が増えており、投資継続への意欲も高いように見える。これらの交渉の多くが実現するかは、時が経って初めて分かるだろう。

Private Fund Limited Partnership

Published on 10 May 2017.

Welcome addition of a new investment funds vehicle

Corporate tax update - First quarter 2017

Published on 05 May 2017. By Adam Craggs, Partner

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s Tax team and published quarterly. In this first 2017 edition we highlight some of the key tax developments of interest to UK corporates from the first quarter of 2017.

“Gagging orders”: an office holder’s secret weapon

Published on 13 Mar 2017.

Practitioners are fully aware of the extensive powers available under ss 235 and 236 of the Insolvency Act 1986 (IA 1986) allowing administrators and liquidators as office holders (OHs) to require individuals and organisations to disgorge information.

Make insolvency great again

Published on 08 Feb 2017.

One of the great criticisms of the new President of the United States of America is that his companies filed for bankruptcy four times when he was a business mogul.

Corporate tax update - Final quarter 2016

Published on 30 Jan 2017.

Welcome to the latest edition of our corporate tax update, written by members of RPC’s tax team and published quarterly. In this final 2016 edition we highlight some of the key tax developments of interest to UK corporates from the final quarter of 2016.

Corporate tax update - Third quarter 2016

Published on 20 Oct 2016.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. Summer 2016 will certainly go down as one of the more interesting in recent British history but developments in UK tax law continue regardless of the wider political turmoil. In this edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2016. As far as the tax legislative timetable is concerned, in this quarter: the Finance Bill 2016 finally received Royal Assent on 15 September 2016 (known as Finance Act 2016); it was announced that this year’s Autumn Statement will be given on 23 November 2016; it was also announced that draft Finance Bill 2017 clauses will be published on 5 December 2016 (for consultation until 30 January 2017).

High Court criticises HMRC's conduct finding that it breached taxpayer's legitimate expectation

Published on 20 Jul 2016. By Adam Craggs, Partner

High Court criticises HMRC's conduct finding that it breached taxpayer's legitimate expectation

Corporate tax update - Second quarter 2016

Published on 19 Jul 2016.

On 23 June 2016 the UK voted to leave the EU in an historic referendum result. A period of some political, economic and social uncertainty will undoubtedly follow (and we've already had a turbulent few weeks) but as far as corporate tax is concerned there should be no immediate consequences. It remains to be seen what happens to the planned further reduction in corporation tax to 15% as announced by the then-Chancellor George Osborne. Some initial views on the likely corporate tax consequences of Brexit are set out below. It has also been announced that Royal Assent to this year's Finance Bill is not now expected before the Autumn. In the aftermath of the referendum result, it is perhaps easy to forget that some significant changes to the UK corporate tax regime are planned. Whether all of these changes now proceed, at the pace originally intended, will become clear in due course. In this edition we therefore also highlight some of the key tax developments of interest to UK corporates from the second quarter of 2016.

Failure to comply with direction leads to strike out of taxpayers' appeals

Published on 15 Jul 2016. By Adam Craggs, Partner

In the recent case of Grindley & Others v HMRC [2016] UKFTT 0834 (TC), the First-tier Tribunal (FTT) has directed that the taxpayers' appeals be struck out for failure to comply with a direction issued by the FTT.

Defined Benefit scheme enquiry announced following BHS pensions disaster

Published on 09 Jun 2016.

Corporate tax update - First quarter 2016

Published on 03 May 2016.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this edition we highlight some of the key tax developments of interest to UK corporates from the first quarter of 2016.

Corporate tax update

Published on 19 Nov 2015.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2015.