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New developments in AI may put law firms at greater risk of phishing fraud

Published on 28 Apr 2023. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group

As the computing power of Artificial Intelligence continues to grow exponentially, we consider how generative technology may expand the reach of traditional phishing frauds aimed at law firms.

FCA consults on new reporting obligations for (i) incidents and (ii) third party arrangements

Published on 16 Jan 2025. By Mark Crichard, Partner and Nigel Wilson, Of Counsel and Praveeta Thayalan, Senior Knowledge Lawyer

On 13 December 2024, the FCA published consultation paper CP24/28 (the CP) on proposals for firms to report on operational incidents and, separately, on material third party arrangements. The CP mirrors similar proposals put forward by the PRA and Bank of England on the same day and is designed to align with current international standards (e.g. the EU Regulation on digital operational resilience (DORA)).

The Times recognises RPC among Best Law Firms 2024

Published on 30 Oct 2023.

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.

Cybersecurity breaches at financial services firms more than trebles

Published on 25 Sep 2023. By Richard Breavington, Partner

Cybersecurity breaches reported by financial service providers rose from 187 in 2021/22 to 640 in 2022/23 UK pension schemes report the biggest increase, 4,000%, in data breach reports to the ICO

Silicon Valley, Signature and Credit Suisse: what do they all share(holder) in common?

Published on 28 Mar 2023. By James Wickes, Partner and Oliver Knox, Partner

In what has been termed "the biggest banking crisis since 2008", both Silicon Valley Bank (SVB) and Signature Bank have collapsed, and Credit Suisse has been rescued. Whether more banks are to follow suit is yet to be seen.

New virtual insurer for Hong Kong

Published on 29 Apr 2020. By Andrew Carpenter, Partner

This month saw the award of a further virtual insurer licence in Hong Kong – this time for OneDegree (on 15 April 2020). The start-up will focus, initially, on the burgeoning Hong Kong pet insurance market, before a proposed expansion into health and cyber risk.

ICO fines online travel insurer £175,000 for failing to keep customers’ personal information secure

Published on 03 Mar 2015. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

The Information Commissioners Office (the “ICO”) has fined Staysure.co.uk Limited (“Staysure”), an online travel insurance company, £175,000 for its failure to comply with the seventh data protection principle, after IT security failings allowed hackers to access up to 100,000 customer financial records.

Ombudsman decision – clarifying liability where there are delays in the pension administration process

Published on 13 Jan 2025. By Kerone Thomas, Associate

When delays occur in pension transfers, the implications for members can be significant—but how far does a provider’s responsibility extend? A recent determination by the Pensions Ombudsman in the case of Mr R offers important clarification. Whilst the Ombudsman recognised some administrative shortcomings, the decision reaffirmed that providers are not liable for all financial consequences arising from delays, particularly when those consequences result from a member’s own actions.

Tribunal refuses HMRC's application for specific disclosure from taxpayer

Published on 23 Jul 2024. By Jasprit Singh, Senior Associate

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.

Tax Tribunal upholds taxpayer's appeal in respect of remote gaming duty

Published on 22 Apr 2024. By Liam McKay, Of Counsel

In allowing the taxpayer's appeal, the First-tier Tribunal determined that cashback payments constituted prizes won for the purposes of section 157 of the Finance Act 2014 and Remote Gaming Duty.

Upper Tribunal upholds penalty imposed for failing to take 'corrective action' in response to a follower notice

Published on 08 Apr 2024. By Alexis Armitage, Senior Associate

Upper Tribunal dismisses taxpayer’s appeal against a penalty issued under the follower notice regime for failing to take corrective action, as the final judicial ruling specified in the follower notice was relevant to the arrangements the taxpayer had implemented.

Tribunal allows appeals against discovery assessments

Published on 02 Apr 2024. By Jasprit Singh, Senior Associate

In Charles Collier and CB Collier Partnership v HMRC [2023] UKFTT 00993 (TC), the First-tier Tax Tribunal (FTT) found that the assessed loss of tax was not brought about deliberately by the taxpayers and had occurred due to carelessness. The 6-year time limit therefore applied to HMRC making assessments and amendments and, under that time limit, HMRC were out of time. The taxpayers' appeals were allowed.

Taxpayer's appeal succeeds as HMRC failed to open enquiry in time

Published on 25 Mar 2024.

In Monks v HMRC [2023] UKFTT 853 (TC) the First-tier Tribunal concluded that HMRC had not opened a valid enquiry because the taxpayer didn't receive HMRC's letter until after the relevant time limit had expired.

Supreme Court provides clarity on Transfer of Assets Abroad legislation

Published on 18 Mar 2024. By Liam McKay, Of Counsel

In allowing the taxpayers' appeal, the Supreme Court determined that shareholders were not "transferors" for the purposes of the Transfer of Assets Abroad regime in the Income and Corporation Taxes Act 1988.

Home run! - Tribunal finds that taxpayer who bought and sold three properties in quick succession was not trading

Published on 11 Mar 2024.

Taxpayer purchasing, renovating and selling properties allowed private residence relief on capital gain and held not to be trading as property developer for tax purposes.

A look into HMRC's toolbox during a criminal investigation

Published on 05 Mar 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

HMRC has far-reaching powers it can deploy during a criminal investigation into suspected tax fraud, which include applying for and executing search warrants (colloquially referred to as a "dawn raid"), making arrests and the compulsorily obtaining information and documentation through production orders and disclosure notices/orders. A criminal investigation conducted by HMRC is one of the most stressful events a business can experience and failing to properly respond can have serious repercussions, including significant financial and reputational damage or even prison time for individuals.

Tribunal allows taxpayers' appeals against discovery assessments as company could not distribute goodwill it did not own

Published on 26 Feb 2024. By Alexis Armitage, Senior Associate

Tribunal allows taxpayers' appeals against HMRC discovery assessments as company could not distribute goodwill it did not own.

Tribunal varies Schedule 36 information notice as it sought material not reasonably required by HMRC

Published on 19 Feb 2024. By Jasprit Singh, Senior Associate

In Parker Hannifin (GB) Ltd v HMRC [2023] UKFTT 00971 (TC), the First-tier Tribunal found that an information notice issued by HMRC, under Schedule 36, Finance Act 2008, was not invalid because it required electronic searches using a list of specified search terms but it did seek information that was legally privileged or not "reasonably required" and the notice was varied accordingly.

Upper Tribunal remits CGT appeal back to Tribunal for rehearing

Published on 12 Feb 2024.

In M Campbell v HMRC [2023] UKUT 265 (TCC) the Upper Tribunal (Tax chamber) remitted the taxpayers' appeals back to the First-tier Tribunal to consider the liability to capital gains tax, after the taxpayer flipped four residential properties.

Tribunal allows taxpayers' appeals against discovery assessments

Published on 05 Feb 2024. By Liam McKay, Of Counsel

In Smith v HMRC [2023] UKFTT 00912 (TC), the First-tier Tribunal (FTT) allowed the taxpayers' appeals against discovery assessments, finding that a transfer of goodwill did not amount to a distribution under section 1000, Corporation Tax Act 2010 (CTA), because the goodwill was owned personally by the taxpayers.

AIM higher!

Published on 30 Jan 2024.

In Graham Chisnall and Others v HMRC [2023] UKFTT 857 (TC), the First-tier Tribunal (FTT) held, in allowing the taxpayers' appeals, that evidence derived from the sale price of shares on the Alternative Investment Market (AIM) was more reliable than evidence provided by a valuer employed by HMRC.

Tax Tribunal allows taxpayer's appeal against discovery assessment

Published on 18 Jan 2024. By Alexis Armitage, Senior Associate

FTT allows taxpayer's appeal against HMRC discovery assessment seeking to charge CGT on the disposal of a property between separating spouses.

Court of Appeal considers 'main purpose' test and finds in favour of taxpayer

Published on 11 Jan 2024. By Jasprit Singh, Senior Associate

Directors not liable under PLNs as HMRC failed to establish deliberate conduct by company

Published on 05 Jan 2024.

In Sharon Suttle and another v HMRC [2023] UKFTT 873 (TC), the Tax Tribunal allowed the taxpayers' appeals against Personal Liability Notices (PLNs) on the basis that the company did not make a deliberate inaccuracy in its returns.

Accountants obliged to report suspected misuse of the Bounce Back Loan Scheme

Published on 07 Sep 2021. By Adam Craggs, Partner and Michelle Sloane, Partner

The Bounce Back Loan Scheme (BBLS) was introduced to enable smaller businesses adversely affected by the coronavirus pandemic to access government-backed finance.

No bouncing back for directors

Published on 20 May 2024. By James Wickes, Partner and Adam Craggs, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

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.