Briefings

The Mortgage Market Review: what it means for residential mortgage providers

Date Posted: 14/05/2013 Author: Grania Baird

From 26 April 2014 new rules for residential mortgage providers will be 'switched on'.  Whilst this brings new compliance challenges for providers, there are also opportunities as the definition of 'High Net Worth' mortgage customers in the final rules has been amended to cover more borrowers and the market for interest-only mortgages survives. 

Trusts (Capital and Income) Act 2013

Date Posted: 04/04/2013 Author: Paul Ridout

We reported a while ago that this legislation was on its way.  We can now report the timetable for its implementation, as the commencement order was made on 18 March.

Volunteers without a contract not covered by discrimination law

Date Posted: 03/04/2013 Author: Sarah-Jane Watson

In the recent case of X v Mid-Sussex Citizens Advice Bureau, the Supreme Court upheld the Court of Appeal’s decision that unpaid volunteers without a contract do not qualify for protection from discrimination under the employme...

Public Services (Social Value) Act 2012

Date Posted: 03/04/2013 Author: Paul Ridout

The private member's Bill procedure may not be the most familiar source of legislation but it has a strong history of producing new law on matters of wide public concern, ranging from adoption and the death penalty in 1964 and 1965 through to sustainable communities in 2006.  The Public Services (Social Value) Act 2012 was sponsored by Chris White, the Conservative MP f...

Copyright, training materials and implied licences

Date Posted: 03/04/2013 Author: Jane Randell

The recent judgment of His Honour Judge Birss QC in the Patents County Court in Wilkinson v London Strategic Health Authority dealt with the issue of implied transfers of IP rights in relation to the development of systems and programmes based on a third party's original IP.  This case will particularly relevant to educational charities and those that develop t...

Gift Aid – the Small Donations Scheme and Charities Online

Date Posted: 03/04/2013 Author: Sara van der Pas

Gift Aid, which allows charities to reclaim tax paid by donors on charitable donations, is very valuable to the sector, contributing around £1bn in income each year. Yet many have criticised the current system as impractical and outdated, in part because all donations must be supported by a declaration from the donor and charities are still required to submit paper-based re...

The Charitable Incorporated Organisation

Date Posted: 03/04/2013 Author: Rebecca Fry

The long-anticipated charitable incorporated organisation (CIO) – a new corporate form designed exclusively for and available only to charities – is now available.

With the wait finally over, now is the time to consider whether the CIO is the right legal structure for your charity.

HMRC guidance on approved charitable investments and loans

Date Posted: 01/04/2013 Author: James Maloney

HMRC has, at long last, published its updated guidance on approved charitable investments and loans following publication of the revised Charity Commission guidance Charities and Investment Matters: A guide for trustees (CC14) in October 2011.

AIFMD - Investment Funds Briefing

Date Posted: 27/03/2013 Author: Grania Baird

Are you AIFMD ready?

The Alternative Investment Fund Managers Directive (AIFMD) is due to be transposed into UK law on 22 July 2013.  It heralds a period of enormous change for the fund management industry.  The impact will be felt by all managers of non-UCITS funds located in the EU as well as many non-EU managers marketing funds in the EU.  Implement...

Universities can sue in libel - just not this time!

Date Posted: 19/03/2013 Author: Harriet Brown and Alice Yandle

The High Court has recently handed down judgment in the case of Duke -v- The University of Salford [2013] EWHC 196 (QB). This is an important case for higher education institutions as it confirms that universities are in fact able to bring a libel action, albeit it may not always be advisable.

Changes to EMI Rules - Announced

Date Posted: 13/03/2013 Author: Daniella Lloyd

The way shares under the Enterprise Management Incentive (EMI) option scheme are taxed will be changed to make offering these as part of a remuneration package significantly more attractive.

LSE to launch 'High Growth Segment' market next month

Date Posted: 13/03/2013 Author: Daniella Lloyd

The London Stock Exchange has confirmed plans for its new 'High Growth Segment' market, which is expected to open for business in mid-March. The announcement is a welcomed response to a similar regime introduced in the U.S. under the Jumpstart Our Business Startups Act (JOBS Act).

The Charitable Incorporated Organisation

Date Posted: 08/03/2013 Author: James Carleton and Rebecca Fry

James Carleton and Rebecca Fry have had an article on The Charitable Incorporated Organisation (CIO), the long anticipated new coprorate vehicle designed exclusively for and available only to charities, published in the Spring 2013 issue of Historic House: The Historic Houses Association Magazine.

Taxation of residential property structures

Date Posted: 06/03/2013 Author: Christine Payne-Smith

On 31 January 2013 the Government published the latest tranche of draft legislation in relation to its threefold attack on the use of corporate vehicles to hold high-value residential property for tax avoidance purposes.  The three key measures are:

• a higher rate of stamp duty land tax on certain high-value residential properties;

The Isle of Man Disclosure Facility (IOMDF)

Date Posted: 27/02/2013 Author: Robert Field

Introduction

Following the Liechtenstein Disclosure Facility (LDF) (2009) and the coming into force of the UK/Swiss Agreement (January 2013), the first part of the UK's new tax agreement with the Isle of Man has just been released.  Having dealt with continental European tax havens, the Government is clearly setting its sights closer to home.&nb...

Toby Graham Trusts & Trustees, Vol. No 19, No. 1 February 2013

Date Posted: 20/02/2013 Author: Toby Graham

Toby Graham has been published in Trusts & Trustees, Vol. No 19, No. 1 February 2013. He wrote an article entitled 'Confidentiality and Trust information: The Guernsey Court of Appeal Re B; B v T'

When is a representation also a warranty? The £10 million question

Date Posted: 20/02/2013 Author: Daniella Lloyd

The recent case of Sycamore Bidco Ltd v Breslin and another [2012] EWHC 3443 (Ch) has highlighted the need for careful drafting when including or excluding representations in share purchase agreements.  In this case the court considered whether express warranties in a share purchase agreement (SPA) also amounted to representations. 

Penalty Clauses - A More Flexible Approach?

Date Posted: 20/02/2013 Author: Daniella Lloyd

What is a penalty?

A penalty clause usually provides for the payment of a large sum of money on a breach, but can also provide for the withholding of payment or transfer/forfeiture of property, the main purpose being to discourage a party from deliberately breaching its obligations.  When deciding whether or not a clause would be construed as a ...

UK Supreme Court unanimously dismisses an attack on the corporate veil principle

Date Posted: 18/02/2013 Author: Kate Allass and James Price

UK Supreme Court handed down its judgment in the case of VTB Capital plc -v- Nutritek International Corp and others [2013] UKSC5.

The Court of Appeal hands down its long awaited Judgment in Tamiz v Google Inc

Date Posted: 18/02/2013 Author: Michael Patrick and Alice Yandle

Background

In this important judgment, the Court of Appeal has clarified that, once notified, Google Inc and other internet service providers can be potentially liable for content posted on their internet platforms.