Latest Briefings

Voluntary disclosures program update – The new normal

The Canada Revenue Agency voluntary disclosures program (VDP) has been around for decades. While the VDP has changed periodically, perhaps the most significant change occurred when the new Information Circular IC00-1R6, initially published on December 15, 2017, became effective on 1 March 2018.

Section 160 liability – Damis Properties Inc. v. The Queen

In Damis Properties Inc. v. The Queen, the Tax Court of Canada (TCC) found subsection 160(1) of the Income Tax Act inapplicable because the appellants and their former subsidiaries were dealing at arm’s length at the time of the transfer of the subject property. The TCC further concluded that, even if subsection 160(1) applied, the liability of the appellants under paragraph 160(1)(e) was nil because they gave fair market value consideration.

Private wealth – the potential for impact

“It is good to have money and the things money can buy, but its good too to check up once in a while and make sure you haven’t lost the things money can’t buy.” – George Lorimer

Nitrate neutrality

Developments on hold, trips to the High Court, nutrient credit schemes… Ever since a European Court of Justice ruling in November 2018, being nitrate neutral has caused headaches and blockages for developers and planners.

Bermuda: Three-day registration for special purpose insurers issuing bonds

Bermuda has always provided an efficient process for insurance submissions of all classes, with applications being approved in under two weeks. On 20 August 2021, the Bermuda Monetary Authority issued a notice announcing that enhancements have been made to allow further streamlining of the registration process for Restricted Special Purpose Insurers (“R-SPI”). Now, the licensing and registration processes of R-SPI registrants whose business model is to issue bonds (e.g. catastrophe bonds and mortgage bonds) will be consolidated and registrants can be fully registered within three business days.

Recommended

money finance

Final bill shows lawyers will take £20m in fees from Carillion collapse

Law firms advising on the breakdown of Carillion are in line to pick up £20m in fees, new findings by the National Audit Office reveal. The same report shows that accountants are set to receive £50m in fees, and the total cost to the Cabinet Office of £148m. The costs of the Government’s contingency plans in […]

Dentons

Carillion and RBS fees push Dentons to record revenue figure

Dentons has posted a 22 per cent increase in revenue for its UK and Middle East regions, generating a total of £203.1m in 2016/17 in the first financials after the merger with Scottish firm Maclay Murray & Spens. Profit per equity partner increased by 36 per cent during the same period, reaching £651,000. Without the […]

Qatar loses its last magic circle firm as A&O quits region

Allen & Overy has become the latest firm to close in Doha following a review of its operations in Qatar. The magic circle firm’s decision to close comes two years after Clifford Chance also exited the region. Clifford Chance opened in Qatar in March 2009 and A&O followed a year later, securing a licence to […]

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