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

Interserve

Slaughters and Ashurst team up on Interserve’s rescue plan

Slaughter and May and Ashurst are leading for embattled contractor Interserve, which has revealed that it is seeking a recovery plan amid fears of a Carillion-style collapse. The rescue plan, which aims to scale back its £500m debt pile, will see the Reading-based outsourcer convert much of its debt into new shares, potentially handing control of the […]

Ashurst

Ashurst hones in on project finance with White & Case hire

Ashurst has nabbed White & Case partner Matthew Wood for its Africa-specific project finance practice, ending his 16-year stint at the US firm. Wood has been drafted in by Ashurst to lead the firm’s operations in the region and will relocate from the UAE to the London office. He has spent his entire career at White & […]

The Lawyer "Law firm litigation departments are thinking what they can do to build the practice – they’re not quivering in fear” Neil Purslow, Therium

Therium secures $1bn war chest in latest funding round

Litigation funder Therium has secured £325m ($430m) in its latest round of investment, bringing its total to $1.07bn (£816.6m) in its latest fundraising round. This is the largest fund raised by the business in its 11-year history and includes investment from an unnamed sovereign wealth fund, which is thought to make it just the second […]

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