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

Russia

High Court sides with oligarchs in dispute over Putin ties

The English courts have ruled against a former British spy in relation to allegations made in the so-called ‘Trump dossier’. The claim was brought by three Russian oligarchs as part of a global defamation battle against Christopher Steele’s company Orbis Business Intelligence. Mikhail Fridman, Petr Aven and German Khan brought the case against Orbis, which […]

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WFW to cut roles in London

Watson Farley & Williams (WFW) is set to make a number of its legal PAs redundant, following the switch to remote working during the Covid-19 pandemic. The firm confirmed today that it has started a redundancy consultation with legal PAs in London, though it did not state how many. In April, the firm furloughed 49 […]

DWF Manchester

Further cuts expected as DWF launches UK redundancy process

After providing the City with a trading update this morning, DWF is now entering the early stages of a consultation process in its UK operations. The consultation affects professional staff in its business services division. It is understood that the exercise puts around 15 to 18 positions at risk. The latest set of redundancies follows significant […]

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