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.

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london city

Covington signs deal for new London HQ

Covington & Burling has ended its search for a new London home, signing a new lease in the ever-popular Bishopsgate district of the City. The US firm has cast its eyes on a brand new building in the City, TwentyTwo Bishopsgate. Comprising 62 storeys, it is expected to become the second-tallest skyscraper in Europe at […]

offices

Covington replenishes competition ranks with BCLP hire

Covington & Burling has made its first London lateral hire in two years, bringing in a new partner from Bryan Cave Leighton Paisner to boost its competition capabilities in the City. James Marshall joins the Washington DC-based firm after more than 10 years at BCLP, having spent nine of those years at Berwin Leighton Paisner […]

dollar money

Covington’s London revenue falls after record 2018

Covington & Burling’s London revenue decreased last year after a bumper 2018 in which it crossed the $100m mark, the firm’s latest financial results show. Turnover at Covington’s London office shrunk to $101.17m last year after soaring in 2018, when it rose by 26 per cent from $80.5m to $101.25m. Globally, revenue increased to almost […]

doug gibson

Covington elects Washington DC partner as firm chair

Covington & Burling has elected a new chair of the firm, appointing Doug Gibson from Washington DC to lead for the next four years. Gibson, a corporate partner with a specialisation in representing sports clients, has been at Covington his whole career. He started out as a summer associate at the firm in 1989, was […]

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