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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clifford chance building

Clifford Chance makes up largest cohort of new partners in a decade

Clifford Chance has announced its partner promotions for 2019, making up 30 worldwide, the highest number in over a decade. The last time the magic circle made up more was in 2008, when it promoted 35. Overall, women accounted for a third of this year’s promotions. The Asia-Pacific region saw a higher number of new […]

Saudi Arabia

Clifford Chance and Bakers act on Saudi retail IPO

Clifford Chance and Baker McKenzie are advising Saudi shopping mall giant Arabian Centres Company, as it seeks to raise $1.2bn in what would be the Kingdom’s largest IPO in five years. Bakers’ EMEA head of capital markets Adam Farlow and senior associate George Marshall are acting for Arabian Centres in the UK, alongside partners Robert […]

Saudi Arabia

Clifford Chance and White & Case seal $70bn Saudi oil deal

A quartet of firms, including Clifford Chance and White & Case are acting on petroleum and natural gas company Saudi Aramco’s purchase of a stake worth nearly $70bn (£53bn) in Saudi Basic Industries Corporation (SABIC). Clifford Chance is working alongside Saudi firm Abuhimed Alsheikh Alhagbani (AS&H) and is representing the Public Investment Fund (PIF), Saudi Arabia’s […]

Offices

Birmingham takes lion’s share of Gowling WLG promotions

Gowling WLG has prioritised Birmingham in its most recent partner promotions, with six out of the 10 new members based in the firm’s Midlands office. In its UK LLP partner promotions, Gowling made up six in Birmingham, three in London and one in Paris. Last year Gowling WLG made up just five partners across its […]

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