Mr Justice Snowden has handed down a lengthy judgment allowing a claim for dishonest assistance and for knowing participation in fraudulent trading (s 213 Insolvency Act 1986) in relation to a large-scale missing trader VAT fraud in the carbon credit market. The claim was brought by various companies in liquidation and their liquidators against NatWest […]
Smith & Nephew Overseas Ltd (and others) v HMRC  EWCA Civ 299 Members of the Smith & Nephew PLC group, a leading FTSE 100 medical technology multinational (the “taxpayers”), have succeeded before the Court of Appeal in claims to deduct c£675 million of foreign exchange losses for tax purposes. The exchange losses arose as […]
Vodfone Limited, EE Limited and other mobile network operators have succeeded before the Court of Appeal in their claims for restitution of £220 million paid to Ofcom as licence fees between 2015 and 2017. The claims were originally allowed in 2019 by Adrian Beltrami QC sitting in the Commercial Court as a deputy judge. His […]
LINPAC Group Holdings Ltd v HMRC  UKFTT 60 (TC) LINPAC Group Holdings (“Holdings”), a global plastics supplier, has successfully overturned HMRC’s rejection of c£40 million of group relief claims (>£10m tax at stake) before the First-tier Tribunal (Tax Chamber) (“FTT”). Holdings made domestic claims for group relief in respect of losses of group companies […]
VTB Commodities Trading v Antipinsky Refinery  EWHC 72 (Comm) On 31 January 2020, Lord Justice Phillips handed down judgment, discharging an interim mandatory order requiring the Defendant, Antipinsky Refinery, to supply substantial quantities of oil (worth several hundred million euros) to the Claimant, VTB. VTB obtained the mandatory order at an ex parte hearing […]
The outbreak and rapid spread of the COVID-19 has roiled markets and disrupted business, threatening the global and local economies. In an attempt to support local businesses to overcome the crisis related to the effect of COVID-19, Cyprus Government have announced a number of TAX measures, which are yet to be finalized and submitted for […]
By Maxwell J. Brunette and Bruce Graham A new job protected leave was announced by the Alberta government on March 13, 2020. The general details are as follows: Under the Employment Standards Code (Alberta), employees will be entitled to take a leave of 14 days where they are required to self-isolate or are caring for […]
Recent amendments to Bermuda’s Investment Funds Act now require certain investment funds, organized in jurisdictions outside of Bermuda, to be designated and register as “Overseas Investment Funds” with the Bermuda Monetary Authority.
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McDermott Will & Emery has made a second London hire in a fortnight, this time from K&L Gates. Anthony Fine, previously at K&L Gates for six years, will make the move to McDermott’s City office. He had also spent nine years as a White & Case partner prior to joining K&L. Specialising in the infrastructure […]
Simmons & Simmons is to delay partner distributions, echoing similar measures taken across the legal industry to reduce the impact of the fallout of the Covid-19 emergency. On top of the distribution delay, the firm said every decision about pay and bonuses will be deferred until later in the year. A spokesperson for the firm […]
Partners at Slaughter and May have been told they will not receive their quarterly distributions following a recent management decision. Senior partner Steve Cooke has suspended discretionary distributions to the partnership to ensure the firm can go forward during the Covid-19 crisis. Holiday allocations have also been addressed by Slaughters’ leadership, with everyone at the […]
Bird & Bird is to withhold a portion of its partners’ upcoming quarterly profits as a precautionary measure against the economic fallout that might stem out of the Covid-19 health crisis. A percentage of quarterly profit distributions will be devoted to a reserve created to sustain the business for the duration of the crisis. A […]
Womble Bond Dickinson is placing some of its non-fee-earners on furlough in response to the coronavirus pandemic, while it has also deferred partner distributions. The Lawyer understands that one-third of UK staff have been placed on furlough leave, however, their salaries will be topped up to 100 per cent, the firm said. In response to the […]