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

DLA opts for two bonus payouts over 2020

DLA Piper is set to dish out bonus payments for the current financial year, with the firm joining the likes of Herbert Smith Freehills, Linklaters and Clifford Chance in splitting the award into two separate payments. Coming as part of the firm’s latest update to Covid-19-related measures, DLA also confirmed that the majority of people […]

airplane

Linklaters secures settlement for airlines after quarantine challenge

Following the UK Government’s highly-anticipated air-bridge announcement, Britain’s three major airlines have reached a settlement regarding their challenge to the quarantine rules. With the help of Linklaters, British Airways, EasyJet and RyanAir have put an end to their combined battle against the previous 14-day quarantine, successfully calling for the blanket policy to be removed. The […]

legal tech

Six firms join forces to create “go-to” guide for arbitrators

A group of six firms, including Herbert Smith Freehills (HSF), Ashurst and Latham & Watkins, have joined forces on arbitration project looking at the use of technology in cases. Hogan Lovells, CMS and DLA Piper are also members of the initiative, which aims to address a lack of guidelines around the application of case management […]

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