Travel & Aviation Bulletin – Special Focus – 3 Hare Court
‘Welcome to our Special Focus edition of the Travel & Aviation Bulletin, edited by Katherine Deal KC.’
3 Hare Court, 18th September 2024
Source: www.3harecourt.com
Category: interest
Tax issues for UK holding companies – OUT-LAW.com
‘This guide considers the tax implications of using a UK holding company to hold shares in other UK or overseas companies.’
OUT-LAW.com, 9th August 2024
Source: www.pinsentmasons.com
Ferguson-Davie & Edwards v HMRC: The proper construction of the carried interest provisions – Devereux Chambers
‘The FTT has now handed down its first decision regarding the proper construction of the carried interest provisions at Part III, Ch 5 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) and the transitional/grandfathering provision at s. 43 (2) Finance (No.2) Act 2015.’
Devereux Chambers, 13th May 2024
Source: www.devereuxchambers.co.uk
A lonely island in the LIBOR scandal – Law Society’s Gazette
‘Afascinating debate looks set to continue to the Supreme Court after the Court of Appeal dismissed the appeals of former traders Tom Hayes and Carlo Palombo. This case not only places traders back in the spotlight; it also subjects the Court of Appeal itself to scrutiny for the global uncertainty resulting from its judgment and its role as gatekeeper to the Supreme Court.’
Law Society's Gazette, 7th May 2024
Source: www.lawgazette.co.uk
Interest rate rigging appeal must go to top court, say politicians – BBC News
‘Two former bankers jailed for rigging interest rates must have their appeal heard by the Supreme Court, senior politicians have said.’
BBC News, 3rd April 2024
Source: www.bbc.co.uk
Former traders Tom Hayes and Carlo Palombo’s convictions upheld by Court of Appeal – Law Society’s Gazette
‘Two former traders jailed over the manipulation of key benchmark interest rates today had their convictions upheld by the Court of Appeal.’
Law Society's Gazette, 27th March 2024
Source: www.lawgazette.co.uk
Jailed bankers appeal against interest rate ‘rigging’ convictions – BBC News
‘Two former bankers jailed for rigging interest rates are appealing against their convictions after an eight-year battle to clear their names.’
BBC News, 14th March 2024
Source: www.bbc.co.uk
A case commentary from Jonathan Holsgrove: Marriage and beneficial interests in POCA – R v Thompson – Park Square Barristers
‘R v Thompson [2023] EWCA Crim 1244, saw the Court of Appeal deal with the issue of how to approach beneficial interests in property where the property is in the sole name of a defendant’s spouse.’
Park Square Barristers, 14th November 2023
Source: www.parksquarebarristers.co.uk
Interest rate ‘rigger’ wins right to appeal in UK – BBC News
‘The first trader tried and jailed for “rigging” interest rates, Tom Hayes, has won the right to appeal his case after a six-year battle. Mr Hayes, who was sentenced to 11 years in jail in 2015, has been seeking a referral since 2017. He will now have his case referred back to the Court of Appeal.’
BBC News, 7th July 2023
Source: www.bbc.co.uk
Interest on costs due on date of original £38m order, judge finds – Law Society’s Gazette
‘Interest on a £38 million costs order is due on the date of the original order and accrues from day to day thereafter, a judge has ruled followign a 10-year legal battle. The Honourable Mrs Justice Dias described the application before her in Deutsche Bank AG v Sebastian Holdings Inc as raising “a short but interesting point of statutory construction on which there is surprisingly no direct authority.”’
Law Society's Gazette, 30th June 2023
Source: www.lawgazette.co.uk
Repayment prevented by sanctions – Law Society’s Gazette
‘In a novel application of the ancient equitable jurisdiction that protects a debtor’s right to redeem mortgaged property, after a short trial, Mr Justice Green granted Fortenova Grupa’s redemption action against LLC Shushary Holding – a subsidiary of VTB Bank PJSC, sanctioned in the UK, EU and US. The action concerned €1.157bn of senior secured floating rate notes issued by Fortenova and due to mature in September 2023; 38% of the notes were owned by Shushary.’
Law Society's Gazette, 26th May 2023
Source: www.lawgazette.co.uk
The whistleblowing bankers who were sent to jail – BBC News
‘Two traders jailed for rigging interest rates were the original whistleblowers of the scandal, the BBC has learned.’
BBC News, 1st March 2022
Source: www.bbc.co.uk
No interest on general damages in police actions – UK Police Law Blog
‘The Court of Appeal has reiterated, in Rees v Commissioner of Police of the Metropolis [2021] EWCA Civ 49, that since non-pecuniary damages in civil claims against the police. e.g. for loss of liberty, or distress and inconvenience, are generally assessed by reference to all matters leading up to the judgment, there will usually be no need for an additional award of interest. A substantial award of exemplary damages – £150,000, split between three claimants, was upheld on the basis that the case had involved an egregious prosecution set in motion by an officer of very senior rank (a Detective Chief Superintendent).’
UK Police Law Blog, 22nd February 2021
Source: ukpolicelawblog.com
New rules promise clarity on issue of interest in Part 36 offers – Law Society’s Gazette
‘Legislation to give litigators certainty about the issue of Part 36 offers and interest is to be introduced this spring, the government has announced. The rule change, effective from 6 April, is one of a raft of amendments to the civil procedure rules published yesterday as statutory instruments.’
Law Society's Gazette, 2nd February 2021
Source: www.lawgazette.co.uk
CA: Judge was wrong not to order all of part 36 enhanced awards – Litigation Futures
‘Making one of the four enhanced awards of beating a part 36 offer does not “in any way” undermine or lessen entitlement to the others, the Court of Appeal has ruled.’
Litigation Futures, 18th November 2020
Source: www.litigationfutures.com
SONIA and the ‘Tough Legacy’ of LIBOR – Henderson Chambers
‘At the end of 2021 the London Interbank Offered Rate (LIBOR) will be discontinued. In its place the Financial Conduct Authority is proposing a different rate to become the market standard, the Sterling Overnight Index Average (SONIA). What is the impact of LIBOR’s discontinuance on regulated credit agreements? How might regulated lenders approach a transfer to SONIA? Will the Government legislate to assist with the change?’
Henderson Chambers, 7th October 2020
Source: www.hendersonchambers.co.uk
Watchdog warns UK high-cost lenders about exploitation – The Guardian
‘The UK’s financial watchdog has warned high-cost lenders about irresponsible repeat lending and exploitative marketing that risks pushing vulnerable borrowers into a cycle of debt.’
The Guardian, 6th August 2020
Source: www.theguardian.com
Three Month Moratorium on Consumer Credit Debts – Henderson Chambers
‘The Covid-19 crisis has led the Financial Conduct Authority to issue authoritative guidance to consumer credit lenders which will oblige them to grant a three month moratorium on debts and to reduce interest costs.’
Henderson Chambers, 9th April 2020
FCA: credit card firms must stop suspending all users in debt spiral – The Guardian
‘Britain’s financial watchdog has warned credit card firms against the blanket suspension of cards of consumers who are stuck in a debt spiral, telling them to reduce or waive interest and other charges instead.’
The Guardian, 3rd February 2020
Source: www.theguardian.com
Default Interest? That is just under 290% p.a. – KCH Garden Sq
‘An interesting part of my work involves advising and appearing in cases in which there are loans from companies that specialise in loans to “distressed borrowers”. I have acted both for and against loan companies in that area of business, and so I have been able to see the issues from both sides.’
KCH Garden Sq, 16th January 2020
Source: kchgardensquare.co.uk
