‘For the immediate future, it is not difficult to identify likely, and plentiful, areas for banking litigation, especially with the ever growing presence of litigation funding making its mark. We identify a few below.’
11 Stone Buildings, June 2015
Source: www.11sb.com
‘Richard Holme, Chartered Accountant of Creaseys, a firm which specialises in advising family lawyers on tax related family law issues, explains the Budget changes of most relevance to family lawyers.’
Family Law Week, 8th July 2015
Source: www.familylawweek.co.uk
Aspect Contracts (Asbestos) Ltd v Higgins Construction plc: [2015] UKSC 38; [2015] WLR (D) 261
‘An unsuccessful party in a construction contract adjudication was entitled to be repaid any money paid pursuant to the adjudication if the underlying dispute was finally determined in his favour, and the cause of action for the recovery of such money accrued on the date on which the money was paid. However, the cause of action of a party who wished to bring proceedings for more than the amount which he had been awarded under an adjudication accrued on the date of the relevant breach of contract or duty.’
WLR Daily, 17th June 2015
Source: www.iclr.co.uk
‘In accordance with a taxpayer’s rights under European Union law, sections 78 and 80 of the Value Added Tax act 1994 would be disapplied to enable the taxpayer to recover more than simple interest by seeking to recover in restitution the time value of sums which they wrongly paid.’
WLR Daily, 21st May 2015
Source: www.iclr.co.uk
Supreme Court, 11th March 2015
‘The European Commission announced on 4 February that it fined the UK broker ICAP EUR 14.9 million for its role in allegedly facilitating cartel activity that manipulated the yen Libor interest rate.’
Full story (PDF)
Zenith Chambers, 6th February 2015
Source: www.zenithchambers.co.uk
‘On the proper meaning and application of “trade” in sections 5 and 863(1) of the Income Tax (Trading and Other Income) Act 2005 and section 362 (1)(b) of the Income and Corporation Taxes Act 1988 the taxpayer carried on the business of exploiting films not amounting to a trade. Accordingly, the taxpayer’s members were not entitled to tax relief in respect of interest on their borrowings.’
WLR Daily, 17th February 2015
Source: www.iclr.co.uk
‘A judge has rejected claims that the lender illegally increased its tracker rates for buy-to-let customers.’
Daily Telegraph, 29th January 2015
Source: www.telegraph.co.uk
‘The UK’s financial watchdog is clamping down on payday loans, with new rules to ensure that borrowers are never forced to repay more than twice the sum of their original loan.’
The Guardian, 11th November 2014
Source: www.guardian.co.uk
‘Interest Rate Hedging Products (“IRHP”) are financial products that enable the purchaser to limit their exposure to interest rate movements. They are often purchased at the same time as entering into a loan.’
Hardwicke Chambers, 19th September 2014
Source: www.hardwicke.co.uk
‘The Advertising Standards Authority has banned a TV advert by payday lender Wonga, after a complaint by a charity.’
BBC News, 8th October 2014
Source: www.bbc.co.uk
‘Thousands of people who have taken out payday loans from firms other than Wonga should also have their interest and charges wiped out, say consumer and legal experts.’
The Guardian, 3rd October 2014
Source: www.guardian.co.uk
‘A speech given by the Attorney General to the 32nd Cambridge International Symposium on Economic Crime – delivered on 1st September 2014 at Jesus College Cambridge.’
Attorney General’s Office, 5th September 2014
Source: www.gov.uk/ago
‘In May 2013 nine banks (“the Banks”) agreed to review their sales to unsophisticated customers in accordance with terms of references agreed with the FCA. At the end of June 2014 the FCA reported that all participating banks had completed their sales reviews in relation to customers who joined the Review before March 2014. By the end of June 2014 the Banks had sent out 16,000 redress letters, 13,500 of which included a cash redress offer and with the balance of 2,500 confirming that the sale had been compliant with the (then) FSA rules or that the customer had suffered no loss. By the end of June 2014 8,000 customers had accepted their redress offers, and the Banks had paid out £1.2 billion.’
No. 5 Chambers, 19th August 2014
Source: www.no5.com
‘In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives. Today, it has used – for the first time – one if its shiny new tools; the FCA has issued a Temporary Product Intervention Rule (TPIR).’
RPC Commercial Disputes Blog, 5th August 2014
Source: www.rpc.co.uk
‘The cap proposed by the Financial Conduct Authority means that if someone borrows £100 from a payday lender and pays it back within the agreed 30 days, they would pay a maximum of £24 in charges. Fees for late payment would be capped at £15, with a total price cap of 100% of the original loan to stop default charges spiralling out of control.’
The Guardian, 15th july 2014
Source: www.guardian.co.uk
Novoship (UK) Ltd and others v Nikitin and others [2014] EWCA 908; [2014] WLR (D) 297
‘The remedy of an account of profits was available against one who dishonestly assisted a fiduciary to breach his fiduciary obligations, even if that breach did not involve a misapplication of trust property.
WLR Daily, 4th July 2014
Source: www.iclr.co.uk
‘Sections 78 and 80 of the Value Added Tax Act 1994 could not be construed in such a way as to conform with European Union law and therefore had to be disapplied so as to allow the claimant companies to pursue their claims to recover the full value of overpaid value added tax.’
WLR Daily, 28th March 2014
Source: www.iclr.co.uk
Durkin (Appellant) v DSG Retail Ltd and another (Respondents) (Scotland) [2014] UKSC 21 (YouTube)
Supreme Court, 26th March 2014
‘HM Revenue & Customs (HMRC) has insisted it will appeal against a high court decision to award Sir David and Sir Frederick Barclay’s Littlewoods catalogue shopping business £1.2bn in a top-up settlement relating to a long-running legacy VAT dispute.’
The Guardian, 28th March 2014
Source: www.guardian.co.uk
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