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Individuals not off the hook - sponsor principal banned for five years for failing to discharge supervisory duties Client briefing on the Securities and Futures Appeal Tribunal’s decision to prohibit a sponsor principal from re-entering the industry due to breach of supervisory duties. A few years after CCB International Capital Limited (CCBIC) and BOCOM Intern... United Biscuits’ hopes of a VAT refund crumble The CJEU has held in the United Biscuits case that pension fund management services provided to occupational pension schemes are not within the VAT exemption for insurance transactions. This is bad news for United Biscuits and the other taxpayers with his... Tax and the City Review for October 2020 Mike Lane and Zoe Andrews look at the decisions in McCabe and Newey; HMRC statistics; ESMA recommendations; and plans for an EU-wide system for withholding tax relief at source. The Upper Tribunal confirms in McCabe that arguments made by HMRC as part o... The UK's green gas levy proposal The UK currently has the second lowest gas prices compared to other countries in the EU15. In contrast, the UK’s electricity prices are the highest for both industrial electricity prices and domestic electricity prices among the EU15, largely d... Banking and Investment Services column: October 2020 Our latest Banking and Investment services column for Practical Law. In our column for October 2020, we discuss FCA powers in the context of LIBOR transition, FCA Consultation Paper 20/20 on its approach to international firms and the EC’s recent l... Employment Bulletin - October 2020 Topics covered this month: Risk that employee had committed criminal offence did not make dismissal reasonable; Amendments to Employment Tribunal rules to increase capacity; Delay in paying salary was repudiatory breach entitling CEO to resign; Recurring ... The Real Estate M&A and Private Equity Review - 5th edition - United Kingdom chapter This law review chapter considers legal, regulatory and market developments in UK real estate M&A and private equity. In addition to providing an overview of the real estate M&A and private equity markets, it offers a summary of the legal framewo... Adding colour to Stewardship reporting: FRC publishes its Review of Early Reporting to the Stewardship Code The UK Stewardship Code 2020 published by the Financial Reporting Council (FRC) in October last year represented a significant overhaul of the original 2012 Code as it seeks to reflect and address growing expectations in relation to the stewardship practi... ACT Practical Guide to LIBOR Transition The Guide provides a starting point for finance and treasury teams transitioning LIBOR-referencing financial products and other contracts to alternative rates. It discusses the replacement rate options, calculation conventions and market documentation ava... COVID-19: Job Support Scheme A client briefing describing the key terms of the Coronavirus Job Support Scheme, as announced by the Chancellor on 24 September 2020. Executive summary On 24 September 2020, the Chancellor unveiled a new Job Support Scheme (JSS) as part of his Winter E...