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Restrictive covenants in shareholders' agreements and commercial contracts

Published on 06 Mar 2020. By Ben Magahy, Senior Associate

The Court of Appeal has recently reaffirmed the approach to the enforceability of restrictive covenants in shareholders' agreements and other commercial contracts.

Corporate failure to prevent tax evasion update – a policy is not enough

Published on 21 Feb 2020. By Michelle Sloane, Partner

It is no secret that the government has a laser focus on making corporates pay for their roles in "facilitating" tax evasion. Recent figures show that HMRC are serious in their drive to hold companies responsible for tax evasion; even companies with seemingly watertight procedures are susceptible. Now is the time to ensure that your regimes are watertight.

Corporate tax update November 2019

Published on 22 Nov 2019.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team. This month’s update reports on the key developments from September and October 2019. No update would be complete in the current climate without a report on a recent IR35 decision (this month, we bring you two). This month’s update also includes summaries as to HMRC’s latest thinking on the regime for offshore receipts in respect of intangible property, as well as case summaries on the interpretation of the UK-Irish double tax treaty, cross-border loss relief and the effect of statements in HMRC’s published manuals.

Changing retail landscape leads to decline in employee numbers

Published on 21 Nov 2019. By Kelly Thomson, Partner, ESG strategy lead

The retail sector continues to face change and challenge from every conceivable angle and employment within the sector is following this trend.

Corporate governance for large private companies

Published on 14 Oct 2019. By Nneka Ezekude, Trainee Solicitor

For financial years beginning on or after 1 January 2019, large private companies will need to adhere to the requirements contained in a new corporate governance code published by the Financial Reporting Council. The introduction of the new code followed multiple scandals which revealed poor corporate practices and neglect of stakeholders' interests. As a result, the code seeks to rebuild confidence and trust in these large private companies.

Corporate tax update September 2019

Published on 30 Sep 2019. By Ben Roberts, Partner and Adam Craggs, Partner

This month’s update reports on the key developments from August 2019. Although this was a relatively quiet month in the corporate tax world, this update includes summaries of an important Upper Tribunal decision on the correct tax treatment of “trail commissions” and a First-tier Tribunal decision on the recovery of pre-incorporation input VAT.

Arbitration or winding up?

Published on 17 Sep 2019. By Charles Allen, Partner & Head of Hong Kong office

In But Ka Chon v Interactive Brokers LLC [2019] HKCA 873, the Hong Kong Court of Appeal upheld a lower court's decision to reject an application to set aside a statutory demand. The appellant had argued (among other things) that an arbitration clause in his agreement with the respondent required their dispute to be referred to arbitration.

Corporate tax update August 2019

Published on 27 Aug 2019.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team. This month’s update reports on the key developments from July 2019 and includes a summary of the key business tax measures coming out of the publication of the draft Finance Bill 2020 legislation. There is also commentary on the draft regulations and consultation document published by HMRC on the UK’s implementation of DAC6 (mandatory disclosure of cross-border tax planning arrangements).

Corrado – Tribunal cancels follower notice penalties 

Published on 31 Jul 2019. By Adam Craggs, Partner

In Giulio Corrado v HMRC [2019] UKFTT 275 (TC), the First-tier Tribunal (FTT) has set aside a follower notice penalty as the taxpayer's failure to take corrective action in response to a follower notice was reasonable in all the circumstances.

Corporate tax update July 2019

Published on 16 Jul 2019.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team. This month’s report includes summaries of the recent decision of the Upper Tribunal on corporate tax residence in Development Securities plc, two ECJ decisions on cross-border loss relief and yet another decision on the application of the ‘IR35’ rules.

'Green Finance' enters the mainstream

Published on 25 Jun 2019. By Edward Colville, Partner

With the UK's recent commitment to cut emissions to net zero by 2050, the financial sector is looking to 'green finance' to encourage investment in sustainable and environmentally-friendly businesses. Recent examples, like Nokia's €1.5 billion credit facility announced last week, show that environmental impact is becoming a key consideration for lenders and borrowers.

National Security and Investment – the EU's response

Published on 07 Jun 2019. By Tim Anderson, Partner and Neil Brown, Partner

National security concerns regarding Huawei continue to make headlines around the world, against the backdrop of an ongoing US / Chinese trade war. This blog looks at new EU rules on foreign investments which raise security or public order concerns.

Corporate tax update May 2019

Published on 30 May 2019.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team.

Stamp duty land tax (SDLT) avoidance and corporate property deals – the importance of timing!

Published on 21 May 2019. By Ben Roberts, Partner

The First-Tier Tribunal has, in a recent decision, caused something of a stir for clients and advisors familiar with the well-trodden (and, usually, tax-efficient) use of offshore unit trusts to hold UK property.

More than you bargained for: the implied duty of good faith

Published on 26 Apr 2019. By David Wallis, Partner and Neil Brown, Partner

The recent High Court decision in Bates v. Post Office (No. 3) confirms a general principle that if a contract is a "relational" contract then it will include an implied obligation of good faith. Previously, there had been doubt whether such a general principle exists, as historically this was not an approach recognised by the English courts.

Derivative transactions – the obligation to report

Published on 25 Apr 2019. By Edward Colville, Partner

As the recent £34.9m fine for Goldman Sachs shows, the FCA takes the obligation to report derivative transactions seriously. How does this affect parties who trade infrequently, and what changes to the reporting requirement can we expect post-Brexit?

Part Three: Five practical implications of side letters and most favoured nations clauses for fund investors and managers

Published on 15 Feb 2019.

In this third and final part of our series on side letters and most favoured nation (MFN) clauses in private equity funds, we examine five practical implications for investors and managers.

Corporate tax update Fourth quarter 2018

Published on 12 Feb 2019.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this final 2018 edition we highlight some of the key tax developments of interest to UK corporates from the fourth quarter of 2018.

連載コラム・欧州Ｍ＆Ａ最前線＞12月・１月

Published on 31 Jan 2019. By Nigel Collins, Partner, Head of Japan Desk

2019年の幕開けは、東京と香港への出張で忙しくも生産的だった。ブレグジット問題の目まぐるしい展開は、やはり大きな話題となっていた。英国の誰もがそうだろうが、交渉がここまで遅れ、まだ合意が成り立っていないことに私も驚いている。（

Part Two: Side letters and fundraising

Published on 28 Jan 2019.

In this second of a three part series, we look more closely at side letters and most favoured nation (MFN) clauses in the private equity space.

Part One: Overview of side letters & MFNs when investing in private equity funds

Published on 14 Jan 2019.

In the first of a three part series we consider the importance of side letters and most favoured nations (MFN) clauses in private equity funds.

連載コラム・欧州Ｍ＆Ａ最前線2018年９月・10月

Published on 07 Dec 2018. By Nigel Collins, Partner, Head of Japan Desk

今月のテーマは電気自動車（ＥＶ）のための新規制だ。急速に進展するＥＶ産業のアドバイザーたちと業界トレンドについて話し合い、また伊藤忠商事がカーシェア・スタートアップ企業に投資するに当たり助言する中で、ＥＶ市場全般について考えたことを受け、このテーマを取り上げることにした。

連載コラム・欧州Ｍ＆Ａ最前線＞2018年11月

Published on 30 Nov 2018. By Nigel Collins, Partner, Head of Japan Desk

クリスマスまであと数日。オフィスには、すでに休暇入りした同僚達の空席がちらほら見られる一方、年内に取引やプロジェクトを完了しようと奔走する姿も目立つ。クリスマスと元日の間には営業日が２、３日あるが、ロンドンの金融街シティーは空っぽだろう。（ナイジェル・コリンズ／Ｍ＆Ａ専門弁護士）

Budget 2018 – 10 key business tax takeaways

Published on 08 Nov 2018. By Ben Roberts, Partner

連載コラム・欧州Ｍ＆Ａ最前線2018年８月

Published on 06 Nov 2018. By Nigel Collins, Partner, Head of Japan Desk

今月のコラムは、涼しい雨の東京で書いている。ここ1週間、ミーティング続きで忙しかったが、話題の中心はやはり英国の欧州連合（ＥＵ）離脱とそのＭ＆Ａへの影響だった。全般的に、ブレグジット交渉が完結するまでは、英国でのＭ＆Ａ取引の法的枠組みに変わりはない。

Corporate tax update

Published on 18 Oct 2018.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this third 2018 edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2018.

＜連載コラム・欧州Ｍ＆Ａ最前線＞2018年７月

Published on 21 Sep 2018. By Nigel Collins, Partner, Head of Japan Desk

日本と違いロンドンでは気候が変わり、全般的にずいぶんと涼しくなった。この夏は長く異例の暑さったが、Ｍ＆Ａ市場もそれに負けない熱気を帯びた。当社各部門も多忙を極め、今なお次々とＭ＆Ａや投資の取引が成立している。今のところ、この活況は夏が終わっても続きそうな勢いだ。（ナイジェル・コリンズ／Ｍ＆Ａ専門弁護士）

Corporate tax update

Published on 31 Aug 2018. By Ben Roberts, Partner and Adam Craggs, Partner

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this second 2018 edition we highlight some of the key tax developments of interest to UK corporates from the second quarter of 2018.

＜連載コラム・欧州Ｍ＆Ａ最前線＞2018年６月

Published on 23 Aug 2018. By Nigel Collins, Partner, Head of Japan Desk

サッカーのワールドカップ（Ｗ杯）で、イングランドと日本が共に見事な活躍を見せ、熱い感動を与えてくれた後、ロンドンで夏のきらめきを楽しんでいる。「もしあのとき…」という思いが胸を過ぎる。日本が後半戦の最後の10秒に、ベルギーを振り切っていたら。イングランドが前半で、クロアチアから奪った得点を守っていたら。日本の会社に例えるならば、千載一遇のチャンスを逃さないことが、ビジネスを成功に導くのだと思う。

RPC Retail Compass 2018 Summer Edition

Published on 27 Jul 2018. By Nigel Collins, Partner, Head of Japan Desk

Legal and policy changes affecting retail.

Good news for UK share sellers - capital gains tax relief relaxed

Published on 27 Jul 2018. By Ben Roberts, Partner and Nigel Collins, Partner, Head of Japan Desk

The UK's entrepreneurs' relief (ER), which is already a valuable tax relief for individual UK-resident sellers of trading companies, is about to become a little more generous.

連載コラム● 欧州Ｍ＆Ａ最前線 2018年５月 ● 欧州連合（ＥＵ）営業秘密保護指令の施行により、背信行為を巡る訴訟が増加する見通しとなっている

Published on 27 Jun 2018. By Nigel Collins, Partner, Head of Japan Desk

ところで、欧州連合（ＥＵ）営業秘密保護指令の施行により、背信行為を巡る訴訟が増加する見通しとなっている。当社の同僚たちがこのほど、これについてまとめたので紹介する。 営業秘密保護の現状はどうなっているのか。

When can the Secretary of State intervene in a merger or acquisition?

Published on 30 May 2018. By Nigel Collins, Partner, Head of Japan Desk

This post sets out the circumstances in which the Secretary of State has been able to intervene in a merger or acquisition to date and looks at the ongoing consultation to protect national interests.

連載コラム・欧州Ｍ＆Ａ最前線 2018年４月

Published on 18 May 2018. By Nigel Collins, Partner, Head of Japan Desk

今朝のロンドンは美しく晴れ渡っているが、私は剣道英代表チームとの２日間にわたる稽古のせいで体中が筋肉痛だ。それはともかく、今回のテーマは暗号通貨（クリプトカレンシー）。中でも、暗号通貨発行による資金調達に適用される規制について取り上げてみたい。

Japanese banks joining Softbank's $100bn Vision Fund

Published on 10 May 2018. By Nigel Collins, Partner, Head of Japan Desk

MUFG, Mizuho, and Sumitomo Mitsui Banking Corporation will be among the final investors in SoftBank's Vision Fund

How hard is it to learn English?

Published on 02 May 2018. By Nigel Collins, Partner, Head of Japan Desk

As English is by far the number one language of business and politics, many non-native speakers have no choice but to overcome this challenge

Corporate tax update

Published on 01 May 2018. By Ben Roberts, Partner

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly.

Lisbon, a near-shore hub for UK business

Published on 01 May 2018. By Nigel Collins, Partner, Head of Japan Desk

Hosting a meeting at Hitachi Consulting's offices in Lisbon

Potentially largest ever Japan outbound deal

Published on 25 Apr 2018. By Nigel Collins, Partner, Head of Japan Desk

Takeda makes its 5th offer for Shire

Japan's Itochu to raise stake in FamilyMart to 50.1%

Published on 19 Apr 2018. By Nigel Collins, Partner, Head of Japan Desk

Itochu to spend $1.1bn for an 11.1 per cent premium in FamilyMart

欧州Ｍ＆Ａ最前線 2018年２月

Published on 23 Feb 2018. By Nigel Collins, Partner, Head of Japan Desk

酷寒の東京と暖かい香港、蒸し暑いシンガポールを出張で回り、大勢のクライアントや関係者を訪ねて帰ってきたところだ。各地とも景況感は良く、フィンテック（金融とＩＴの融合）やインシュアテック、クリーンエナジー技術が投資先として人気を高めている。

Corporate tax update

Published on 15 Feb 2018.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this final 2017 edition we highlight some of the key tax developments of interest to UK corporates from the fourth quarter of 2017.

Corporate tax update, third quarter 2017

Published on 27 Oct 2017.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s Tax Team and published quarterly.

PE funds: Risks to LP limited liability status 

Published on 24 Oct 2017.

One of the key attributes of an English limited partnership is that the general partner has unlimited liability for the debts and obligations of the limited partnership.

Transferring limited partnership interests

Published on 24 Oct 2017.

A limited partner may assign its interest in a limited partnership, subject to the general partner's consent and any contrary agreement between the limited partners.

欧州Ｍ＆Ａ最前線 2017年９月

Published on 29 Sep 2017. By Nigel Collins, Partner, Head of Japan Desk

夏季休暇が明け、日常に戻ったロンドンの金融街シティーには、さまざまなプロジェクトを進めようという意欲と活気がみなぎっている。

Corporate tax update, second quarter 2017

Published on 05 Sep 2017.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly.

欧州Ｍ＆Ａ最前線 2017年８月

Published on 25 Aug 2017. By Nigel Collins, Partner, Head of Japan Desk

シンガポール、ハノイ、香港、東京を巡る出張から帰ってきた。クライアントや知人などいろんな人に会ったのだが、会えなかった人がいるのもいつものこと。こんな調子なので、さっそく次の出張の計画を立てた方がいいだろうか。

New corporate criminal offence

Published on 03 Aug 2017.

Failure to prevent the facilitation of tax evasion

欧州Ｍ＆Ａ最前線 2017年６月

Published on 30 Jun 2017. By Nigel Collins, Partner, Head of Japan Desk

ブレグジット交渉が始まり、与党・保守党と北アイルランドの民主統一党（ＤＵＰ）の閣外協力もやっとのことで決まった。