Monthly Archives: November 2019

What issues do you need to be aware of when building above existing buildings?

In a controversial move, the government has proposed a relaxation to permitted development rules that will allow property owners to add an extra two storeys to their property without seeking planning permission. It is intended that the new rules will …

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The CGT consequences of buying a ‘space in a tower’

There is nothing new in buying property off-plan. The phrase “contract for an off-plan purchase” entered the statute book in 2015 where it means “a contract for the acquisition of land consisting of, or including, a building or part of …

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SMCR implementation deadline imminent

The expansion of the SMCR to cover all FCA regulated firms (from 9 December 2019) will change the way in which the directors and senior managers in those firms will approach risk. The SMCR has already closed the gaps between …

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Court of Appeal orders re-trial of forex “demo accounts” case

Background In 2018, Collyer Bristow reported on a Commercial Court decision in which Mr Justice Knowles dismissed allegations of fraud against forex trading firm Ikon Finance (“Ikon”). Simetra Global Assets Limited and Richcroft Investments Limited (the “Claimants”) accused Ikon of …

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General Election: party manifestos confirm coming CGT Entrepreneurs Relief changes

All parties have now published their election manifestos.  Each contains proposals which would affect business owners and entrepreneurs. I previously predicted that altering or abolishing CGT Entrepreneurs Relief would be fairly low-risk for an incoming Chancellor of the Exchequer.  It …

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General Election: party manifestos confirm coming CGT Entrepreneurs Relief changes

All parties have now published their election manifestos.  Each contains proposals which would affect business owners and entrepreneurs.I previously predicted that altering or abolishing CGT Entrepreneurs Relief would be fairly low-risk for an incoming Chancellor of the Exchequer.  It seems that is coming to pass.This update briefly summarises the key proposals of the UK’s three main nationwide parties relating to entrepreneurs and business owners.LIBERAL DEMOCRATSThe Liberal Democrats have least to say about Entrepreneurs Relief, not directly mentioning it at all.  Relevantly, they would abolish the CGT annual exemption (currently worth £12,000).  They would also introduce a new General Anti-Avoidance rule (presumably in place of the current General Anti-Abuse Rule) and increase Corporation Tax to 20%.LABOURLabour’s manifesto contains a great many tax proposals.  Taxpayers earning more than £80,000 a year are warned that they will face higher taxes overall.  The headline rate of Corporation Tax would increase to 26% by 6 April 2023.  Meanwhile, CGT rates would be harmonised with Income Tax and Entrepreneurs Relief would be abolished outright and Labour would “consult on a better form of support for entrepreneurs which is not largely just a handout for a small number of people.”CONSERVATIVESThe Conservatives comment that “some [tax] measures haven’t fully delivered on their objectives” and, as a result, they propose to “review and reform Entrepreneur’s Relief.”  They have not yet brought forward details of their proposed reforms, nor set out the intended timescale for implementation.  Separately, they intend to freeze Corporation Tax at its current rate of 19% (abolishing prior plans to reduce it to 17%).  On the other hand, the R&D Tax Credit rate is to increase to 13%.  In what they call a “triple tax lock”, they promise not to increase VAT, Income Tax or National Insurance during the Parliament.  In fact, they propose to increase the NI threshold to £9,500, with plans to ensure that the first £12,500 of earnings is completely tax-free (though with no timetable for that move).NEXT STEPSIn my last update, I reflected that changes to the prevailing tax regime would be unsettling for business owners.  But such changes are an inevitable part of the election process.  I advised that affected business owners – especially those looking to dispose of their businesses in the near future – should seek tax advice as soon as possible.  That advice still holds good.

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Legal statement on cryptoassets and smart contracts – the breakdown

The UK jurisdiction taskforce of the LawTech Delivery Panel (LTDP) issued a statement this week, in which they asserted that Cryptoassets can be treated in principle as property; and that smart contracts are capable of satisfying the requirements of contracts …

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Litigation risks associated with Libor transition

The Financial Conduct Authority (FCA) has made clear that after 2021 it will no longer compel banks to submit LIBOR quotations or sustain the LIBOR benchmark, and that regulated parties proposing LIBOR for contracts beyond 2021 must explain the risks …

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English Court grants anti-suit injunction to restrain New York proceedings

Background English courts have a longstanding and well recognised jurisdiction to restrain foreign proceedings which are brought in violation of an agreement to settle disputes by arbitration in London. In the recent case of XL Insurance Co SE v Little, …

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Collyer Bristow recognised as one of the top law firms in the UK

In its annual ‘Best 200 Law Firms’ guide, published Tuesday 30 October 2019, The Times recognised Collyer Bristow’s particular strength in Real Estate. The Times Best 200 Law Firms list is based on a survey of 20,000 law professionals and …

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