Yearly Archives: 2021

Why a mistake in London is more of a blunder in New York

Posted on March 10, 2021 by Alice Heathfield

Last year, Citibank committed one of the most embarrassing blunders in recent Wall Street history. The bank, acting in its capacity as Administrative Agent for a syndicated loan taken out by Revlon, had intended to wire approximately $8 million in …

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CFTC brings first ever enforcement action for cryptocurrency “pump-and-dump” scheme

Posted on March 9, 2021 by Christopher Wilsher

The US Commodity Futures Trading Commission (CFTC) has brought its first ever enforcement action for a manipulative scheme involving cryptocurrency assets.The complaint (filed in the U.S. District Court for the Southern District of New York) alleges that businessman and anti-virus software creator John McAfee (with an accomplice) engaged in manipulative cryptocurrency “pump-and-dump” schemes, which involved numerous coins, including Verge (XVG), Dogecoin (DOGE), and Reddcoin (RDD).The defendants are accused of accumulating positions in those assets, deceptively promoting them through social media as valuable investments, then selling their holdings as the prices jumped following McAfee’s allegedly deceptive endorsements. McAfee is said to have made significant profits in excess of $2 million.The defendants are indicted on charges of conspiracy to commit commodities and securities fraud, wire fraud, wire fraud conspiracy, conspiracy to commit securities touting fraud, and money laundering.Under the U.S. Commodity Exchange Act, the CFTC is empowered to regulate “commodities”, which includes Bitcoin and other virtual currencies. The position is of course different in England, where cryptocurrencies are only regulated for money laundering purposes.Read the full complaint here.

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What does the Budget 2021 mean for Residential property?

Posted on March 3, 2021 by Alice Heathfield

SDLT The current stamp duty holiday has been extended to 30 June 2021.  The suspension on the first £500,000 of all property sales in England and Northern Ireland will therefore continue to apply. The holiday means that anyone completing a …

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Looking at the Budget 2021 from a Private client perspective

Posted on March 3, 2021 by Alice Heathfield

PROPERTY SDLT Holiday Extension Having heard the representations from housebuilders and buyers, the Chancellor announced that the current SDLT threshold of £500,000 will be extended until 30 June 2021. After that date, there will be a gradual tapering of the …

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Furloughing: Does staying home to limit a shielding individual’s exposure to Coronavirus constitute a ‘caring responsibility’?

Posted on March 2, 2021 by Christopher Wilsher

As vaccination rates continue to increase, it is hoped by everyone that the dilemma of whether someone living with an individual who is clinically extremely vulnerable can be furloughed or not will soon be a thing of the past. However, …

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Arbitration clauses in ISDA master agreements

Posted on March 1, 2021 by Christopher Wilsher

International arbitration is increasingly recognised as the preferred dispute resolution mechanism for cross-border derivative transactions although historically parties typically opted for litigation, even when the dispute included an international component, and with English and New York laws as traditionally the …

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Harry and Meghan ceasing to be UK resident

Posted on February 26, 2021 by Alice Heathfield

As a couple the Duke and Duchess of Sussex garner significant public attention. However, to the UK tax adviser, they provide a perfect backdrop against which to frame the UK residency and domicile rules, and they help elucidate an important …

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The CMA’s Digital Markets Strategy: refreshed

Posted on February 26, 2021 by Christopher Wilsher

The Competition and Markets Authority (CMA) has now released a refreshed version of its Digital Markets Strategy (February 2021, refresh), first published in July 2019. The updated strategy is a result of significant developments in the political and regulatory landscape …

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Are banks under a duty to prevent Authorised Push Payment fraud?

Posted on February 25, 2021 by Alice Heathfield

FACTS In 2018, the claimant (Mrs Philipp) and her husband were tricked into sending £700,000 to bank accounts controlled by fraudsters in the United Arab Emirates. Through an elaborate scheme, the fraudsters convinced Philipps that they were agents of the …

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Introduction of VAT ‘reverse charge’ from 1 March 2021 for building and construction services

Posted on February 22, 2021 by Alice Heathfield

From 1 March 2021, the domestic VAT ‘reverse charge’ for supplies of building and construction services will come into operation. The new measures apply to VAT-registered businesses who are supplying/receiving standard or reduced-rated services reported under the Construction Industry Scheme …

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