Payday loan complaints reach five year high – BBC News
‘Complaints against payday lenders have soared to a five year high, the industry watchdog has said.’
BBC News, 15th May 2019
Source: www.bbc.co.uk
Category: interest
Part 36 offer that included unpleaded counterclaim ruled valid – Litigation Futures
‘A part 36 offer made by a defendant in respect of both a claim and a proposed counterclaim which has yet to be pleaded is valid, the Court of Appeal has ruled.’
Litigation Futures, 7th May 2019
Source: www.litigationfutures.com
City watchdog told to review London Capital & Finance collapse – The Guardian
‘Government orders FCA inquiry into £236m scandal surrounding investment firm.’
The Guardian, 1st April 2019
Source: www.theguardian.com
Supreme Court: income tax must be deducted from creditor interest – OUT-LAW.com
‘Income tax must be deducted before administrators can pay out statutory interest to the creditors of an insolvent company, the UK’s highest court has confirmed.’
OUT-LAW.com, 14th March 2019
Source: www.out-law.com
RBS sued by Newham council over the terms of £150m in loans – The Guardian
‘Newham council is suing Royal Bank of Scotland over the terms of about £150m in complex bank loans, making it the latest UK bank to face a lawsuit over lending terms that critics say piled undue pressure on local services.’
The Guardian, 6th February 2019
Source: www.theguardian.com
Price cap plan to clamp down on high rent-to-own fees – The Guardian
‘The City watchdog has proposed a price cap on rent-to-own companies in a clampdown on “excessive charges” expected to save 300,000 vulnerable customers up to £22.7m a year.’
The Guardian, 22nd November 2018
Source: www.theguardian.com
Sheikh Mohamed Bin Issa Al Jaber v Sheikh Walid Bin Ibrahim Al Ibrahim – Blackstone Chambers
‘The Court of Appeal has given judgment in this case concerning (i) the proper approach to applications for permission to service out of the jurisdiction and (ii) the implication of terms as to interest.’
Blackstone Chambers, 18th July 2018
Source: www.blackstonechambers.com
UK regulators could enforce minimum interest rate for savers – The Guardian
‘Banks could be forced to pay savers a minimum interest rate after City regulators found that longstanding customers in instant access accounts are paid derisory rates because of their apathy about switching providers.’
The Guardian, 25th July 2018
Source: www.theguardian.com
FCA must act in wake of judge’s criticism of failure to bring top bankers to book for Libor scandal – The Independent
‘A judge’s sharp criticism of the Financial Conduct Authority for its failure to go after top bankers has put a cat right into the middle of the City regulator’s pigeons.’
The Independent, 21st June 2018
Source: www.independent.co.uk
Lenders court new controversy over misleading loan rates – The Independent
‘UK consumers are paying millions more than they expect for personal loans as the gap between advertised and actual interest rates on such borrowing grows.’
The Independent, 7th June 2018
Source: www.independent.co.uk
New judgment: R (Gibson) v Secretary of State for Justice [2018] UKSC 2 – UKSC Blog
‘The issue in the appeal is whether interest is included in the starting point under the Magistrates’ Courts Act 1980, s 79(2) for the giving of proportionate credit for part payment of a confiscation order.’
UKSC Blog, 24th January 2018
Source: ukscblog.com
Statutory interest paid by a company in administration must have tax deducted, says Court of Appeal – OUT-LAW.com
‘Statutory interest paid by a company in administration on a surplus is ‘yearly interest’ for UK tax purposes and must therefore be paid after deduction of basic rate tax, the Court of Appeal has decided, overturning a previous decision of the High Court.’
OUT-LAW.com, 5th January 2018
Source: www.out-law.com
A Case of Little Interest? The Supreme Court’s Judgment in Littlewoods – Blackstone Chambers
‘The Supreme Court (‘SC’) on 1 November 2017 handed down judgment in Littlewoods Ltd and others v. HMRC [2017] UKSC 70. In a judgment of Lords Reed and Hodge (with whom Lords Neuberger, Clarke and Carnwath) agreed, the SC has unanimously allowed HMRC’s appeal against the decisions below of both Henderson J and the Court of Appeal (Arden, Patten and Floyd LJJ). The headline grabbing outcome is that approximately £17 billion of compound interest does not have to be paid by the Revenue to taxpayers who overpaid VAT and made Fleming claims for recovery. But the SC’s reasoning is of much wider interest.’
Blackstone Chambers, 2nd November 2017
Source: www.blackstonechambers.com
Discount Rate and Accommodation Claims: Is there a will and is there a way – Byrom Chambers
‘On 07.09.2016, the Lord Chancellor announced his much awaited response to the Consultation commenced by his predecessor following the decisions made on 27.02.2017 to lower the discount rate from 2.5% to -0.75%.’
Byrom Street Chambers, September 2017
Source: www.byromstreet.com
Treat Insolvency Rules as ‘a complete code’ for payment of statutory interest, rules Court of Appeal – OUT-LAW.com
‘The Court of Appeal has determined the extent of creditors’ entitlements to statutory interest on their debts and the correct approach for calculating their entitlement. It has ruled on the entitlement of representative creditors of Lehman Brothers International (Europe) (LBIE) to the surplus funds and on the calculation of the statutory interest due to them.’
OUT-LAW.com, 10th November 2017
Source: www.out-law.com
FCA keeps payday loan cap after review – OUT-LAW.com
‘The UK’s Financial Conduct Authority (FCA) is to maintain a cap set on the interest and fees charged on high-cost short-term loans after a review concluded it had benefited consumers.’
OUT-LAW.com, 31st July 2017
Source: www.out-law.com
Willpower & determination – New Law Journal
‘Paola Fudakowska & Henrietta Mason provide a wills & probate update.’
New Law Journal, 19th May 2017
Source: www.newlawjournal.co.uk
Corporate interest restriction cut from pre-election UK Finance Bill – OUT-LAW.com
‘The legislation to introduce restrictions on corporation tax deductions for interest payments will not be included in the UK Finance Bill that will become law before the general election. The government tabled amendments to the bill withdrawing most of its provisions before it went through the remaining House of Commons stages on 25 April.’
OUT-LAW.com, 27th April 2017
Source: www.out-law.com
Latest draft legislation on interest restriction more helpful for infrastructure and real estate, says expert – OUT-LAW.com
‘Amended draft legislation to restrict tax relief for interest payments includes changes to a new ‘public infrastructure’ exemption which will be helpful for infrastructure and real estate companies, according to a tax expert.’
OUT-LAW.com, 21st March 2017
Source: www.out-law.com
