Gauke sets new discount rate at -0.25% – Litigation Futures

Posted July 15th, 2019 in compensation, indexation, insurance, interest, news, personal injuries by tracey

‘Lord Chancellor David Gauke announced this morning that he is to change the personal injury discount rate from -0.75% to -0.25%, a lower figure than was widely anticipated.’

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Litigation Futures, 15th July 2019

Source: www.litigationfutures.com

Payday lenders being ‘bombarded’ by spurious claims – The Guardian

‘Compensation claims management firms looking for the next big earner after the PPI scandal have been accused of bombarding the much-criticised payday lending sector with complaints that are often spurious and sometimes without the knowledge of borrowers.’

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The Guardian, 10th June 2019

Source: www.theguardian.com

HMRC wins ‘unallowable purpose’ case – OUT-LAW.com

Posted May 31st, 2019 in interest, news, taxation by tracey

‘A UK company had an “unallowable purpose” in issuing a promissory note and therefore could not deduct the interest payable to a US group company, the First-tier Tribunal in the UK has decided in a case concerning a company in the Oxford Instruments group.’

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OUT-LAW.com, 30th May 2019

Source: www.out-law.com

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.’

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BBC News, 15th May 2019

Source: www.bbc.co.uk

Part 36 offer that included unpleaded counterclaim ruled valid – Litigation Futures

Posted May 8th, 2019 in appeals, construction industry, delay, interest, negligence, news, part 36 offers by tracey

‘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.’

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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.’

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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.’

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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

Posted February 7th, 2019 in banking, interest, loans, local government, news, time limits by tracey

‘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.’

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The Guardian, 6th February 2019

Source: www.theguardian.com

Price cap plan to clamp down on high rent-to-own fees – The Guardian

Posted November 22nd, 2018 in consumer credit, consumer protection, fees, financial regulation, interest, news by tracey

‘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.’

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The Guardian, 22nd November 2018

Source: www.theguardian.com

Sheikh Mohamed Bin Issa Al Jaber v Sheikh Walid Bin Ibrahim Al Ibrahim – Blackstone Chambers

Posted August 9th, 2018 in interest, news, service out of jurisdiction by sally

‘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.’

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Blackstone Chambers, 18th July 2018

Source: www.blackstonechambers.com

UK regulators could enforce minimum interest rate for savers – The Guardian

Posted July 26th, 2018 in banking, consumer protection, financial regulation, interest, news by sally

‘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.’

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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

Posted June 22nd, 2018 in banking, financial regulation, interest, news by tracey

‘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.’

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The Independent, 21st June 2018

Source: www.independent.co.uk

Lenders court new controversy over misleading loan rates – The Independent

Posted June 8th, 2018 in advertising, consumer protection, interest, loans, news by sally

‘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.’

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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

Posted January 30th, 2018 in confiscation, interest, magistrates, news, Supreme Court by sally

‘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.’

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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

Posted January 8th, 2018 in appeals, banking, corporation tax, insolvency, interest, news, taxation by sally

‘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.’

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OUT-LAW.com, 5th January 2018

Source: www.out-law.com

High Court: Barristers may be entitled to lien but legal expenses insurers are not – Litigation Futures

Posted December 4th, 2017 in barristers, insurance, interest, news, remuneration by sally

‘Barristers may now be entitled to same lien that solicitors can have over the proceeds of litigation, the High Court has suggested, as it ruled that legal expenses insurers do not.’

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Litigation Futures, 4th December 2017

Source: www.litigationfutures.com

A Case of Little Interest? The Supreme Court’s Judgment in Littlewoods – Blackstone Chambers

Posted November 23rd, 2017 in appeals, HM Revenue & Customs, interest, news, Supreme Court, time limits, VAT by sally

‘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.’

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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%.’

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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.’

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OUT-LAW.com, 10th November 2017

Source: www.out-law.com

FCA keeps payday loan cap after review – OUT-LAW.com

Posted August 1st, 2017 in fees, financial regulation, interest, loans, news by sally

‘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.’

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OUT-LAW.com, 31st July 2017

Source: www.out-law.com