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

Willpower & determination – New Law Journal

‘Paola Fudakowska & Henrietta Mason provide a wills & probate update.’

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New Law Journal, 19th May 2017

Source: www.newlawjournal.co.uk

Corporate interest restriction cut from pre-election UK Finance Bill – OUT-LAW.com

Posted April 27th, 2017 in amendments, bills, corporation tax, elections, interest, news by sally

‘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.’

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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

Posted March 24th, 2017 in bills, construction industry, interest, news, taxation by sally

‘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.’

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OUT-LAW.com, 21st March 2017

Source: www.out-law.com

Adherence to Wells ruling meant discount rate cut was only option, says Truss – Litigation Futures

Posted February 28th, 2017 in consultations, damages, interest, news, personal injuries by tracey

‘The “faithful application” of the principles set down by the House of Lords in Wells v Wells was the reason Lord Chancellor Liz Truss rejected calls to take a “mixed portfolio” approach to setting the discount rate, in a move one leading observer suggested showed “nimble political footwork”.’

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Litigation Futures, 28th February 2017

Source: www.litigationfutures.com

Cherie Booth: Challenge to buy-to-let tax ‘not over yet’ despite judicial review failure – Daily Telegraph

Posted October 7th, 2016 in interest, judicial review, mortgages, news, taxation by tracey

‘Campaigners led by Cherie Booth QC said that they would continue their fight against the changes to taxation of buy-to-let income after their application to launch a judicial review of the new law was turned down.’

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Daily Telegraph, 7th October 2016

Source: www.telegraph.co.uk

Tricky quantum case that grapples with PI claims involving multiple tortfeasers and disputes between experts – Cloisters

‘William Latimer-Sayer QC considers the case of XP V Compensa Towarzystwo SA v Przeyslaw Bejger [2016] EWHC 1728 (QB) in which Whipple J had to grapple with a number of tricky quantum issues.’

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Cloisters, 25th July 2016

Source: www.cloisters.com

Has the Claimant Beaten its Part 36 Offer? Perhaps not as Simple as it Looks – Zenith PI Blog

‘HHJ Pelling QC considered whether, when considering if a claimant had beaten its Part 36 offer, the court should simply compare the amount of the judgment with the offer the claimant had made or if account should be taken of the interest that had accrued in the period leading up to the trial.’

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Zenith PI Blog, 13th July 2016

Source: www.zenithpi.wordpress.com

Ex-Barclays Libor traders jailed for more than 6 years – The Independent

Posted July 8th, 2016 in banking, conspiracy, fraud, interest, news, sentencing by sally

‘Four former Barclays traders were sentenced to as long as 6 1/2 years in prison for manipulating Libor as judges continued meting out tough punishments for white-collar crime.’

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The Independent, 7th July 2016

Source: www.independent.co.uk

Claimant who only beat part 36 offer because of interest “not entitled to enhanced costs” – Litigation Futures

Posted July 5th, 2016 in civil procedure rules, costs, damages, interest, news, part 36 offers by sally

‘A claimant who only beat his part 36 offer at trial because of the interest on the damages awarded through to judgment is not entitled to enhanced costs, the High Court has ruled.’

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Litigation Futures, 4th July 2016

Source: www.litigationfutures.com

Libor-rigging scandal: three former Barclays traders found guilty – The Guardian

Posted July 4th, 2016 in banking, conspiracy, fraud, interest, news by michael

‘Three former Barclays traders have been found guilty of conspiring to fraudulently manipulate global benchmark interest rates in a success for the UK’s Serious Fraud Office.’

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The Guardian, 4th July 2016

Source: www.guardian.co.uk

City regulator’s fines drop from £819m to £7m in a year – The Guardian

Posted July 4th, 2016 in banking, financial regulation, fines, interest, news, statistics by michael

‘Fines imposed by the Financial Conduct Authority (FCA) in the first half of 2016 have fallen to £7.2m – less than 1% of the figure of a year before.’

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The Guardian, 3rd July 2016

Source: www.guardian.co.uk