The Financial Conduct Authority v Arch Insurance (UK) Limited & Others [2020] EWHC 2448 (Comm)

September 15 2020

Judgment in the landmark business interruption insurance test case has been handed down by a first instance court consisting of Flaux LJ and Butcher J. The case was brought by the Financial Conduct Authority as a test case to determine issues of principle in relation to policy coverage under various specimen wordings underwritten by eight defendant insurers in respect of business interruption claims...

Blockchain: Legal and Regulatory Guidance

September 15 2020

A report providing legal and regulatory guidance on distributed ledger technology (DLT) has been published by The Law Society, working in conjunction with the Tech London Advocates’ Blockchain Legal and Regulatory Group.  The report follows the Legal Statement on the status of Cryptoassets and Smart Contracts published by the UK Jurisdiction Taskforce in November 2019.  It suggests best...

Court of Appeal rejects Treaty challenge to the United Kingdom’s “capital attribution” tax legislation

September 04 2020

Irish Bank Resolution Corporation Ltd v HMRC [2020] EWCA Civ 1128 concerns the compatibility of UK tax legislation with the business profits article (article 8(2)) of the UK / Ireland Double Taxation Convention of 1976 (the “UK / Ireland Treaty”).    A non-UK resident company is chargeable to corporation tax if it conducts a trade in the UK through a permanent establishment (“PE”). ...

AssetCo PLC v Grant Thornton UK LLP [2020] EWCA Civ 1151

September 03 2020

In an appeal concerning a multi-million pound audit negligence claim, Grant Thornton UK LLP has succeeded in substantially reducing the damages awarded by Bryan J at first instance, in a recent decision of the Court of Appeal handed down on 28 August 2020. The Court of Appeal upheld Grant Thornton UK LLP’s appeal that AssetCo must give credit against its losses for a share issue in which the company...