58 results found

HMRC has introduced a powerful new Prohibition of Promotion regime that enables criminal prosecution and civil penalties of up to £1 million for those who promote tax avoidance arrangements with no realistic prospect of success. The guidance outlines how the regime applies to anyone involved in designing, marketing, or managing such arrangements, with individuals potentially facing personal liability even when acting through companies or partnerships.

When a manufacturing agreement contained a critical drafting error in its limitation of liability clause, the English Commercial Court applied the Chartbrook principle to correct the mistake through construction. The court examined multiple factors including contractual risk allocation, commercial coherence, and the overall quality of drafting to determine that the clause should limit the manufacturer's liability rather than the customer's liability as written.

The Upper Tribunal examined whether £3 billion paid to Barclays Bank during the 2008 financial crisis was wholly for reserve capital instruments or partly for warrants issued by its parent company. The case highlights the complexities of determining fair value allocation in structured financial transactions and the challenges taxpayers face when appealing factual findings, as the tribunal remitted the matter for reconsideration despite finding errors in the original decision.

The Advertising Standards Authority has issued new guidance on when video game advertisements must disclose in-game purchases and random-item purchases. Recent rulings against Argos and Xbox Game Pass reveal how far these disclosure requirements extend across different marketing contexts, from retail brochures to subscription service promotions.

The First-tier Tribunal examined whether HMRC could retrospectively impose late payment penalties and surcharges after reallocating tax payments made by a taxpayer who had entered into unsuccessful tax avoidance schemes. The case centered on the critical question of whether tax liability should be assessed at a specific point in time or whether subsequent payment reallocations could create retroactive late payment scenarios.

HMRC's new anti-avoidance information notices grant significantly broader powers to investigate tax avoidance promotion and facilitation, reaching beyond promoters to businesses and intermediaries. The regime introduces substantial financial and criminal sanctions for non-compliance, with penalties up to £1,000 daily and potential imprisonment of two years. Understanding who qualifies as a "connected person" and what information HMRC can demand is now critical for businesses and professional advisers i

This weekly construction sector round-up examines the Welsh Government's consultation on building safety accountability, Balfour Beatty's ambitious workforce expansion plans, and Dame Judith Hackitt's call for engineers to prioritize ethical safety practices. The update also covers a significant tribunal ruling on the Building Safety Regulator's powers and the government's new homeownership scheme driving housebuilder share prices upward.

The ASA's recent rulings against major fashion retailers Adidas, UNIQLO, and Calvin Klein reveal a strict regulatory stance on environmental claims, particularly regarding "recycled" and "organic" product descriptions. These decisions demonstrate that consumers interpret such terms as absolute claims about entire products, requiring comprehensive substantiation. Retailers must now carefully frame environmental claims with precise qualifications or risk regulatory action.

In Professional Game Match Officials Ltd v HMRC [2026] UKFTT 654 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal and held that football referees' individual match engagements were contracts for their services and not contracts of employment and therefore the referees were self-employed.

When HMRC issued an information notice demanding a UK subsidiary's US parent company financial statements in a transfer pricing enquiry, the First-tier Tribunal had to determine whether such documents were reasonably required and whether the subsidiary had the power to obtain them. The case examines the boundaries of HMRC's information-gathering powers and the practical limits of corporate group relationships.

The Institute of Chartered Accountants in England and Wales warns that a record 1.8 million UK taxpayers could receive simple assessment tax bills from HMRC this year, driven by frozen personal allowances, the state pension triple lock, and higher interest rates. The Prudential Regulation Authority provides thematic feedback on auditors' IFRS 9 reports, while the Financial Conduct Authority releases new retirement income market data and finalised guidance on crypto asset firm risk assessments.

Major infrastructure projects across the UK are driving significant investment and job creation, from Heathrow's third runway apprenticeship initiative to Universal's £5bn Bedford theme park. Recent developments include strategic contractor appointments, record-breaking revenue reports, and crucial legal guidance on pre-action disclosure for construction disputes.

The UK government has launched a comprehensive consultation on modernising corporate reporting, proposing significant changes that could reshape annual report requirements for companies of all sizes. The proposals aim to streamline reporting obligations by focusing on financially material information for investors and creditors, while potentially introducing new company categories and digital-first communication methods. These changes represent the most substantial overhaul of UK corporate reporting in two

UK banks face the prospect of a new windfall tax as campaigners push for additional levies on strong reported profits, while industry leaders warn of potential consequences for lending, investment, and the UK's position as a global financial centre. This analysis examines the practical implications of adding another layer to an already complex sector-specific tax regime that includes corporation tax, banking surcharge, and bank levy.

This weekly construction sector roundup covers major developments including revised fire safety standards for residential buildings, significant financial provisions for building defects, major infrastructure appointments, and new environmental regulations affecting developers. The update spans regulatory changes, project announcements, and industry financial impacts that are shaping the UK construction landscape.

The Conservative Party has announced plans to scrap major construction regulations including the Climate Change Act, Section 106 Agreements, and the Future Homes Standard, while the Supreme Court prepares to hear crucial appeals on the Building Safety Act 2022. Meanwhile, UK construction output continues to decline, though at the slowest rate in eight months, as the sector faces political uncertainty and inflationary pressures.

A recent UK court case examines whether parties can be bound by settlement terms when negotiations remain marked 'subject to contract.' The decision clarifies the high threshold required to remove this protective reservation and explores what conduct might constitute binding acceptance of disputed settlement agreements.

The UK's Advertising Standards Authority has issued new guidance on how it will enforce restrictions on advertising less healthy food and drink products online and on television. Through several July 2026 rulings involving major brands like M&M's, Domino's, and KFC, the ASA clarified when the 'brand advertising exemption' applies and when product imagery crosses the line into depicting specific restricted products.