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Since our previous Law-Now on bank payroll tax, HM Revenue & Customs (HMRC) have made a number of announcements through a list of Frequently Asked Questions and answers which have periodically been updated.

In this year’s budget, Chancellor George Osborne stated that "at present, soft drinks and sports drinks are charged VAT; sports nutrition drinks are not. Hot takeaway food on high streets has been charged VAT for more than 20 years; but some new hot takeaway products in supermarkets are not."

The Chancellor has today announced that two Capital Gains Tax ("CGT") changes will come into effect for all CGT disposals made by individuals after midnight tonight.

What a difference a year makes. Last July, HMRC published their view that the preferential corporation tax treatment of a debt for equity swap could be denied where the creditor immediately sells on the acquired shares.

The Crown Office has confirmed that no criminal proceedings are to be taken over the capsizing of an offshore supply vessel off Shetland which claimed the lives of eight on board.

On February 20th, the governments of the U.S.A and Mexico entered into an important agreement concerning transboundary hydrocarbon reserves in the Gulf of Mexico (the "Treaty").

The European Commission has fined Arkema (formerly Atofina), ICI, Lucite and Quinn Barlo (formerly Barlo) a total of €344.5 million for their involvement in a cartel which fixed the price of acrylic glass (otherwise known as Plexiglas, Perspex, Acrylite, Acrylplast and Lucite) in the EU between 1997 and 2002.

On 21 December 2007 the Competition Commission confirmed its decision to lift temporary price controls imposed in 2003 on the UK’s four largest banks that serve small and medium sized enterprises (Barclays, HSBC, Lloyds TSB and RBS).

The European Court of Justice has dismissed an appeal by Unilever against a decision of the Court of First Instance that there is a breach of EU competition law where a company supplies a retailer with a freezer cabinet on the basis that the retailer will stock the freezer only with the supplying company’s products. This case is relevant to suppliers whether or not their products are dominant.

The European Commission announced on 26 July 2007 that it has launched proceedings against the French and Belgian electricity suppliers (EDF and Electrabel respectively) for possible abuse of a dominant position.

The OFT has recently published its draft Annual Plan for 2006/7 for consultation. This is the second of three Annual Plans in the OFT's three-year work cycle.

The OFT announced on 29 June 2006 that it has fined three members of a double glazing cartel approximately £900,000.

The Office of Fair Trading (OFT) has published details of a competition review it has undertaken into certain of Walkers Snacks Limited’s (WSL) trading practices which grew out of concerns expressed by third parties when the OFT was considering the acquisition by a WSL related company of certain assets from a competitor.

The Consumer Credit Act 2006 explicitly includes 'irresponsible lending' as an unfair practice relevant to the OFT when considering a licensee's fitness to hold a consumer credit licence.

The Court of Appeal decision in It's a Wrap (UK) Limited v Gula has resolved a difficult issue with regard to the right of a company to recover unlawful distributions. This occurs perhaps most frequently when the company has become insolvent but maybe relevant in other cases e.g. the Queens Moat House cases against the directors.

On 8 November 2006 the Companies Bill finally became the Companies Act 2006. Eventually the new Act will repeal and replace nearly all of the Companies Act 1985.

Where an investor in a joint venture company has invested not only by subscribing for shares but also by advancing loan capital, the investor may be granted relief from unfairly prejudicial conduct even though such relief will benefit the investor only as a loan creditor and not as a member.