vLex United Kingdom

  • Questions and Answers for UK Corporates about the Corporate Insolvency and Governance Act

    Following our webinar discussing the impact of the Corporate Insolvency and Governance Act 2020 for corporates, we have prepared a question and answer sheet addressing questions raised including: Does ipso facto apply to just UK contracts? Can a supplier still exercise set off rights if its customer enters into a moratorium? What should a supplier... (See Article)

    Jul 10, 2020 10:37 AM

  • Effective settlement agreements, Part 2 – DSARs and disputes (UK)

    Here are brief answers to two more of the questions raised at this week’s webinar on Effective Settlement Agreements. Can we make it a term of a Settlement Agreement that an employee will not make a DSAR after he leaves? Yes and no.  Yes, in that he can sign up to such a term.  No,... (See Article)

    Jul 10, 2020 8:33 AM

  • Will new UK emissions targets change the car you drive post Brexit?

    New mandatory UK CO2 emissions targets are set to come into effect from 1 January 2021. Whilst these rules replicate the previous EU emissions targets and penalties, their effect when assessed on a UK only basis may result in radical shifts in the types of vehicles being offered… (See Article)

    Jul 10, 2020 8:32 AM

  • "Eat Out to Help Out" - how the Government is getting hungry diners back to UK restaurants

    The Chancellor has announced bold measures to help the UK hospitality sector, through an unprecedented reduction of VAT from 20% to 5% and a unique scheme to encourage customers to return to restaurants. The Government is demonstrating its commitment to the hospitality and tourism sectors by striving to ensure sufficient demand for hospitality businesses as they start to re-open. (See Article)

    Jul 10, 2020 8:32 AM

  • CMA Publishes COVID-19 Taskforce Update for July

    The CMA continues to field COVID-19 complaints concerning refunds and previously widespread excessive prices on day-to-day products. The CMA continues to respond to complaints from consumers on COVID-19-related issues. Consumers submitted more than 80,000 complaints through 28 June 2020, with the volume decreasing from 7,000 a week in May to 3,500 a week in June. (See Article)

    Jul 10, 2020 8:32 AM

  • Sanctions: Despite Post-Brexit Limbo, UK Finally Introduces Magnitsky Law

    With the UK now no longer part of the EU, and EU law ceasing to apply at the end of the current transitional period, the future application of many of the bloc’s laws and regulations in the UK (and if/how the UK will transpose them) is the subject of increased speculation, not least in the... (See Article)

    Jul 10, 2020 6:34 AM

  • UK Finance Paper on Cyber Incident Management

    On 1 July 2020, UK Finance, which represents over 250 firms across the banking and finance industry, published a paper on managing cyber incidents, designed to assist firms in thinking about their response plans. The paper emphasises the importance of firms being able to action an effective response to a cyber-attack and key takeaways include:... (See Article)

    Jul 10, 2020 6:34 AM

  • UK Employment Law podcaster Nicholas Robertson hosts pandemic related broadcasts produced by the Employment Lawyers Association and the Industrial Law Society

    In a world where we can no longer host in person events without following all of the latest government guidelines on social distancing, use of face masks and providing a bucket-load of hand sanitizer, online learning tools such as webinars, podcasts, blogs and vlogs, are having their time in the limelight. With this new era,... (See Article)

    Jul 10, 2020 6:34 AM

  • Chancellor’s Summer Statement focuses on hospitality sector

    As the UK’s lockdown is relaxed and unemployment figures are expected to continue to rise, the UK Chancellor gave his summer statement announcing measures to stimulate the economy as it recovers from the effects of coronavirus with a clear emphasis on encouraging people to spend money, particularly in the hospitality sector, to try to protect... (See Article)

    Jul 10, 2020 6:34 AM

  • Salmonella outbreak linked to British eggs

    Almost 40 people are part of a Salmonella outbreak traced to eggs from the United Kingdom. A spokesman for Public Health England told Food Safety News that it does not hold information on the date of onset of illness for all the patients. “There have been 38 reported cases linked to this incident through analysis... (See Article)

    Jul 10, 2020 6:34 AM

  • Latest Developments on UK Return to Work Guidance

    From 4 July, pubs, restaurants, hairdressers, hotels and other outdoor activities in the United Kingdom reopened but are required to comply with new guidance announced 23 June. To facilitate their opening, the well-established two-metre social distancing rule will change to “one metre plus.” (See Article)

    Jul 10, 2020 6:33 AM

  • UK announces first sanctions designations under new global human rights sanctions regime

    The UK Government has issued sanctions for the first time under the new global human rights sanctions regime against individuals and organisations responsible for human right violations. This is the first wave of designations under the new regime, with further sanctions expected in the coming months. (See Article)

    Jul 10, 2020 6:33 AM

  • UK Government Announces Job Retention Bonus, Kickstart Scheme and More

    The Chancellor of the Exchequer, Rishi Sunak, yesterday announced a number of significant measures with the aim of bolstering the UK economy.  These were wide-ranging and included several employment-specific proposals. (See Article)

    Jul 10, 2020 6:33 AM

  • Mini-Budget 2020: Stamp Duty and VAT Announcements

    The UK Chancellor announced a number of measures today (8 July 2020) to boost the economy in the wake of the coronavirus lockdown. These included two tax cuts to VAT and stamp duty in an attempt to get the hospitality and housing sectors “bustling again”. (See Article)

    Jul 10, 2020 6:33 AM

  • Dear CEO: UK Banks and Insurers Should Embed Approaches to Managing Climate Change Risks by End-2021

    The PRA expands its supervisory expectations for firms on managing climate-related financial risk — publishing a Dear CEO guidance letter. On 1 July 2020, the PRA published guidance in the form of a Dear CEO letter to banks, insurers, and other PRA-regulated firms on managing climate-related financial risk. (See Article)

    Jul 10, 2020 6:33 AM

  • UK economic statement: VAT cut for hospitality sector and SDLT saving for residential property

    After the broad brush measures taken at the start of the COVID-19 crisis, UK Chancellor, Rishi Sunak, is now targeting help for some of the hardest hit sectors of the economy and is supporting jobs in particular. In his economic statement today the Chancellor presented his plan to protect, support and retain jobs. (See Article)

    Jul 10, 2020 6:33 AM

  • UK Chancellor outlines further support for employers in response to COVID-19

    Today, the Chancellor unveiled the UK government's Plan for Jobs 2020. The aim of this plan is to prevent the mass unemployment which many fear will be a consequence of the COVID-19 pandemic – especially as the furlough scheme draws to an end. The proposals likely to feature in headlines include a cut in VAT for the hospitality sector and government-subsidised meals in restaurants. (See Article)

    Jul 10, 2020 6:33 AM

  • Stimulus Fraud & COVID-19: Will the Taxpayer Stomach the Inevitable Scandal That’s Coming?

    There is an inevitability to it - and the taxpayer knows it’s coming. The question is: when does the blame game start, and who will lob the first stone? Will it result from a whistle-blower, an exposé by an investigative journalist, the interrogation of officials in a Select Committee or a Freedom of Information application (or something else)? Please see full Publication below for more information. (See Article)

    Jul 9, 2020 2:32 PM

  • UKIPO to temporarily reduce/remove certain fees applicable to patent, trade mark and design forms

    The UKIPO will temporarily reduce the fees applicable to: extensions of time periods for the filing of documents; surcharges for the late payment of certain other fees.. (See Article)

    Jul 9, 2020 2:32 PM

  • UK Immigration Update: Travel Corridors

    Following on from our recent LawFlash on the UK’s mandatory 14-day self-isolation measures, the UK government has announced a “travel corridor” scheme, which will enable some nationals to return to England without having to self-isolate. (See Article)

    Jul 9, 2020 2:32 PM

  • Gilt-edged securities specified by Order

    The Taxation of Chargeable Gains (Gilt-edged Securities) Order 2020 was made on 9th July 2020. The Order specifies seven securities as “gilt-edged securities” in respect of the provisions of the Taxation of Chargeable Gains Act 1992. The full text of the 1992 Act can be found here.

    Jul 9, 2020 11:59 AM

  • FCA publishes Decision Notice against former CEO for market abuse

    The FCA has published a Decision Notice and fined the former CEO of WorldSpreads Ltd for engaging in market abuse (dissemination, manipulating transactions and false or misleading impressions) and banned him from performing any roles linked to regulated activity. The decision has been made public but has also been referred to the Upper Tribunal so that proposed action will only take effect if upheld by the Upper Tribunal. (See Article)

    Jul 9, 2020 8:33 AM

  • Court of Appeal Excuses Non-Payment Arising From Secondary Sanctions Concerns

    The Court of Appeal decision, which considered standard form wording and the “mandatory” nature of US sanctions laws, upholds a High Court ruling exempting a borrower’s non-payment of interest, albeit on different grounds. In the recent case of Lamesa Investments Limited v. Cynergy Bank Limited [2020] EWCA Civ 821, the Court of Appeal upheld — albeit on different grounds — a High Court decision (described here) that US secondary sanctions constituted a “mandatory provision of law”, and that the borrower’s compliance with these sanctions excused its default on payment obligations under a facility agreement. (See Article)

    Jul 9, 2020 8:33 AM

  • Effective settlement agreements, Part 1 – promises, promises (UK)

    We had several hundred sign-ups to our webinar on effective settlement agreements this week, so unfortunately did not get to deal with all the questions fed in through the chat box thingy on the screen.  As promised, here are some of the answers – more to follow shortly. Should I agree to say in a... (See Article)

    Jul 9, 2020 6:34 AM

  • PRA policy statement reconciling capital requirements and macro-prudential buffers under Pillar 2A

    On 6 July 2020, the PRA published Policy Statement 15/20 ‘Pillar 2A: Reconciling capital requirements and macroprudential buffers’ (PS15/20). PS15/20 is relevant to PRA-authorised UK banks, building societies and PRA regulated investment firms. In PS15/20 the PRA provides feedback to responses to Consultation Paper 2/20 ‘Pillar 2A: Reconciling capital requirements and macroprudential buffers’ (CP2/20). It... (See Article)

    Jul 9, 2020 6:34 AM

  • Navigating Systemic Risk: Protecting Financial Institutions form Avoidable Losses

    COVID-19 has acted as an accelerator, bringing into play scenarios which were previously only contingencies and making contingencies of (and requiring planning for) situations which were previously barely imaginable. The debt build-up from the corporate sector, in many cases kept going through governmental life-support, means that non-performing loans are likely to explode. Numerous companies are at levels of debt that mean they cannot realistically take on much more. Preferred equity investments are possible but provide less protection for the banks. In this publication we focus on all facets of systemic risk that financial institutions face, and address many of the most important legal a (See Article)

    Jul 9, 2020 6:33 AM

  • High Court Issues Lengthy Director Disqualification Order for Contributing to a Competition Law Infringement

    The judgment has important implications for the competition law compliance responsibilities of company directors. On 3 July 2020, the High Court disqualified Michael Martin from acting as a director for seven years. The court found that Mr Martin had contributed to a breach of competition law by his former company, which owned and ran an estate agency (Berryman’s) in Burnham-on-Sea. (See Article)

    Jul 9, 2020 6:33 AM

  • A black hole in the telecoms code: operators occupying under old agreements left without any protection

    The Upper Tribunal has, reluctantly it is fair to say, found that telecoms operators in situ under agreements granted under the old Code but which expired before the new Code came into force have no Code protection and are unable to apply for fresh Code rights. (See Article)

    Jul 9, 2020 6:33 AM

  • Privilege Update: Protecting the limits of limited waivers

    The courts have recently sent contrasting signals in respect of the scope of legal professional privilege (“LPP”). In A v B and Financial Reporting Council, Mr Justice Trower restated and applied the law on legal advice privilege. The case also provides useful guidance on how to address a dispute about LPP between parties to a limited waiver agreement. (See Article)

    Jul 9, 2020 6:33 AM

  • Coronavirus: economic statement by the UK Chancellor of the Exchequer

    Following catastrophic falls in economic output during quarter 2, the UK Chancellor of the Exchequer has, today, made a ground-breaking economic statement setting out the UK government’s second phase of its economic response, which includes a significant effort to “protect, support and retain jobs”. Given that largescale unemployment would be a key factor in creating long term scarring for the economy, a key emphasis has been on reducing the number of unemployed as we emerge from the Coronavirus Job Retention Scheme (“CJRS”) at the end of October 2020. (See Article)

    Jul 9, 2020 6:33 AM