Vinson & Elkins LLP (JD Supra United Kingdom)

In December 2020, the Norwegian government approved funding the $1.6 billion Northern Lights project led by Norway’s Equinor, Anglo-Dutch Shell and France’s Total. Northern Lights is the transportation and storage element of Longship – Norway’s pioneering $2.3 billion full-scale carbon capture and storage project, which is planned to include the development and operation of a carbon dioxide...

On 24 March 2021, the UK government’s Department for Business, Energy & Industrial Strategy (“BEIS”) launched a consultation seeking views on its proposals to mandate climate-related financial disclosures by publicly quoted companies and large private companies, banks and insurance companies, and limited liability partnerships (the “Consultation”)...

Lockdowns have fueled a surge in food-delivery businesses, so the initial public offering (“IPO”) of Deliveroo plc (“Deliveroo”) — a UK equivalent to DoorDash Inc. — on the London Stock Exchange was highly anticipated. But on its first day of public trading, Deliveroo’s stock dropped over 25%. Were ESG (Environmental, Social, and Governance) concerns to blame?...

On 3 March 2021, UK’s Chancellor Rishi Sunak announced the 2021 Budget, outlining the state of the economy and the government’s fiscal plans for the near to medium term. As expected, the chancellor’s speech focused on changes to tackle the economic impacts of COVID-19 and to protect jobs going forward. However, the 2021 Budget documents issued immediately after his speech contain some less well-pu

In a striking rebuke, the U.K. Supreme Court found that the U.K. Serious Fraud Office (“SFO”) overstepped its authority when it tried to access corporate documents from the United States. The U.K. Supreme Court’s message to British investigators was clear: your anticorruption enforcement reach may be broad, but it is not unlimited. The February 5, 2021 ruling sharply limited the SFO’s ability to...

A Court of Appeal decision in December 2020 has provided further guidance on the interpretation of long-term gas supply agreements, particularly in relation to take or pay clauses. It also offers a salutary reminder of the importance of being able to link the damages claimed to the specific breach of contract. British Gas (as Buyer) successfully obtained judgment confirming a breach of contract...

Previously, we reported that HMRC reversed its position on early termination fees, announcing on 2 September 2020 that such fees would be subject to VAT and taking the controversial position that this change in policy would be retroactive. In another reversal, HMRC has now announced that the change will apply from a future date only, not retroactively...

In a surprise end-of-year gift to UK taxpayers and tax advisors, the UK will no longer be fully implementing the EU’s Mandatory Disclosure Regime (DAC 6) reporting requirements...

Human rights are increasingly the subject of a range of requirements under both “hard” law — such as the mandatory obligations promulgated by governments regarding conflict mineral restrictions, forced labor prohibitions, and supply chain management under, e.g., Dodd-Frank in the U.S., the Modern Slavery Act in the UK, and the Corporate Duty of Vigilance Law in France — and “soft” law, which...

On October 6, 2020, the Court of Justice of the European Union (the “Court”) ruled that principles of EU law prevent Member States from requiring a provider of electronic communications services to indiscriminately retain traffic and location data or transmit the data to security agencies, even when the purpose of the transmission is to combat crime or safeguard national security. The results of...

As the United Kingdom winds down the furlough scheme (under which the UK government funded 80% of furloughed employees’ salaries up to a capped amount), employers are looking at next steps, including cost-cutting measures such as reducing the size of their workforces...

Amidst the turmoil of COVID-19, HMRC has suddenly reversed its position on early termination fees, announcing such fees are now subject to VAT. In addition, it is taking the controversial position that this change in policy is retroactive, with no clarity on how far back taxpayers must go to correct the position...

More than a third of the world’s population is under lockdown to slow the spread of COVID-19. The virus and these responsive measures have heavily disrupted lives, communities, and healthcare systems. Many businesses have been forced to change their operations. COVID-19 is rapidly pushing companies to operate in new ways, and the resilience of systems is being tested as never before...

Employers around the world are facing similar challenges, dealing with government-mandated shutdowns, school closures, sick and self-isolating employees, homeworking arrangements, and drops in productivity and demand. This post highlights some of the UK-specific developments in employment law...

Today, UK’s Chancellor announced the first post-Brexit Budget, a fiscal stimulus package of £30 billion. As expected from the Conservative Party’s 2019 election manifesto, there are no changes to the headline rates of corporation tax, income taxes, capital gains tax or VAT. As anticipated, there are a number of short-term coronavirus-specific measures...

In a recent decision, TAQA Bratani Limited & Ors v RockRose UKCS8 LLC [2020] EWHC 58 (Comm), the English High Court held that an express contractual right in a joint operating agreement for non-operators to remove the operator at will was “absolute” and that the exercise of such a right by the non-operators was “not subject to any implied constraint”, including any implied duty of the non-operator

In the case of MPB v LGK [2020] EWHC 90 (TCC), the High Court dismissed an application to set aside an arbitration award on jurisdiction on the grounds that there was no arbitration agreement between the parties, and the Tribunal therefore lacked substantive jurisdiction over the dispute. In doing so, the Court had to consider the interaction of a suite of construction contracts.

On January 17, 2020, the United Kingdom’s Serious Fraud Office (“SFO”) published new guidance regarding how the office assesses the compliance programs of organizations that are under investigation. “Evaluating a Compliance Programme” is an eight-page guidance document that was incorporated into the SFO’s Operational Handbook, an internal document that is meant to be a resource to British...