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Corporate issues legal updates

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Red Tape Challenge to company law
A total of 120 pieces of legislation are under the spotlight as the Government focuses its Red Tape Challenge on company law.
Date: 2012-02-01

If you're a charity buying a building, don't forget tax!
With a large number of empty commercial properties currently available, a charity can hope to purchase a building for its use at a competitive price.
Date: 2012-01-27

Winding-up companies: changes from 1 March 2012
Under current Revenue practices it is possible for a company to be dissolved and return its funds to its shareholders as capital, potentially saving shareholders significant amounts of tax.
Date: 2012-01-23

The High Pay Commission’s Final Report - Cheques with Balances: Why tackling high pay is in the national interest
The High Pay Commission was an independent inquiry established by Compass with the support of the Joseph Rowntree Charitable Trust to look into high pay and boardroom pay across the public and private sectors.
Date: 2012-01-19

How to interpret contracts: Use commercial common sense
When the terms of a commercial contract are ambiguous or unclear, the courts will often be given the tricky task of ascertaining how the contract should be correctly interpreted.
Date: 2012-01-13

Removal of VAT registration threshold for non-UK business
The Government has published draft legislation to be included in Finance Bill 2012, which would require non-UK businesses making supplies in the UK to register for UK VAT, irrespective of the value of supplies made.
Date: 2012-01-13

An intended delivery?
In the recent case of Bibby Financial Services Ltd and others v Magson and others, the High Court had to determine whether a document in the form of a deed had been properly delivered by individuals.
Date: 2011-12-16

Seed Enterprise Investment Scheme
The Finance Bill 2012 introduced a junior version of the Enterprise Investment Scheme, known as the Seed Enterprise Investment Scheme (SEIS).
Date: 2011-12-13

Salary Sacrifice Arrangements and VAT: Part 2
Our previous article dated 22 August 2011 reported on the change being made to the VAT treatment of salary sacrifice arrangements.
Date: 2011-11-24

The future of narrative reporting: a further consultation
The government has begun consulting on the future of narrative reporting - in particular on ways to improve the transparency and quality of information reported in the annual reports of companies, especially in relation to executive remuneration.
Date: 2011-11-22

Directors’ Remuneration: The Company Remuneration Bill
This autumn Lord Gavron presented The Company Remuneration Bill (the Bill) to the House of Lords where it received its first reading. It follows a similar bill introduced in 2008 (also by Lord Gavron), which was never enacted.
Date: 2011-11-22

Directors’ remuneration: a roadmap to future changes
The government is considering changes to the corporate governance framework to promote proportionate and justified remuneration structures for the senior directors of quoted companies.
Date: 2011-11-22

Distraint and the UK taxpayer
Much has been made by Her Majesty’s Revenue & Customs (HMRC) of its desire to help tax payers who are in temporary financial difficulty.
Date: 2011-11-21

A reminder to committee members of unincorporated associations
The recent case of Davies v Barnes Webster & Sons Limited provides a timely and cautionary reminder that committee members of clubs and other unincorporated associations can be personally liable for the club/unincorporated association's liabilities.
Date: 2011-11-16

Legitimate expectation: Its importance for the UK taxpayer
Legitimate expectation (UK taxation) is the concept that where Her Majesty's Revenue & Customs (HMRC) has given assurance that it will treat the taxpayer in accordance with the terms of guidance provided, that it cannot then go back on that guidance.
Date: 2011-11-16

Company sales: Failure to disclose - the costs of keeping silent
A recent case has shown that failing to disclose crucial information in the lead up to a company sale, leaving the buyer to rely on inaccurate sales forecasts in making its decision to purchase the company, can constitute fraudulent misrepresentation.
Date: 2011-11-14

Using the Companies Act to overcome boardroom deadlock
The recent decision in Smith v Butler & another (2011) is a reminder of some solutions the Companies Act 2006 offers for resolving boardroom disputes.
Date: 2011-11-07

VAT and employment agencies
Earlier this year the First Tier Tax Tribunal handed down its decision in the case of Reed Employment Limited v HMRC ("Reed")
Date: 2011-11-03

Unilateral notice: Ignore it at your peril
If you receive notification from the Land Registry (LR) that someone has registered a unilateral notice against your property, don't ignore it!
Date: 2011-10-26

New audit and accounting proposals could save companies £600m per annum?
The Government has begun consulting on proposed changes to the audit and accounting requirements for companies. It estimates these will save UK businesses £612m per year.
Date: 2011-10-24

Overseas Companies: Changes to registration of charges
New provisions relating to the registration of charges or mortgages created by overseas companies came into effect on 1 October 2011.
Date: 2011-10-24

Swiss bank accounts no longer out of reach
On 6 October 2011, the UK and Swiss Governments signed an agreement to tax money held by UK taxpayers in Swiss bank accounts, money which had previously been out of the UK's reach.
Date: 2011-10-13

Derivative Actions - Falling at the second hurdle
When the derivative action provisions came into force, there was widespread concern that the provisions would be used by activist, ‘trouble-maker’, shareholders to hold companies to ransom.
Date: 2011-10-07

New banking partner signals regional and national growth
A new banking partner at Shoosmiths' Manchester office marks both regional and national growth.
Date: 2011-10-06

Taxing riots
Whilst the Government announced emergency measures to help businesses back on their feet following the recent riots, the longer term implications also need to be considered.
Date: 2011-10-04

Should you incorporate your business?
Running your company using the most appropriate structure for you and your business needs is an important question for any owner-manager to consider, but one which is not easily answered.
Date: 2011-10-03

Banking coup as Shoosmiths recruits partner McCabe

Date: 2011-09-29

Chairmen beware: the proxy vote enigma
Proxy voting rights can cause real headaches for companies during their general meetings. An ill-advised chairman could inadvertently allow disruptive minority shareholders to skew the outcome of resolutions by exploiting the proxy voting system.
Date: 2011-09-27

Could EMI options be the solution to incentivising your employees?
The enterprise management incentive (EMI) scheme allows tax-advantaged share options to be granted to employees.
Date: 2011-08-12

Directors beware: a useful reminder (and warning) from the Court of Appeal
The recent Court of Appeal decision in Towers v Premier Waste Management Limited (2011) is a stern warning of the dangers of failing to recognise situations which can give rise to a breach of a director’s duties.
Date: 2011-08-09

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Oliver Brookshaw

Partner
T: 03700 86 8499
I: +44 (0)115 906 8499
E: oliver.brookshaw@shoosmiths.co.uk