EU: Somalia, Central African Republic and Belarus sanctions updated
On 3 March 2015 HM Treasury published notices regarding updated EU sanctions against Somalia, the Central African Republic and Belarus. Following the UN Security Council’s delisting of Mohamed Sa’id on 19 December 2014 from its sanctions in respect of Somalia, Sa’id was also removed from the EU sanctions list against the country. Following the UN
Read MoreInvestment trusts can recover some unlawful paid VAT from HMRC
On 12 February 2015 the Court of Appeal gave judgment in Investment Trust Companies (in liquidation) v Commissioners for HMRC. This was an appeal from Henderson J’s two previous judgments in this matter. In brief, the Court of Appeal has held that: (1) Investment Trust Companies (“ITCs”) can recover from HMRC, by way of restitution, the amount of the VAT actually paid to HMRC by their managers (the “75s”) in the “dead period”. (2) ITCs cannot however recover from HMRC the amount of any input tax set against the manager’s VAT liability in any period (the “25s”). Instead, ITCs would have to bring separate claims against their managers for these amounts.
Read MoreNew CPRs in force on 27 February 2015
The Civil Procedure (Amendment) Rules 2015 were published on 26 February 2015 and came into force on 27 February 2015. They amend the Civil Procedure Rules 1998 for the purpose of implementing certain provisions of the Counter-Terrorism and Security Act 2015.
Read MoreUS Treasury sanctions against Africa-based Hezbollah support network
On 26 February 2015 the US Treasury, Office of Foreign Assets Control (OFAC) announced that it had placed a number of individuals alleged to be connected with Hezbollah on its sanctions list.
Read MoreNo disclosure of letters of request: Administrative Court
The letters of request concerned fraud proceedings against a number of Nigerian defendants. The US had obtained a prohibition order (under Part 4A of the Proceeds of Crime Act 2002 (External Requests and Orders) Order 2005/3184) freezing assets in the UK belonging to the defendants. The defendants applied for disclosure of the letters and argued that the letters lay at the heart of the NCA application; without them the application could not have been pursued at all, and they were therefore disclosable under CPR 31.14.
Read MoreImportant Commercial Court guidance on length of pleadings
On 20 February 2015 the Commercial Court (Leggatt J) emphasised the need for concise documents for the court and the correct nature and content of statements of case. The case concerned allegations that the defendants conspired to induce the Serious Fraud Office (SFO) to investigate the claimants on a false basis by making statements to the SFO which the defendants did not believe to be true.
Read MoreEU-Ukraine Association Agenda – Council Decision proposal
On 20 February 2015 the EU Council issued a joint proposal for a Decision on the EU position regarding an EU-Ukraine Association Agenda. The proposal sets out a list of priorities for the implementation of the 2014 EU-Ukraine Association Agreement. The draft Association Agenda is annexed to the proposed Decision.
Read MoreCommercial Court: Argentine debt fund subject to English law
On 13 February 2015 the Commercial Court (Richards J) granted the claimants (who were investment funds interested in euro-denominated debt securities issued by Argentina) a declaration that €225 million interest due on debt securities was subject to a trust governed by English law.
Read MoreUK sanctions update: Export Control (Various Amendments) Order 2015
The Export Control (Various Amendments) Order 2015 is due to come into force on 24 February 2015. It amends the Export Control (Russia, Crimea and Sevastopol Sanctions) Order 2014 (as well as current Syrian trade restrictions, which are not covered here)
Read MoreIrish High Court: full judicial consideration of arbitration agreement
On 12 January 2015 the Irish High Court (Cregan J) held that the court could consider whether there was an arbitration agreement on a “full judicial consideration” basis rather than on a prima facie basis. The case concerned an issue of contract formation and incorporation of an arbitration clause between the parties. The key question was whether such issue was for the London arbitration tribunal or whether it could be considered by the Irish courts.
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