Slim pickings at Slaughter and May as only one lawyer made up to partner March 20, 2019 Transactional advisory powerhouse Slaughter and May has promoted just one lawyer to its partnership in its 2019 promotions round. The Magic Circle firm made up four new partners in 2018, seven in 2017 and 10 in 2016. The only lawyer to make the grade this year is City M&A and corporate finance practitioner Harry Bacon [...]
HMRC demands professional services firms hand over information on clients suspected of tax evasion March 19, 2019 HM Revenue and Customs (HMRC) has issued nearly 1,500 demands to professional service firms for more information on clients suspected of tax evasion, a law firm has found. The taxman issued 1,414 requests to accountants, lawyers and other professional services firms in the year up to 31 March last year for information on clients that [...]
Fraud office launches investigation into collapsed lender London Capital & Finance March 18, 2019 The Serious Fraud Office (SFO) has launched an investigation into failed £236m lender London Capital & Finance (LCF), it said today. The SFO said it made four arrests in the Kent and Sussex areas on 4 March. It said all four individuals have been released pending further investigation. The SFO is investigating in conjunction with [...]
UK law firms add 307 net new partners as legal sector grows despite economic uncertainty March 18, 2019 UK law firms added 307 net new partners last year as the legal sector continued to grow despite economic and political uncertainty. Figures from the Solicitors Regulation Authority showed that 4,594 lawyers were promoted to the top ranks of law firms, while 4,287 retired or left in 2017/18. Read more: Magic Circle law firms embrace the [...]
Opinion: First time buyers purchasing new builds with the help of Mum and Dad are missing out on SDLT relief March 15, 2019 Stamp duty land tax relief for all first-time buyers for purchases up to £500,000: this was the pledge made by the Chancellor, Rt Hon Philip Hammond MP, in the 2017 Autumn Budget. Given the usual stamp duty threshold is far lower than the average house price in London, this was a big win for first-time [...]
Property Legal Q&A: We believe our new build flat should be ready in three months’ time and have just been advised our mortgage offer has expired. What should we do? March 15, 2019 There are a few issues for you to consider. You do not say whether you have received formal notification from the developer requiring you to complete in three months. Usually, a contract for the purchase of a property not-yet-built will contain a procedure stating that completion is on notice i.e. the developer will notify you [...]
Money laundering is a dirty business that we need to clean up together March 14, 2019 Flag it up, clean it up, flush it out, whatever the call to action, anti-money laundering (AML) legislation is worthy of laser focus. It also requires hyper-vigilance from the accountancy profession. Last week, parliament’s Treasury select committee warned that the UK’s current efforts to counter money laundering are “fragmented”, and that its supervision requires greater [...]
House of Lords Committee slams fraud office for slow pace of bribery investigations March 14, 2019 A House of Lords Committee today criticised the Serious Fraud Office (SFO) and Crown Prosecution Service (CPS) for the slow pace of bribery investigations. In a report on the Bribery Act 2010 published today, the Committee said: “The slow pace of investigations, and in particular the failure to update companies on their progress, is a [...]
Regulators for accountants and lawyers slammed for weak money laundering supervision March 12, 2019 Most regulators for accountants and lawyers are not doing enough to scrutinise money laundering, a senior regulator said today. A review of the Office for Professional Body Anti Money Laundering Supervision (OPBAS) which was set up a year ago to monitor the performance of regulators, found many were not doing the job satisfactorily. Alison Barker, [...]
Financial Reporting Council to be scrapped in shake-up of audit sector March 11, 2019 The Financial Reporting Council (FRC) will be scrapped and replaced with a new beefed-up watchdog following a review into the audit sector by Sir John Kingman, the government announced today. The new regulator will have stronger statutory powers, including the ability to make direct changes to accounts and powers to require rapid explanations from companies [...]