Legal Updates Salmon

06/12/2018

The Home Office has today announced the suspension of the Tier 1 (Investor) immigration route into the United Kingdom with effect from Friday 7 December 2018, as part of a crackdown on financial crime and money laundering. This route allowed foreign nationals to gain residency in this country via a minimum investment of £2 million into UK Government Stocks and Bonds, or Share Capital invested into active trading UK Companies. It has long been the concern of the UK Government that the requirements within the Immigration Rules, checks instigated by Home Office officials and some institutions managing funds in the financial services sector, have not been sufficiently robust regarding the source of funds and attained wealth of some applicants.

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Gordon Dadds has advised on the sale of shares of the Electoral Reform Services Limited to Civica UK Limited, part of the Civica Group. Electoral Reform Services with its subsidiaries comprises the ERS Group, the UK’s market-leading provider of software and services for election management, membership engagement, democracy and governance systems. Electoral Reform Services is the foremost provider of end-to-end ballot, election and voting services, having originally grown out of the Electoral Reform Society which was established in 1884.

Insights

30/11/2018

The UK government recently announced that it will increase the cost of applying for probate (the process by which the estate of a deceased person is administered) from the current, fixed figure of £155 up to an eye watering £6,000.

Legal Updates Navy

27/11/2018

Malta Update

Like many other EU jurisdictions, Malta was late in updating its AML regulations in line with the 4th Money Laundering Directive, only doing so on the 21 December 2017, well past the 26 June 2017 deadline. However it’s not alone with countries such as Ireland still without updated regulations.

Insights

26/11/2018

In the recent case of HMRC v Higgins (2018 UKUT 280) the Upper Tax Tribunal ruled that “off plan” property purchasers will not be able to claim the traditional relief from capital gains tax (CGT) for the period prior to them moving into their new properties.

insights

23/11/2018

When considering succession planning individuals increasingly prefer family investment companies (FICs) to the more traditional trust structure. The rise in the popularity of FICs for long-term wealth management is due to continuing favourable levels of UK corporation tax while trusts are increasingly taxed and regulated.

In the press

12/11/2018

Unregulated gaming covers a wide remit of products, including esports, fantasy sports, house raffles, social casinos, prize competitions and many more constructions to bring them outside the legal definition of gambling, comprising games of chance, betting and lotteries. The advantages of being outside the regulatory net are substantial in the form of reduced costs, no gaming duty and freedom from regulatory compliance.

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02/11/2018

What are intercreditor agreements?

Intercreditor agreements govern the relationship between the various lenders with exposure to a borrower group. They are often heavily negotiated documents, especially as between the senior and mezzanine lenders. Although borrowers will usually be less involved in such negotiations (given that it concerns the rights and obligations that apply as between competing lenders), borrowers will want to ensure that they do not assume any obligations beyond those that they have agreed to assume under the senior and mezzanine finance documents.

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We are delighted to announce Gordon Dadds has been recognised in Chambers and Partners UK 2019.

Firm News

30/10/2018

Once again we are celebrating the inclusion of Gordon Dadds in The Legal 500, the guide to law firms in the UK.

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