CIS meaning

In this issue: Contract law Building safety Litigation Arbitration Tax for construction lawyers Standard form contracts Construction industry news Daily and weekly news alerts New and updated content Construction trackers Contract law Employer deemed out of time in issuing a notification on the Monday after a Sunday deadline (My Contracts v 74 Hamilton Terrace) In My Contracts Ltd v 74 Hamilton Terrace Freehold Ltd [2024] EWHC 2896 (TCC), the TCC issued a declaration at the contractor’s request concerning the construction of a clause that imposed a deadline for the employer to notify costs for which the contractor was responsible. The court concluded the employer missed the deadline by serving the notice on the Monday immediately after the final day for service, which had fallen on a Sunday. Central to the decision was that the clause made no provision for the period to be calculated by reference to ‘Business Days’. See News Analysis: Employer...

In this issue: Adjudication Building safety Planning Litigation Construction industry news Daily and weekly news alerts New and updated content Construction trackers Adjudication Contractual interpretation in adjudication disputes (Dawnvale v Hylgar) In Dawnvale Cafe Components Ltd v Hylgar Properties Ltd [2024] EWHC 1199 (TCC), the court reviewed the reach of a Tomlin Order/Settlement Agreement concluded after settling enforcement of an adjudicator’s decision, and assessed whether its wording barred a proposed second adjudication. It also had to determine if that proposed reference raised a dispute already resolved by the first adjudication. This ruling underlines the need for exact drafting in settlement agreements and the prospect of further claims where matters are not expressly concluded. Written by Michael O’Connor, partner at Charles Russell Speechly LLP. See News Analysis: Contractual interpretation in adjudication disputes (Dawnvale v Hylgar). Building safety Building liability orders: court gives guidance on procedures in first reported case (Wilmott Dixon v Prater) ...

In this issue: Budgets and Finance Bills Companies and corporation tax Brexit and tax Real estate tax Individuals and income tax Stamp and transfer taxes VAT Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q&As Useful information Budgets and Finance Bills King’s Speech 2024 His Majesty the King outlined the government’s priorities, agenda and intended measures for the forthcoming parliamentary session during the State Opening of Parliament on 17 July 2024. Initial reactions from the Private Client community to the announcements have been collated. See: LNB News 17/07/2024 92. CIOT letter to the new Exchequer Secretary to the Treasury The CIOT has written to the incoming Exchequer Secretary to the Treasury, James Murray MP, setting out tax matters for the new administration. See: LNB News 17/07/2024 22. Companies and corporation tax Supreme Court finds advisers’ fees were capital in...

Scope of this Practice Note This Practice Note examines the UK regulatory considerations encountered by crowdfunding platforms from a financial services standpoint. It ought to be read in conjunction with the Financial Services and Markets Act 2000 (FSMA 2000), together with relevant secondary legislation, and regulatory rules and guidance, including, in particular, provisions within the Financial Conduct Authority (FCA) Handbook and the FCA’s webpage devoted to crowdfunding. This Note briefly outlines initiatives at EU level in relation to regulating crowdfunding, which are discussed in detail in Practice Note EU Regulation of crowdfunding—the ECSP Regulation and the MiFID II Crowdfunding Directive. Crowdfunding (sometimes referred to as 'crowd sourcing' or 'crowd financing') operates on the basis that individuals seeking capital, such as entrepreneurs, present ventures or businesses on an online platform, and members of the public contribute funds through that platform. There is no ceiling on an individual contribution; however, unlike more established fundraising methods, many platforms enable participants to put in as little as £10. Typically, the entrepreneur will be...

Practice Note This note outlines the Finance Act 2009 (FA 2009) penalty framework for late payment of: income tax and Class 1 NICs collected through pay as you earn (PAYE) student loan deductions income tax due under the Construction Industry Scheme (CIS) Class 1A and Class 1B NICs the apprenticeship levy Overdue liabilities also attract interest; see Practice Note: Interest on late paid tax. How late payment penalties are worked out depends on the payment cycle: monthly or quarterly (this is usually the position for income tax and Class 1 NICs under PAYE, student loan deductions, CIS payments and apprenticeship levy payments), or annually (for Class 1A and Class 1B NICs) Penalties on late-paid self assessed income tax (rather than amounts settled via PAYE) are dealt with in Practice Note: Late payment penalties—income tax, capital gains tax and corporation tax. Beyond late payment penalties, there are also sanctions for filing returns...

What is the SCC? The Stockholm Chamber of Commerce Arbitration Institute (SCC) sits within, yet operates autonomously from, the Stockholm Chamber of Commerce. The Institute was founded in 1917. In the 1970s, the United States and the Soviet Union recognised the SCC as a neutral centre for resolving trade disputes. As a result, it remains a preferred venue for East/West cases, that is, disputes involving one or more parties from North America or Europe and one or more parties from Russia, China, or states of the former Commonwealth of Independent States (CIS). Over the past 25 years, filings at the SCC have grown substantially, and the institution has become one of the most important and most frequently used arbitration institutions globally. The SCC’s latest statistics can be found on its website (see also Practice Note: Arbitration statistics and surveys). The SCC manages a wide range of domestic and international commercial arbitration matters and is also a well‑recognised forum for bilateral investment treaty disputes. Around 50% of SCC...

1 Construction Industry Scheme—for use where the landlord’s contribution is a reverse premium The Landlord and the Tenant confirm that the Landlord’s Contribution is a reverse premium for the purposes of Income Tax (Construction Industry Scheme) Regulations 2005, Regulation 20; so it is not a contract payment for purposes of Finance Act 2004, Chapter 3, Part 3, and shall be paid gross, without any deduction of tax under that legislation...