CREDO - Banking & Finance Update

Welcome to the new issue of Credo. 

As business and financial markets slowly get back into gear after the summer break, we can’t avoid looking at Brexit from the Scottish perspective as well as the impact of falling oil revenues and the state of financial services in Scotland.

Scottish limited partnerships have been attracting some publicity as well but they remain a useful investment vehicle model.

And Brodies continues to prosper, with strong results for the year to April 2016.

Museums and galleries tax relief consultation

In the 2016 Budget the (then) chancellor announced a number of cultural initiatives. Among them was floated a new tax relief for museums and galleries from April 2017. The aim is to encourage the creation of more and higher quality exhibitions, and also to support the touring of the best exhibitions across the country and abroad to raise the UK’s international profile.

Limitation (Childhood Abuse) (Scotland) Act 2016

Earlier this year we reported on draft legislation from the Scottish Government to remove limitation for damages claims arising from historic child abuse. The Scottish Government has now announced that it will bring the legislation forward as part of its current legislative program.  

Don’t forget the Scottish Perspective on Blocking Injunctions

Although the same UK/European-wide IP legislation and case law applies in Scotland as it does in England, Wales and Northern Ireland, it is important to remember that Scotland is an alternative venue within the UK for IP disputes and litigation. Where there are differences in approach, these tend to relate to court procedure, terminology and enforcement, as opposed to substantive IP laws.

Supreme Court judgement: personal liability of company directors

The Supreme Court has recently issued a judgement in a case where a former employee of a company argued that the wording of a statute creating a criminal offence for an employer to fail to provide appropriate insurance against bodily injury incurred in the course of employment also created a civil liability against the sole director of the company.

Fraud – settlement is not the end

Most claims handlers will, at some point, be forced to settle a case where fraud is suspected and, perhaps, formally alleged but the extent cannot be proved. What happens, however, if evidence is provided after the date of settlement which not only allows an insurer to prove the fraud but shows that the extent was far greater than had been originally suspected?

Know your grain contract rights

It’s that time of year again when farmers and combine harvesters are getting fired up for what will be a busy period. However, following another difficult growing season, some will be concerned about the quality of this year’s crop. The weather can’t be controlled and regardless how good the grower is, if the conditions aren’t right then yields and quality can be threatened. So, what does this mean for growers in terms of their rights and obligations under their grain contract?

The Insurance Act 2015: will it affect you?

The Insurance Act 2015 came into force on 12 August 2016 and it will affect everyone in the insurance market, including those in the agricultural sector.

Selling land for housing development

In these times of political and economic uncertainty, the housebuilding industry – like many others – faces significant challenges. Yet one thing remains certain: Scotland needs more houses. With a growing and aging population, and with more people choosing to live alone, the number of households in Scotland is expected to increase by 500,000 over the next 20 years. If we are to come anywhere close to meeting housebuilding targets, more land will need to be acquired for development.

How has the Community Right to Buy in Scotland changed?

The original Community Right to Buy (CRTB) was introduced by the Land Reform (Scotland) Act 2003 and was recently amended by the Community Empowerment (Scotland) Act 2015 (“2015 Act”).

It provides eligible community bodies with the opportunity to register an interest in land so that, when the land concerned becomes available for purchase, the community has a pre-emptive right to buy it for the benefit of the local community