LEXLAW Solicitors & BarristersThe Times’ City Editor, Harry Wilson, one of the journalists that three years ago broke the news of interest rate derivatives mis-selling by the major banks, reports today…
HMRC has distributed tax advice leaflets for banks to hand to customers receiving redress from mis-sold Interest Rate Hedging Products (IRHP), urging correct tax return reporting. Affected banks must review sales since 2001 under FCA supervision, leading to customer compensation. Redress payments, consisting of basic redress, 8% compensatory interest, and consequential losses, are generally taxable income or subject to capital gains tax. Individuals should account for tax deducted from interest. HMRC recommends consulting an accountant for complex scenarios.
The High Court (Queen’s Bench Division) has recently dismissed an attempt by Barclays Bank to strike-out an interest rate hedging product (IRHP) mis-selling claim for being issued more…
The Court of Appeal has today dismissed Barclays’ appeal in the case of Barclays Bank v Graiseley, which has been referred to as the ‘LIBOR test case’. The…
LEXLAW have recently advised and given expert comment to BBC Panorama in order expose, on behalf of our SME clients, the banks who mis-sold. The programme will expose…
The FCA have today published an update on the banks’ reviews of the sale of interest rate hedging products (“IRHPs”). Despite attempts by the FCA to say that…
We outline the dangers to small business customers of recorded interviews in what is commonly known as the “FCA/FSA Review” of sales of derivatives (eg interest rate swaps…
Barclays Bank have today announced their results for 2012 [Barclays Bank Results 2012]. Barclays’ Announcement on Swaps Mis-selling (IRHPs or IRSAs) These deal with swaps mis-selling on page…