On the Horizon EP15: December 2025

A summary of the most material developments expected in the next 6-12 months which will be of relevance to UK listed companies.

In this episode of the Herbert Smith Freehills Kramer Tax Podcast, Tax Bites, partner Toby Eggleston, Associate Dan Beratis, and Ryan Leslie delve into the Full Federal Court's decision in the Commissioner of Taxation v Hicks case. They discuss the background, facts, and history of the case, which involved a fashion retail business named City Beach, its restructure, and the tax implications under Section 45B and Part IVA of the 1936 Act. The episode covers the court's reasoning, the taxpayer's and commissioner's arguments, and key takeaways from the case, including the interpretation of Section 45B, the role of purpose in tax legislation, and the application of anti-avoidance rules. Additionally, insights from the recent PepsiCo decision and the potential impacts on future tax cases are explored. 00:10 Introduction and welcome 00:29 Case background and facts 02:53 Restructure details 04:40 Commissioner's response 06:35 Full Federal Court's reasoning 07:51 Section 45B analysis 17:41 Part IVA analysis 24:10 Conclusion and final thoughts

If you have just one podcast on your holiday listening list, this is it ¬— our Cross Examining Cyber: 2025 Summer Wrapped Podcast Special. In this episode, we bring together highlights from the last 12 months. Pearls of wisdom from our various podcast guests including the National Cyber Security Coordinator, Lt Gen Michelle McGuinness, CyberCX’s Alistair MacGibbon, Karen Kukoda from Google Mandiant, CEO of the AICD Mark Rigotti, Tamir Maltz (Australia’s leading cyber injunction barrister), Bruce Tonkin (CEO of auDA) and our very own Carolyn Pugsley, Christine Wong and Peter Jones. This is Cross Examining Cyber’s 2025 Summer Wrapped Podcast Special. Here we go…

Join Knowledge Counsels, Liz Kantor and Vanessa Naish, together with special guest Craig Tevendale, Partner and head of the HSF Kramer arbitration group in London, as they explore the most significant English arbitration cases and developments of 2025. In this episode, they discuss recent case law on the boundaries of arbitral confidentiality, time limits for challenging awards and competing dispute resolution clauses. They also look ahead to major decisions expected in 2026 on state immunity and the purpose and limits of the New York Convention. Offering practical insights for practitioners and clients navigating the evolving landscape of English arbitration, this episode will ensure that you stay on top of the latest trends and judgments shaping the field of commercial arbitration.

As 2025 draws to a close, join presenters Steve Bell, Rohan Doyle and Natalie Gaspar for a special combined episode of Inside Employment, IR and Safety, reflecting on the year that was. In this final episode for 2025, we unpack the key developments in Employment, IR and Safety that shaped workplaces this year, and share lessons learned and tips for employers.

In this FESTIVE SPECIAL edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guests Sarah Penfold, Charlotte Benton, Alexander Gridasov, Tom Wyer, Nic Patmore, Scott Warin and Tim Kyriakou. You can find links to our blog posts on the case covered in this podcast below: • High Court finds default interest clause in loan agreement is not an unenforceable penalty https://www.hsfkramer.com/notes/bankinglitigation/2025-11/high-court-finds-default-interest-clause-in-loan-agreement-is-not-an-unenforceable-penalty • County Court rejects discrimination claim on procedural grounds but finds refusal of financial services because a company is Russian owned would amount to direct discrimination https://www.hsfkramer.com/notes/bankinglitigation/2025-11/county-court-rejects-discrimination-claim-on-procedural-grounds • Privy Council holds that there is no legal requirement in the tort of deceit to show that a claimant was consciously aware of the representation made https://www.hsfkramer.com/notes/bankinglitigation/2025-11/privy-council-holds-that-there-is-no-legal-requirement-in-the-tort-of-deceit-to-show-that-a-claimant-was-consciously-aware-of-the-representation-made • High Court dismisses judicial review challenge of FCA's Naming Announcement https://www.hsfkramer.com/notes/bankinglitigation/2025-11/high-court-dismisses-judical-review-challenge-of-fcas-naming-announcement • High Court confirms that non-authorised fee earners cannot conduct litigation https://www.hsfkramer.com/notes/litigation/2025-10/what-can-a-non-admitted-fee-earner-do-when-working-on-litigated-matters • Commercial Court pilot will mean many more court documents publicly available by default from 1 January 2026 https://www.hsfkramer.com/notes/bankinglitigation/2025-09/commercial-court-pilot-will-mean-many-more-court-documents-publicly-available-by-default-from-1-january-2026 • 2025 Global Bank Review - Innovating amid turbulence https://www.hsfkramer.com/notes/bankinglitigation/2025-11/2025-global-bank-review-innovating-amid-turbulence Don't forget to subscribe to the banking litigation blog https://hsfnotes.com/bankinglitigation/subscribe/

In this episode, Steve Bell, Aaron Anderson and Olga Klimczak explore the evolving responsibilities of directors in managing workplace safety. The discussion covers critical hazards and controls, the impact of Queensland legislation, and the three pillars of managing critical risks effectively – diligence, governance, and reporting and transparency. Our hosts unpack how directors can maintain visibility over governance structures while meeting growing expectations for accountability. We also examine the role of regulators in workplace investigations and the challenges posed by the sheer volume and pace of regulatory change. Tune in to gain practical insights on strengthening governance frameworks and staying ahead in a rapidly shifting compliance landscape.

In the third episode of our 'Future of wealth management' podcast series, Barney Hinnigan, Marina Reason and Chris Hurn consider the FCA's findings from its multi-firm review of consolidation in the financial advice and wealth management sector. We also discuss the review findings in a related blogpost – see Wealth consolidation - FCA review findings https://www.hsfkramer.com/notes/fsrandcorpcrime/2025-posts/wealth-consolidation-fca-review-findings Speakers: Barney Hinnigan, Partner, Corporate, Marina Reason, Partner, Financial Services Regulatory, Chris Hurn, Of Counsel, Financial Services Regulatory

In the second episode of our 'Future of wealth management' podcast series, Marina Reason and Aurell Taussig consider the impact of the Budget on the wealth management sector. Speakers: Marina Reason, Partner, Financial Services Regulation and Aurell Taussig, Partner, Tax

This is the 34th episode of our series of commercial litigation update podcasts. In this episode we discuss the upcoming pilot on public access to court documents, the new disclosure survey, and some important decisions on service of proceedings, termination of contracts, contractual interpretation and conditions precedent. This episode is hosted by Maura McIntosh, a knowledge counsel in our commercial litigation team, who is joined by James Farrell, a disputes partner, and Chris Cox, a senior associate in our disputes team. Below you can find links to our blog posts on the developments and cases covered in this podcast. • UK Commercial Court pilot will mean many more court documents publicly available by default from 1 January 2026 https://www.hsfkramer.com/notes/litigation/2025-10/commercial-court-pilot-will-mean-many-more-court-documents-publicly-available-by-default-from-1-january-2026 • Disclosure Review Working Group seeks views on disclosure under PD 57AD https://www.hsfkramer.com/notes/litigation/2025-11/disclosure-review-working-group-seeks-views-on-disclosure-under-pd-57ad • Court of Appeal confirms defendant not required to take any steps in proceedings unless claim form validly served in time https://www.hsfkramer.com/notes/litigation/2025-10/court-of-appeal-confirms-defendant-not-required-to-take-any-steps-in-proceedings-unless-claim-form-validly-served-in-time • Court of Appeal confirms party cannot waive contractual right to terminate unless it is actually aware of the right https://www.hsfkramer.com/notes/litigation/2025-11/court-of-appeal-confirms-party-cannot-waive-contractual-right-to-terminate-unless-it-is-actually-aware-of-the-right • Court of Appeal finds loss of bargain damages were available on termination for non-repudiatory breach of contract under express contractual provision https://www.hsfkramer.com/notes/litigation/2025-11/court-of-appeal-finds-loss-of-bargain-damages-were-available-on-termination-for-non-repudiatory-breach-of-contract-under-express-contractual-provision • Court of Appeal overturns High Court’s interpretation of deferred consideration clause https://www.hsfkramer.com/notes/litigation/2025-11/court-of-appeal-overturns-high-courts-interpretation-of-deferred-consideration-clause • Supreme Court finds there is no principle in English law that a condition precedent to payment of a debt will be deemed fulfilled if fulfilment was prevented by a party's own breach https://www.hsfkramer.com/notes/litigation/2025-11/supreme-court-finds-there-is-no-principle-in-english-law-that-a-condition-precedent-to-payment-of-a-debt-will-be-deemed-fulfilled-if-fulfilment-was-prevented-by-a-partys-own-breach See podcast episode transcript here: https://marketing.hsfkramer.com/20/33497/landing-pages/commercial-litigation-podcast-ep34-transcript(2).pdf