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McVey and Jenrick expected to ‘follow their master’s voice’

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Hurricane Katrina affects Air Products customers

first_imgSubscribe Get instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270.last_img

Eleet Cryogenics appoints Director of Sales Southwest

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Houston Hosts 103rd AAPA Annual Convention

first_imgThe 2014 American Association of Port Authorities (AAPA) Annual Convention & Expo will be held at the Hyatt Regency Houston in Houston, Texas. The convention is scheduled for November 9-13, 2014.The 4-day long Annual Convention is AAPA’s largest membership meeting of the year.It includes technical and policy committee meetings, business sessions and social networking opportunities for port professionals and others in the marine transportation industry.Founded in 1912, the American Association of Port Authorities (AAPA) is a trade association that represents more than 130 public port authorities in the United States, Canada, the Caribbean and Latin America.[mappress mapid=”19165″]Dredging Today Stafflast_img read more

Thai PTT to delay LNG purchase from Shell, BP due to weak demand

first_imgBy Khettiya JittapongBANGKOK (Reuters) – Thailand’s PTT Pcl plans to delay its purchase of liquefied natural gas (LNG) from Shell Eastern Trading (PTE) and BP Singapore PTE Ltd due to weaker-than expected domestic demand, its executive said on Tuesday.PTT is currently in discussions with the two suppliers regarding the delay, Noppadol Pinsupa, senior executive vice president for PTT’s gas business unit, told reporters.PTT, the country’s top energy firm, expects LNG imports of about 2.7 million tonnes this year, lower than a prior estimate of almost 5 million tonnes, the executive added. Thailand imported 2.6 million tonnes of LNG in 2015, he said.(Reporting by Khettiya Jittapong; Editing by Himani Sarkar)last_img read more

Exposing the pretence of clothing property with the value of goodwill

first_imgGoodwill is produced by, and only by, people and not by things they use in business, but confusion reigns. The purpose of this article is to expose the pretence of clothing real property, land, with the value of goodwill, which is a species of personal property. Goodwill comes from the commercial and personal relations between an individual who conducts a business and the clients or customers of that business. It is the reputation and connection formed with customers, and represents the value of an attraction to customers of a name and reputation. It is represented by the right granted to trade as the successor on sale of business. The grant will be at a price, in money or another form, where goodwill has a financial value. Goodwill goes with people as part of their business, whether mobile or static. It is well established that goodwill may be dealt with as an entity separate from the particular premises in which the business has been carried on, even though, for example, by the terms of a lease it must be sold necessarily with the premises, and a widow might sell for her own benefit the goodwill of a business that was carried on at premises belonging to her husband’s estate. It has been decided that goodwill related to a business could be separated from the lease, and be subject to separate ownership, even if, as in many cases, the actual income and land are both in the same ownership. That income is generated and goes as directed by those behind it and not the land. Confusion comes from a distinction between what the courts describe as personal goodwill, which is said to be merely the advantage of the recommendation of the owner of a business and use of the name of that owner, and local goodwill, which is said to attach and to be taken into account in calculating the value of premises. The courts would divide the value attributable to goodwill into three parts: the first consisting of customers who, on a change in the proprietorship of a business, remain attached to the premises (‘cat goodwill’); the second, of customers who would follow the previous occupier (‘dog goodwill’); and the third, of customers who would desert both the premises and the occupier (‘rat goodwill’). Then again, Maugham LJ burrowed deep to discover ‘rabbit goodwill’, arising from customers who come simply from propinquity or nearness to the premises. On examination it becomes clear that those light-hearted metaphors from the menagerie fail to distinguish local circumstances of any situation from what an entrepreneur would make out of them. Goodwill is a result of personal endeavours to exploit those circumstances. Application of the expression ‘local goodwill’ to what are just the local circumstances is a misnomer, a distortion of words and a confusion of ideas. The term ‘local value’, rather than ‘local goodwill’, describes facets and features that exist already, to be distinguished from the outcome, goodwill, of people exploiting them. Circumstances, things inanimate, even animals do not make goodwill. Goodwill and land are like oil on water or particles in a colloid – they meet but never merge. Covenants in restraint of trade reveal the truth. Restrictive covenants lie in the lap of human relationships. They are enforceable only by, and in relation to goodwill attaching to, a person, but land is not of course alive to make or defend the characteristics of goodwill. People can exploit local value to generate goodwill, but goodwill emanates inextricably, rather than existing independently, from them. In its attempt to tax goodwill, HM Revenue & Customs has called in aid the RICS Appraisal and Valuation Standards, and in particular UK practice statement 3, but those standards and statements are not tax law. While it is indeed right to require a valuation to market value, and while the RICS guidance note 1 is correct to direct that the market value should be arrived at on the basis of a fully equipped operational entity having regard to trading potential, that does not allow HMRC to add the goodwill of a business to its site value. Trading potential might rely on planning permission, geographical location, the state and condition of land and buildings, local population, access to communications and so on, and in any particular case that the property is a registered care home, a licensed restaurant, a cinema, garden centre or other, but when assessing values the characteristics of the entrepreneur should be distinguished from those of the land. The business acumen of a person, from whom goodwill is borne, is not to be confused with local circumstances. As to stamp duty land tax (SDLT), it is exigible under section 43(1) of the Finance Act 2003, and fixes on a chargeable interest. That includes an estate, interest, right or power in or over land and the benefit of an obligation, restriction or condition affecting the value of the estate. At law and in fact goodwill is not an estate, interest, right or power in or over land, and it is not an obligation, restriction or condition affecting the value of the estate. Value associated with the site according to relevant permissions and restrictions is one thing, but what is freely transferable, an income stream, from one location to another is quite another. On applying SDLT, any request by HMRC to examine accounts of the business for previous years would be inappropriate inasmuch as they describe the goodwill value of profit and loss. So long as any apportionment is genuine, there is no need to disclose to HMRC accounts of the business for previous years, because the value of transferable business is not stampable. SDLT is not a business tax. The land alone, but not the whole transaction, is taxable. It is common ground with HMRC that the main issue to resolve is the appropriate property valuation, that this is required to be done on a just and reasonable basis, and that regard must be had to the market value of the premises as in fact they are at the date of acquisition. But, merging goodwill and land values is not just, reasonable or even lawful. There is no statutory authority that allows the shares valuation division to merge the value of goodwill of a business into the value of land where a business is conducted. There can be no tax without statute. In a bizarre and contrary twist, HMRC has written to accountants that the land concerned in matters submitted for adjudication has been revalued so as to absorb most of what had been apportioned to goodwill. However, so long as a bona fide apportionment of the sale price is expressed, usually in the agreement for sale, there is no justification for the peremptory attempt to merge any value apportioned there for goodwill in the land value; they are separate and distinct from each other in accounting, commercial, legal and tax terms. HMRC has confused the complex issues by making an unauthorised classification. Free separable goodwill is not a statutory concept, and the chimera of immovable goodwill is simply an unfounded misconception. Any claim to tax on the myth of immovable goodwill is not justified by statutory authority, the cornerstone of all tax. Various requirements in the panoply of tax legislation emphasise the principle of distinguishing in a transaction one item from another. For example, if an item of property is sold together with other property, the net proceeds are treated by section 562(3) of the Capital Allowances Act 2001 as, on a just and reasonable apportionment, is attributable to that item, and see other references in the taxation articles. The act acknowledges the very opposite of merger: the values of items are to be apportioned because they are separate from, and not absorbed within, each other. On another tack, goodwill was exempted by section 116 of the Finance Act 2002 from liability to stamp duty, of which SDLT, according to its name, is generic to the species. Even if HMRC could have sustained the pretence that land value included what it calls ‘immovable goodwill’, the element of goodwill was eliminated expressly by that exemption, and subsequent SDLT legislation did not bring goodwill alone or combined with land back into charge. It seems that HMRC is trying to sneak in through the back door what was shown out via the front door. Any claim to SDLT on goodwill should be appealed on the grounds of fundamental error. There is no statutory authority for taxing goodwill, and any SDLT paid on it should be recovered. Recovery should be sought of tax taken as well before as after exemption to the extent that such imposition was based on the false premise of immovable goodwill. Solicitors may wish to advise accordingly. It is commonsense, logic and the law. Charles Smith has been a solicitor since 1966 and is the author of Sweet & Maxwell’s Company Precedentslast_img read more

Colourful language

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Decentralise power supply

first_img, president of the Cape Chamber of Commerce and IndustryThe new Integrated Resources Plan for electricity will not encourage industrial investment or economic growth and it fails to provide the energy security the country desperately needs.One good thing about the IRP is that it does acknowledge the need for distributed generation and we predict that the business sector will take up this challenge.We are already seeing huge numbers of solar panels on shopping centre roofs and other commercial buildings as well as on homes and we can expect this trend to gather pace.The reason is that businesses has done its sums and found that investing in solar panels is not only viable but a good investment with great cost control and long-term savings.This is the reality but the IRP still places artificial limits on renewable energy and favours more expensive new coal plants.South Africa has not come to terms with the fact that the electricity industry is over centralised. We have put all our eggs into the Eskom basket and that basket has been dropped. We need to decentralise and get the municipalities back into the business of generating electricity or allowing them to buy power directly from independent power producers.Cape Town is able to convert stage-two load shedding into stage-one by using 160 MW of electricity from its Steenbras pump storage scheme. Pump storage is expensive to build and it takes a long time, but some countries are already using huge batteries to do a similar job. The exciting thing is that the batteries are getting better and cheaper so that is another opportunity to decentralise and use electricity more efficiently.Eskom’s ability to raise loans for capital projects is severely limited, but a municipality like Cape Town has a much better credit rating and will have little difficulty in raising funds for sound renewable energy projects.The other great disappointment is that the IRP does not provide for more gas power stations which are the ideal support for variable renewable energy. They can be powered up quickly and they are at least 50% cleaner than coal. In addition, they use little water and the combined cycle gas power stations have a thermal efficiency of 60% compared to 35% to 40% for the best coal-fired power stations.Let Cape Town and other municipalities build their own gas power stations and the economy of the Western Cape and South Africa will be a lot safer and more attractive to investors.last_img read more

Bar awareness training

first_imgA game of rugby was a highlight of an event at which a law firm challenged barristers to spend a day in a wheelchair to help them understand everyday issues faced by wheelchair users. The event was organised by Islington, London, firm Bolt Burdon Kemp.Raquel Siganporia, head of the firm’s spinal injury team and a wheelchair user, conceived the Inter-Chambers Wheelchair Games and Wheelchair Awareness Day as a way to highlight access problems. Challenges included taking the bus, visiting shops, and ordering and carrying a coffee.Siganporia said: ‘Many of my clients also use wheelchairs and poor access can mean life is much harder than it needs to be.’last_img read more

China urges DRC’s main opposition to join negotiations with government

first_imgChina has called on the main opposition in the Democratic Republic of Congo to join negotiations with President Joseph Kabila to help ease tensions.According to China’s deputy representative to the United Nations, Wu Haitao, President Kabila is committed to advancing national dialogue and safeguarding stability in the DRC. In October, Kabila’s government signed a deal with some members of the opposition –pushing elections back to April 2018.However the main opposition has boycotted talks, accusing Kabila of wanting to cling to power.last_img read more