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The tax team at Macfarlanes is in a good position to exercise its strengths in tax structuring and restructuring work. Partner Damian Crossley noted that the team has been moving towards more technical areas of tax in the last five years and though the ... [more]

The tax team at Macfarlanes is in a good position to exercise its strengths in tax structuring and restructuring work. Partner Damian Crossley noted that the team has been moving towards more technical areas of tax in the last five years and though the firm is capable in corporate support work, such matters represent only 20% of the department's work. The majority of work undertaken by the department relates to fund structuring work which often has cross-border elements. Its strength in this area is illustrated in recent work completed for Haymarket Financial. Having acted for the management in the establishment of fund, the firm is now retained as the fund's structuring adviser. In June 2010, the firm advised the fund on its €400 million ($576.44 million) joint fundraising with the Australia Future Fund ensuring that a tax efficient structure was used that accommodated both parties' commercial requirements. The firm also aided Montagu in establishing their fourth €2.5 billion pan-European private equity fund. The fund spans Poland, Germany, France and the UK and necessitated careful structuring and attention to cross border tax issues by Mark Baldwin's team. Andrew Loan is leading the firm's team involved in the Four Seasons Health Care group's £800 million debt restructuring. The matter is highly complicated due to the group's previous debt restructuring in 2009. The firm's notable clients include the Virgin group, Pernod Ricard and Legal and General in addition to the private equity firms and funds the firm has worked for this year. The tax department has developed a strong reputation among competitors under department head Ashley Greenbank. Many practitioners have commented on the firm's expertise in fund structuring in particular and one adviser from the big four commented that Macfarlanes are often rivals when pitching for structuring work.