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Several practitioners in the tax team at Slaughter and May, led by Sara Luder, are highly rated by their competitors. Luder herself is well regarded by other advisers for her capital markets and financial products expertise. Tony Beare receives plaudits ... [more]

Several practitioners in the tax team at Slaughter and May, led by Sara Luder, are highly rated by their competitors. Luder herself is well regarded by other advisers for her capital markets and financial products expertise. Tony Beare receives plaudits from a significant number of advisers for his intelligence, knowledge and ability to collaborate. A partner at a firm who had worked with Beare on a number of deals commented that, "his knowledge is impressive and he's a good guy who is really easy to work with." Beare leads the tax efficient financing team that works in conjunction with the firm's financing team. Similarly, Steve Edge is noted for his capital markets and corporate tax work. The firm's capital markets expertise was central to advice given to Royal Dutch Shell on their issue of scrip dividends in late 2010. This was complicated by the fact that the company is a UK plc but resident in the Netherlands for tax purposes. The company issued two classes of shares that will provide dividends from a Dutch subsidiary and UK subsidiary respectively. However, to circumvent negative tax treatment only the shares that would give dividends from the Dutch subsidiary were issued as scrip dividends. Importantly, as a result of the company's residence outside the UK those shares issued as scrip dividends are to be treated as a capital receipt for those shareholders resident in the UK and so will not be considered taxable income. Since many of the group's employees are also shareholders, the firm obtained clearance of their analysis from HMRC due to the imprecision of relevant legislation.