Since the 2017 snap general election, the UK has had a minority government after neither of the main parties was able to win an overall majority. This added an extra twist to the political situation, just as the UK opened negotiations with the EU. As if Brexit had not created enough uncertainty for the market.
With the Conservative government in a weakened position, some advisers speculate it may be forced to postpone or even abandon plans to cut corporation tax to 17% by 2020. When the Conservatives came to power in a coalition in 2010, the rate of corporation tax was 28% and the government has gradually lowered the rate to 19%.
"The Conservatives had intended to oversee a continued reduction in the rates of corporation of tax," George Bull, senior partner at RSM UK, told International Tax Review just after the election. "A strong Labour opposition that wishes to increase corporation tax rates may frustrate Conservative objectives."
On the other hand, the election outcome is unlikely to sway the UK's commitment to the OECD's BEPS project. In this regard, the market has some certainty about the parameters of policy set by the international community.
"The political situation in the UK post the general election means that we are unlikely to see many significant tax policy changes," said Sara Luder, head of tax at Slaughter and May. "The government does not have a parliamentary majority to introduce significant tax legislation and the Brexit negotiations are going to keep it very busy. I would expect this to result in a stable tax regime."
"I think the BEPS agenda will continue, HMRC will try to keep to the implementation of the timetable that they have already set out," said Sandy Bhogal, head of tax at Mayer Brown. "It may deviate slightly but not a huge amount."
"The bigger uncertainty is on the Brexit side, depending on the negotiations and exit mechanics ('hard' or 'soft' Brexit), which may impact short term legislative changes and the long term economic impact may force the government to rethink tax policy," said Bhogal.
A major concern is the future of the UK's place in the customs union, given its potential impact on VAT. "Where we end up after Brexit is more important than what the corporation tax rate will be because paying a bit more on profits is simple compared to what the impact on imports and exports might be," said Bull.
If a 'hard' Brexit were to go ahead, the UK would leave the customs union and have to adjust quickly. This would pose huge challenges for VAT and the UK could face economic turmoil, as the country has a huge trade deficit. There are 'soft' proposals for a transitional period to avoid the shock to trade relations. But the EU and the UK are still far from reaching a final deal.
"In terms of Brexit, I think it's unlikely that we will see anything in terms of what our trading relationships will be like for months to come," said Marvin Rust, head of tax at FTI Consulting. "The EU believes that we have to agree to the terms of our exit before they will negotiate the terms of trade after exit. Clearly the government would like to negotiate the trade relations along with the exit."
"The EU believes it should be sequential, the UK believes it should be parallel," said Rust. "It's going to be a period of uncertainty, which could slow investment. Investors may wait until it's clear what is happening."
Alvarez & Marsal Taxand UK LLP
One Finsbury Circus
London EC2M 7EB
Tel: +44 (0)20 7715 5200
Serving the UK and international corporate tax markets, Alvarez & Marsal Taxand UK LLP offers independent and client-focused high-quality services and proactive advice, without time consuming, audit-based conflict checks.
Alvarez & Marsal Taxand's experienced advisors are passionate about tax and about providing responsive, tailored advice that helps mitigate risk, manage tax burdens and drive business performance.
Together with its affiliate in the US, Alvarez & Marsal Taxand UK continues Alvarez & Marsal's legacy of leadership, problem solving and value creation. Our professionals have led successful tax practices, or have previously served as senior technical resources in the world's largest public accounting firms.
Our professionals understand how businesses operate, so they know the importance of providing practical advice to affect immediate and long-term change. They combine significant technical expertise with a hands-on approach to delivery and are committed to exceeding clients' expectations and producing outstanding results. They help clients to address a myriad of tax matters that arise from every business decision, and bring the right resources to every engagement.
Alvarez & Marsal Taxand UK is a part of Alvarez & Marsal (A&M), a leading global professional services firm, providing operational and financial leadership, problem solving and value creation to corporates and stakeholders around the world. Alvarez & Marsal Taxand is one of the nine firms that founded Taxand in 2005 and it operates exclusively Taxand UK. Drawing upon A&M's integrated approach, Taxand has provided high-quality service since its inception. Today, Taxand has grown to more than 2,000 tax advisors across nearly 50 countries.
For more information, please contact:
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Ernst & Young LLP
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Innovate Tax are the world leading experts in indirect tax automation within Oracle ERP (R12/Cloud). We are a highly experienced team of consultants whose careers have been spent specialising only in Oracle and indirect tax automation. Innovate Tax have been consecutively awarded European Tax Innovator of the year in 2016 and 2017 for our unique suite of products. We currently have over 120 + countries available in our Innovate Tax cloud repository for clients to draw down from to create a truly universal solution with unmatched support and maintenance. Our approach is to always build lasting business relationships with our clients. With offices in the UK, US, Bulgaria and soon Dubai we are constantly expanding our global footprint.
In addition to our worldwide presence, Innovate Tax have strong partnerships with market-leading practices around the world, working together to deliver the best end-to-end Oracle indirect tax solution for our clients spanning across every market sector in which Oracle has been implemented, including the public sector and large multi-national corporations. We pride ourselves on our unique solution and products for tax automation including our real-time analytical tool that is changing the way tax compliance is achieved. By providing instantaneous notifications within seconds of users making tax related mistakes businesses can ensure they remain compliant.
Contact: Nathan Farmer
Tel: +44 1243 860893
Simmons & Simmons LLP
CityPoint, One Ropemaker Street, London EC2Y 9SS
Tel: +44 20 7628 2020
Praised for the team's "commercially focused advice and excellent service to clients" and for being "excellent at balancing commercial interests with the regulatory and legal issues", the international tax practice at Simmons & Simmons provides clear and pragmatic advice across our three pillars of tax advisory, contentious tax and transactional work.
Comprising sector experts across our core areas of business, we provide clients with a depth of expertise through our partner-led service. Our approach is based around working in partnership with clients to understand their business objectives and providing practical, intelligent support to deliver these. We pride ourselves in our responsiveness and the value we generate for clients. As a law firm, we are not constrained by audit independence requirements.
If you would like to find out more about how Simmons & Simmons can support you, please contact:
Darren Oswick, Head of Tax – firstname.lastname@example.org
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Mark Sheiham – firstname.lastname@example.org
Martin Shah – email@example.com
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Hatice Ismail – email@example.com
Pierre-Régis Dukmedjian – firstname.lastname@example.org
Juan Sosa Pons-Sorolla – email@example.com
|Corporate Income Tax||20%||A B C|
|Net Operating Losses (years)|
|Royalties from, for example, patents, know-how||0%||N/A|
|Branch Remittance Tax||0%||N/A|
A) The rate of corporation tax is 20% for both large and small companies. Effective from April 1 2017, the rate of corporation tax will decrease to 19%, and will decrease by a further 1% to 18%, effective from April 1 2020. The main rate of corporation tax for ring-fence profits (that is, profits from oil extraction and oil rights in the United Kingdom and the UK continental shelf) is 30% (small profits rate of 19%). The rates for ring-fence profits are not scheduled to change.
B) The small profits rate of 19% for ring-fence profits applies in certain circumstances if taxable profits are below £300,000. This benefit is phased out for taxable profits from £300,000 to £1,500,000. These limits are reduced if associated companies exist.
C) An additional 8% surcharge is levied on the profits of banks in excess of £25 million (before the offset of losses carried forward), effective from January 1 2016.
D) Capital gains are subject to tax at the normal corporation tax rate.
E) This tax applies to payments to nonresidents and non-corporate residents.
F) A 45% rate applies to compound interest received from the UK tax authorities in certain cases
Christopher Harrison and Viman Tilakapala co-head the tax department at Allen & Overy. The practice offers an extensive range of services in such areas as corporate tax, auditing, restructuring, litigation, cross-border transactions and indirect tax. The firm advises leading businesses, financial institutions and high-net-worth individuals from such industries as leisure, finance, real estate, life sciences and technology.
Harrison specialises in corporate transactions, including M&A deals and joint ventures, as well as advice on capital markets and structured finance. Tilakapala focuses on corporate tax, especially on structured finance, regulatory capital, securitisations and disputes. The UK branch has two main offices, one in London and one in Belfast.
Managing director David Pert is the head of tax at Alvarez & Marsal, Taxand UK. Pert has more than 35 years of experience in the field, including 18 years at HMRC and 24 years on serious fraud cases. The firm offers an extensive range of bespoke tax services, such as corporate and international tax, risk management, restructuring and M&A transactions.
As a founding member of the Taxand network, Alvarez & Marsal works with leading practitioners in more than 45 other countries. This allows the UK firm to collaborate on international projects, including tax planning and cross-border transactions.
Held in high regard by clients, the tax practice has impressive expertise in a wide variety of key economic sectors. The firm's client base covers a range of industries, such as real estate, pharmaceuticals and technology. This includes a number of FTSE 100 companies and multinational corporate groups.
The multidisciplinary tax team at Ashurst offers a comprehensive range of tax advice and support in such matters as corporate tax, structuring, transactions, dispute resolution, litigation and VAT. The firm has fought cases in the UK tax tribunals and the European Court of Justice. Ashurst draws its clientele from major industries like energy, infrastructure, finance and real estate.
Key team members at the firm include partner Alexander Cox and tax consultant Richard Palmer. Cox specialises in corporate tax matters, particularly with regard to M&A deals, private equity and real estate, whereas Palmer focuses on domestic and international tax planning for multinational companies.
Mark Delaney is the head of tax services at Baker McKenzie. Delaney took over from Alex Chadwick, who is now the managing partner of the London office. The practice consists of 14 partners and more than 50 associates. The firm offers the full and integrated range of tax services, with key strengths in international tax planning, tax controversy and cross-border transactions.
In 2016, Baker McKenzie's tax team acted for FedEx on a €4.4 billion ($5.1 billion) acquisition of Dutch logistics company TNT Express. Partner Alistair Craig, director Mark Agnew and associate Adam Peacock handled the case for the firm. The merger had implications for business operations in the US, the UK, Germany, the Netherlands, Belgium and Italy. The firm maintains a close relationship with FedEx, advising the company on everything from anti-trust regulations to VAT.
The firm offers clients bespoke solutions for major contentious tax matters. This remit includes large-scale corporate restructuring projects. The firm's client base spans the finance sector, such as banks and investment funds.
Elizabeth Bradley is the head of the tax team at Berwin Leighton Paisner. With 21 partners and 37 other professionals, the tax practice offers clients the complete range of services with impressive expertise in real estate, whether it's corporate or investment funds. The firm has the capability to provide specialist advice in corporate tax, structuring, contentious tax issues, as well as VAT and other indirect taxes.
BLP continues to expand its tax practice, recently hiring Mark Brailsford, Sarah-Jane Hall and Rebecca Moseley. The tax team has a wealth of experience in domestic and international tax matters. This allows the practice to work across multiple jurisdictions, including the US, Russia, Israel, Hong Kong and Indonesia.
The UK tax practice at Cleary Gottlieb Steen & Hamilton offers an extensive range of tax services, in such areas as M&A transactions, tax planning, arbitration and litigation. As part of the firm's focus on financial services, the tax team is regularly involved in the complex questions around securities and capital markets.
A key contact is tax partner Richard Sultman, who focuses on corporate tax, transactions, VAT and other indirect taxes. His expertise covers M&A deals, corporate finance, investment fund formation and debt restructuring. Before joining the firm in 2004, Sultman was a solicitor at Freshfields Bruckhaus Deringer.
The UK tax practice is a part of an international network encompassing tax teams in the Americas, Europe, Middle East and Asia. The firm has offices in France, Brazil, Russia, China, the United Arab Emirates and South Korea.
Partner Chris Davies is the head of the London tax group at Clifford Chance. He joined the firm in 1999 and specialises in corporate tax, transactions, international tax and structured finance. Davies has handled a number of cases from such major clients as the Emirates Airline and British Business Bank.
The London tax group offers clients a range of tax services, including cross-border transactions, restructuring, transfer pricing and intellectual property (IP) rights. Other key partners at the firm include Brian Gilchrist, who focuses on banking and shareholders' rights in Hong Kong, as well as Richard Catalano and David Moldenhauer at the New York practice.
Clifford Chance has more than 170 tax specialists active worldwide. The firm caters to a variety of companies in such areas as banking, investment management, insurance, life sciences, logistics, energy and retail.
The London tax group at CMS Cameron McKenna Nabarro Olswang is overseen by Stephen Hignett. He has more than 20 years of experience covering all areas of UK tax. Hignett advises businesses of all sizes, including owner managers and high-net-worth individuals. He has strong expertise in the entertainment industry, particularly TV and music, as well as gambling.
Hignett works closely with fellow partner Aaron Fairhurst, who focuses on domestic and international tax issues, transactions, corporate tax and indirect tax. Another key figure at the London firm is managing partner Stephen Millar. He oversees the various practices at CMS in the UK. His expertise is primarily in the energy industry and has advised BP on a number of major deals.
CMS Cameron McKenna merged with Nabarro and Olswang in 2017. The firm has 300 tax and legal advisers spread across Europe. With these resources, CMS offers clients support and advice on all areas of tax, whether it be VAT, transfer pricing, structuring or disputes.
Richard Ward is the head of tax at Debevoise & Plimpton. He advises an array of multinational clients on M&A deals, joint ventures, private equity and fund formation. The tax practice consists of two partners and seven other professionals. Major clients include Deutsche Bank and The Carlyle Group.
Since opening in 1989, Debevoise & Plimpton has established a presence in corporate, transactional and tax law. The tax practice offers a variety of services, such as tax planning, fund structuring, business restructuring, investment management and incentive planning. The firm's key practice areas include M&A, private equity, capital markets and investment management.
Another key partner at the firm is Matthew Saronson, who collaborates with teams in the US, Europe and Asia on such issues as cross-border transactions. Debevoise & Plimpton has global reach, including a presence in Russia and India.
Managing partner Matt Ellis heads the UK tax practice at Deloitte. He has more than 30 years of experience, in which he has advised many of the UK's biggest and most successful companies. The practice comprises 220 partners and more than 3,000 other staff.
Deloitte UK offers an extensive range of services, covering such areas as international and business tax, transfer pricing, R&D and indirect tax. Global investment and innovation projects are key focus areas. The firm's clientele is drawn from key industry sectors like finance, life sciences, energy, consumer products and real estate. This includes large companies, small-to-medium sized firms, family-owned businesses and high-net-worth individuals.
As part of its international strategy, Deloitte is investing heavily in tax technology with the aim of raising the efficiency of service delivery in key areas. This includes the launch of TP Digital DoX in 2016 to provide clients with an automated process for preparing documentation. Software solutions are a key part of the firm's service range.
Richard Woolich is the head of tax at DLA Piper. The tax team, consisting of six partners and 20 other professionals, offers a wide range of tax services, such as international tax, dispute resolution and transfer pricing. The practice caters to clients from key sectors like financial services, telecommunications, property, entertainment and food and beverages.
With more than 350 tax lawyers and economists worldwide, DLA Piper has a presence throughout Europe, the Americas and Asia-Pacific. The UK practice continues to expand its team, recently hiring Ben Brown and Rachit Agarwal. In one major case in 2017, partner Paul Rutherford oversaw the Heineken Group's acquisition of Punch Taverns from Patron Capital in a deal worth $1.8 billion.
One client said: "I am always delighted with the service that I receive from Richard Woolich in particular and DLA in general."
David Jervis heads the European tax group at Eversheds Sutherland. He has considerable experience in corporate and real estate transactions and advises clients on tax efficient structures for their business operations. Jervis specialises in real estate investment, including cross-border deals and funds.
The tax group offers an extensive range of services, such as international tax, tax litigation, corporate tax, supply chain planning, VAT and other indirect taxes. The firm's client base includes around 40 of the Fortune 100 companies and more than 50 of the FTSE 100. The firm's industry focus includes energy, consumer services, finance, logistics and natural resources.
The tax group at EY offers the complete spectrum of tax advice and support. Managing partner Jason Lester oversees tax services in the UK and Ireland, while Craig Hillier is the head of international tax. The team of tax and legal professionals has a wealth of expertise in business.
The tax practice is composed of four core subdivisions: energy, real estate, telecoms, media and technology (TMT), as well as consumer products and services. Andy Ogram leads the energy team, Russell Gardner oversees real estate, Ian Beer heads telecoms, media and technology, while Shaun Lucey is head of consumer products, manufacturing and life sciences.
EY's team has in-depth knowledge of key economic sectors and the firm draws a range of clientele from industries like real estate, finance, high-tech, energy, pharmaceuticals and consumer products.
The London tax practice at Freshfields Bruckhaus Deringer is overseen by David Howarth. He advises a wide range of UK and international clients, particularly from the financial services sector, on such matters as international tax, corporate tax and cross-border transactions.
The practice offers clients the full range of tax services, covering such areas as anti-trust issues, competition law, dispute resolution and IP rights. But the tax practice is best known for its work in corporate transactions for capital markets, private equity, investment funds and joint ventures. Beyond financial services, Freshfields Bruckhaus Deringer caters to real estate companies, energy firms and manufacturing groups.
Leading partner Murray Clayson advised Anheuser-Busch InBev (ABI) on the tax aspects of its 2016 acquisition of SABMiller. ABI, the world's largest brewer, sought out to gain the brands of Grolsch, Peroni and Meantime in a deal valued at £78.4 billion ($102.4 billion).
Senior managing director Marvin Rust leads the European tax practice at FTI Consulting. The practice caters to a diverse clientele, ranging from tech start-ups to FTSE 100 companies. The firm's capacities span the full range of tax advisory services, such as financial services taxes, transactions, private equity and transfer pricing.
The practice is composed of 11 partners and 61 other tax professionals. Another key director at the firm is Toni Dyson, who heads the corporate tax and restructuring team. She has extensive experience in corporate tax, financial accounting and complex transactions, particularly in the UK and Ireland.
"FTI Consulting is definitely the best," said one client. "The response is always very quick. Nothing is too much trouble and they always try and help with any challenges given to them which are quite a few. Marvin Rust and Toni Dyson, in particular, excel."
Head of tax Jonathan Riley oversees the UK tax group at Grant Thornton. The practice comprises almost 1,000 professionals and offers the full range of tax services, such as corporate tax, business restructuring, transfer pricing, tax disputes and litigation. The firm's client base includes 40,000 organisations spread across the public and private sectors. This includes corporations and high-net-worth individuals.
As part of Grant Thornton International, the UK tax group works closely with other member firms and frequently liaises with the UK tax authorities.
The tax group at Herbert Smith Freehills offers an extensive range of tax services, such as international tax planning, corporate tax advice, IP rights, compliance and dispute resolution. The practice has strong expertise in areas such as financial services, real estate, pharmaceuticals, energy and technology.
Well regarded by clients and peers, Isaac Zailer is the global head of tax and advises domestic and international clients on tax planning, structuring, transactions and cross-border deals. Zailer's expertise covers the financial sector, including corporate M&A deals, asset management, equity and debt capital markets. He recently advised British American Tobacco on its $49.4 billion offer to Reynolds American.
The tax practice at Hogan Lovells is overseen by Karen Hughes, offering advice on such tax matters as domestic and international tax, transfer pricing, cross-border transactions, auditing and dispute resolution. Hughes herself has impressive expertise in corporate tax, M&A deals, value chain optimisation and business restructuring. She has represented major clients such as SABMiller and Kodak. The firm works with clients from key industries like finance, insurance, energy, pharmaceuticals and real estate.
Managing director Andrew Bohnet oversees the team at Innovate Tax. The team of 10 professionals offers clients an extensive scope of advisory services and integrated tax solutions, specialising in tax automation, at a highly cost-efficient standard to clients worldwide. The practice covers a range of work such as compliance, VAT and other indirect tax issues, with fully automated, user-friendly solutions.
The boutique consultancy firm is unique in its focus on tax technology, particularly in the Oracle R12 eBTax module and Oracle Fusion Tax. The team has international reach, with clients in the US and the Middle East. Innovate Tax's client base includes major companies such as RBS, Accenture, Dell and Hitachi Consulting.
Michelle Quest is the head of the UK tax department at KPMG. She has impressive expertise in corporate tax, auditing, transactions, reorganisations and due diligence. Quest leads the team in advising corporate clients on tax governance, M&A deals and business operating models. The practice consists of 105 partners and 3,000 other fee earners.
KPMG UK offers advice and support to clients looking to ensure they are compliant. This remit extends to risk management, transfer pricing, dispute resolution and strategy. The client base includes major domestic and international companies, as well as private clients, from such sectors as private equity, real estate and the energy industries.
The UK firm operates as part of a global network, which offers auditing, tax and advisory services in 155 counties. As part of this network, the UK practice helps clients navigate the shifting terrain of international tax.
The tax practice at Latham & Watkins offers a wide range of tax services, covering international tax, transactions, compliance, structuring and tax controversy. This remit extends to litigation and arbitration. The London-based practice has strong expertise in M&A deals, divestitures, data privacy and cyber security. The firm caters to a varied client base, including major companies listed on the Fortune 500, multinational corporations and financial institutions.
The UK tax practice at Linklaters offers clients advice on complex tax matters, such as transactions, tax litigation and dispute resolution. The firm's remit includes corporate reorganisations, tax planning and cross-border issues. The practice draws clients from key industries, such as the financial sector, whether it's capital markets or private equity.
A key team member at Linklaters is partner Mark Kingstone, who has more than 30 years of experience in corporate tax and disputes. He advises domestic and international companies on all aspects of corporate tax law, especially M&A deals, reconstructions and investment management. Clients include major companies like BP, RBS, Julius Baer Group and Anglo American.
As part of its international network, Linklaters has more than 120 tax experts worldwide. The firm has key strengths in such areas as real estate, investment funds, capital markets, M&A and joint ventures.
Damien Crossley is the head of the tax group at Macfarlanes. He has expertise in financial services, particularly investment funds, private equity and financial structuring. Crossley works closely with fellow partners Ashley Greenbank, Gideon Sanitt and tax consultant Nigel Doran.
The Macfarlanes tax group offers a comprehensive range of tax services, including cross-border transactions, M&A deals, transfer pricing, dispute resolution and tax litigation. The firm's client base is made up of multinational companies, financial institutions and high net-worth individuals. Clients include Verizon Communications and the Virgin Group.
The London tax group of Mayer Brown provides a full service, working closely with the US, Asian and European teams. Partner Sandy Bhogal, who leads the tax group, has more than 17 years of experience and worked for EY before joining the firm in 2005. The firm's key practice areas include corporate tax, planning, structuring, dispute resolution and cross-border issues for an extensive range of clientele.
Many FTSE and Fortune 500 companies are clients of Mayer Brown. These companies cover such industries as banking, insurance, telecommunications, energy, pharmaceuticals and mining. The team has expertise in transactions, corporate finance, banking, incentive schemes, capital markets and real estate, among other areas.
As an international firm, Mayer Brown has more than 120 tax lawyers active worldwide. The UK group is close to the tax practices in Germany, France and Belgium.
Russell Hampshire is the head of the tax department at McDermott Will & Emery. He has more than 30 years of experience, with key strengths in the high-tech and life sciences sectors. Hampshire joined the firm from KPMG in October 2016, where he had worked for 16 years. He works with fellow partners Tom Scott, James Ross and Michael Herrington. The firm employs more than 200 tax professionals and offers advice on international and domestic tax issues, such as corporate tax, M&A, cross-border restructuring, disputes and IP rights.
McDermott Will & Emery serves an array of clients from key industries like TMT, finance, pharmaceuticals, healthcare, energy and consumer goods. The firm's key practice areas include M&A transactions, investment funds and private equity. Clients include Electronic Arts, Universal Health Services and Irving Oil.
As the head of tax for Europe, Middle East, Asia and Brazil, Dominic Stuttaford oversees tax services at Norton Rose Fulbright. He joined the firm in 1999 and has expertise in corporate tax, planning, transactions and restructuring. Other focus areas include dispute resolution, regulatory matters and investigations.
Norton Rose Fulbright offers the full range of tax services, including tax litigation, for a wide variety of clients. In the financial services, the firm's key practice areas include asset finance, investment funds, Islamic finance, capital markets and financial instruments. The firm also works with clients in key sectors like real estate and energy. Clients include BP, Barclays and Lloyds Banking Group.
The London-based tax team at Paul Hastings offers a comprehensive range of services, including domestic and cross-border corporate and financial transactions. As part of this remit, the team covers such areas as corporate M&A, IP rights, real estate, investment funds, restructuring and joint ventures. The firm's past clients include Goldman Sachs, Deutsche Bank, Etihad Airline Partners and Samsung.
Key contacts include tax partner Arun Birla and associate Jiten Tank. Birla advises UK and international clients on transactions involving private equity, investment funds, asset finance and joint ventures. Tank has expertise in the structuring of financial products and transactional matters.
Jason Collins is the head of tax at Pinsent Masons. He specialises in representing corporate and individual clients in auditing cases and resolving disputes with HMRC and has handled litigation before the courts. The tax practice offers the full range of services, such as cross-border transactions, M&A deals, incentive schemes, dispute resolution and litigation. The firm's clients come from sectors like finance, technology, property and construction.
Kevin Nicholson oversees the tax department at PwC UK. He joined the firm in 1991 and was promoted to partner in 2000. Nicholson has worked in the North East of England, Hong Kong and New York. The PwC tax practice offers the full range of tax services, with an emphasis on corporate tax, compliance and indirect tax.
A key member of the UK team is Annie Devoy, who is a TP specialist. She is a chartered accountant with more than 20 years of experience in TP matters, including advance pricing agreements (APAs), IP rights and business restructuring.
PwC has offices in major UK cities such as London, Birmingham, Liverpool and Manchester, Edinburgh, Glasgow and Belfast. The firm advises domestic and international clients from a wide range of industries, such as consumer goods, financial services and technology.
Linda Adelson and Charles Goddard are the key contacts at Rosetta Tax. Adelson is a solicitor with specialities in VAT and indirect tax matters, whereas Goddard focuses on corporate tax and financial transactions in particular. This boutique law firm provides specialist advice for corporate and individual clients in areas such as cross-border transactions, M&A deals, outsourcing, employee share schemes and tax disputes.
The tax team has strong expertise in domestic and international tax law and experience working for FTSE 100 companies and Big 4 firms. The firm caters to blue chip clients, multinational groups and high-net-worth individuals. Past cases include the structured disposal of more than $1 billion in debt into a fund structure.
Partner Jim Meakin is the head of tax at RSM UK. He has more than 20 years of experience in the tax field and specialises in corporate and transactional tax matters. Under Meakin's leadership, the tax group offers a full suite of tax services to UK clients with key strengths in financial and corporate support. This remit includes corporate tax and risk management.
Other distinguished partners include Ken Almand and George Bull. Almand is the head of TP services for the UK and European team at RSM. His past experience includes working for HMRC, where he helped to draft TP legislation. Meanwhile Bull advises clients on complex tax issues and helps find workable solutions.
The firm was a part of Baker Tilly International until 2015 when it joined RSM International and underwent a rebrand.
Simon Letherman is the head of the London tax group at Shearman & Sterling. He has more than 17 years of experience and was at Slaughter and May before joining the firm in 2010. Letherman succeeded Sarah Priestley as head of tax in 2016. Priestley left the firm and joined Goodwin Procter as a partner.
Shearman & Sterling advises major domestic and international companies, including financial institutions, telecom and energy corporations. For example, the group advised Liberty Global in its $8.2 billion acquisition of Cable & Wireless Communications. The firm's key practice areas include VAT and other indirect taxes, M&A deals, spin-offs, restructuring, tax controversy and litigation.
A recent addition to the group is Michael Ward. Other key team members include Lois Howarth and Sarah Moir-Porteous. The firm has global reach thanks to its network of 850 lawyers in 20 offices around the world.
Nick Cronkshaw is the head of the tax group at Simmons & Simmons. He has broad expertise in corporate tax, particularly with regard to transactions. The department consists of 10 partners and 22 other professionals working across all areas of direct and indirect tax.
Simmons & Simmons offers the complete scope of tax services, such as corporate tax, structuring, planning, transactions, controversy, litigation, disputes and other contentious issues. This remit covers personal and environmental tax matters. A key member of the team is Nick Skerrett, a highly regarded litigator, known for his ability to combine technical knowledge with strategic advice.
The firm assists clients from a wide array of industries, such as the financial sector, energy, life sciences and telecommunications, media and technology. Past clients include British Land, Insight, Norges Bank and Macquarie.
James Anderson oversees the tax division at Skadden, Arps, Slate, Meagher & Flom. He is a private capital specialist focused on investment companies, funds, high-net-worth individuals and family-owned businesses. Anderson works closely with Alex Jupp, who has strong expertise in M&A deals.
The streamlined practice comprises four partners and seven other professionals, including the recent addition of Elizabeth Keaveny. This team includes specialists in key areas like corporate transactions, tax litigation, derivatives, structured finance and private capital. The firm is particularly strong in cross-border tax issues, particularly in relation to transactions between the US and the UK.
Two other distinguished partners are David Kavanagh and David Edwards. Kavanagh co-heads the international litigation and arbitration group, whereas Edwards advises companies on shareholder disputes.
Sara Luder is the head of tax at Slaughter and May. With 25 years of experience, Luder advises clients on all aspects of corporate tax, transactions, restructuring and asset finance. The team of eight partners and 21 other professionals has expertise in all aspects of tax, including particular focus areas such as complex M&A transactions. This spans key areas such as cross-border issues and pension de-risking.
The firm has an impressive client base, including GlaxoSmithKline, Deutsche Bank, Royal Dutch Shell and The Coca-Cola Company. "We use Slaughter and May's tax team for the full range of services," said one client. "In the last year this has primarily been in dispute resolution with the tax authorities and on post-acquisition business integration."
The client added: "In both matters the firm's service has been exemplary. Their responsiveness is excellent and the commerciality of their advice is in my view unparalleled. I would strongly recommend them."
The UK tax group at Sullivan & Cromwell is led by Ronald Creamer. He oversees the firm's tax and M&A services and regularly advises clients on tax-efficient financing techniques and capital markets. The team offers bespoke solutions in such areas as employee share schemes and fund structures. The group comprises two partners and five other professionals.
The London-based practice offers advice on US and UK tax law, particularly on cross-border transactions and M&A deals. The team has a strong focus on the financial services industry, with expertise in international transactions, tax controversy and investment management, as well as commodities, futures and derivatives.
Sullivan & Cromwell has a strong reach abroad and a diverse client base. Past clients include Anheuser-Busch InBev, Goldman Sachs, Diageo and Barclays.
Robert Young is the head of tax at Taylor Wessing. He specialises in corporate and personal tax affairs, including planning, structuring and transactions. The team of five partners and seven other professionals offer a broad palette of tax services including M&A transactions, corporate structuring, cross-border issues, reorganisations and planning.
Taylor Wessing caters to a strong client base, including domestic and multinational companies, conglomerates and high-net-worth individuals. Recent clients include Deutsche Bank and RBS. The financial services industry is a key sector for the firm. Other key sectors include technology, life sciences, education and healthcare.
With offices all over the world, the firm has international reach and a presence across the US, Europe and Asia.
Simon Skinner leads the tax department at Travers Smith. He has expertise in corporate tax and private equity and has advised clients on M&A deals, IPOs and joint ventures. Skinner works closely with fellow partners Kathleen Russ and Emily Clark. The team offers the full range of tax services, including corporate tax, transactions, litigation and investigations.
Russ specialises in private equity transactions and advises institutional investors and management teams in this key area. She is also regularly involved in discussions with HMRC. Meanwhile Clark focuses on asset management and investment funds, often acting for private equity houses, debt funds and real estate companies.
Recent clients include The Carlyle Group, Bloomberg and Metro Bank. The firm draws clients from key sectors, such as energy, infrastructure, technology and financial services.
The corporate tax team at Watson Farley & Williams is headed by partner Richard Stephens. The practice advises clients on an array of tax matters, including cross-border transactions, for such industry sectors as energy, infrastructure, natural resources and maritime. Clients include domestic and international companies, such as multinationals, financial institutions, investors and family-owned businesses.
Another key partner at the firm is Tom Jarvis, who has extensive expertise in commercial transactions for the energy and infrastructure sectors. Before joining the firm in 2015, Jarvis worked for Slaughter and May and Deloitte. The team continues to expand, with such recent additions as senior associate Claire Miles, who specialises in M&A deals, reorganisations, investment funds and finance.
Oliver Walker and David Irvine handle tax services at Weil, Gotshal & Manges in the UK. Walker advises clients on tax issues relating to corporate transactions, such structuring, M&A deals, incentives and reorganisations, whereas Irvine focuses on hedge funds, real estate, private equity and infrastructure.
The tax team of 10 professionals offers a wide range of services with key strengths in corporate and private equity transactions, tax litigation, restructuring and fund formation. This remit covers a lot of ground, including buy-outs, joint ventures, incentive schemes, capital markets, investment and divestment. Finance is a key focus area for the practice, alongside the real estate market, telecommunications and retail.
The firm has tax practices around the world, with more than 60 dedicated tax specialists active in Germany, France, Poland and the US. Major past clients include Barclays Bank, Bain Capital and Lehman Brothers.
|Tier 1- United Kingdom|
|Freshfields Bruckhaus Deringer|
|Slaughter and May|
|Tier 2- United Kingdom|
|Allen & Overy|
|Alvarez & Marsal, Taxand UK|
|Berwin Leighton Paisner|
|Herbert Smith Freehills|
|Latham & Watkins|
|Norton Rose Fulbright|
|Simmons & Simmons|
|Skadden, Arps, Slate, Meagher & Flom|
|Sullivan & Cromwell|
|Tier 3- United Kingdom|
|CMS Cameron McKenna Nabarro Olswang|
|Debevoise & Plimpton|
|McDermott Will & Emery|
|Shearman & Sterling|
|Weil, Gotshal & Manges|
|Tier 4- United Kingdom|
|Cleary Gottlieb Steen & Hamilton|
|Watson Farley & Williams|