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HM Revenue & Customs (HMRC) has defeated a round-the-world scheme after the Court of Appeal decided, in the Smallwood case, that a capital gain was taxable in the UK.

Vodafone last week settled its long-running dispute with the UK government over the taxation of its foreign earnings.

An advocate general of the Netherlands Supreme Court has released an opinion that could indicate how the full court's judgment will turn out in this litigation about an application for cross-border fiscal unity.

Sixth VAT Directive Article 2(1) Concept of the supply of services effected for consideration Retail vouchers provided by an undertaking to its employees as part of their remuneration.

US company founders and executives could owe the IRS an estimated $35 billion this year for taxes they expected to pay in the future because of the US Tax Court's ruling in Anschutz v Commissioner of Internal Revenue.

The Amsterdam Court of Appeal has requested a preliminary ruling from the European Court of Justice (ECJ) on the Netherlands' exit tax regime.

Liechtenstein banks will tell customers that are UK taxpayers they must comply fully with UK tax law or their accounts will be closed.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $2.4 billion People's United Financial Smithtown Bancorp Simpson Thacher & Bartlett Gary Mandel, Jonathan Goldstein & Amie Broder Acquisition $1.25 billion Tyco Electronics ADC Sutherland Asbill & Brennan Robert Chase II, H. Karl Zeswitz Jr & Michael Miles Acquisition $1.2 billion Nokia Siemens Networks Motorola's wireless infrastructure Skadden, Arps, Slate, Meagher & Flom Stuart Finkelstein & Tom Wood Acquisition $800 million People's United Financial LSB Corporation Simpson Thacher & Bartlett Gary Mandel, Jonathan Goldstein & Danny Salinas Type of Deal Value Issuer/Borrower Lead Managers/Arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) IPO $19.2 billion Agricultural Bank of China Freshfields Bruckhaus Deringer Teresa Ko & Antony Dapiran Refinancing $1.9 million Celsa Group BBVA, Santander, Banesto, Sabadell, Barclays & La Caixa Uría Menéndez If you would like to raise the profile of your firm, please send deal information to Jack Grocott (jgrocott@euromoneyplc.com).

The German airline industry say passenger numbers will decline if the government succeeds in pushing through a proposed €1 billion a year aviation tax.

The case concerned combined prepaid variable forward contracts and share-lending agreements that had been set up to defer capital gains tax.