Clifford Chance LLP displays a high level of expertise in handling M&A, real estate, funds and finance-related tax matters. Clients describe Dan Neidle as 'approachable and fiercely intelligent'; he heads up the tax group in London and has a broad financial institution taxation and tax disputes practice. Global head of tax, pensions and employment Chris Davies focuses on the tax elements of corporate and financing transactions, while Nick Mace and David Harkness advise on all tax-related matters across the full spectrum of corporate deals. Another key figure, Anthony Stewart, specialises in all matters related to investment funds, including international fund structuring work, carried interest and co-investment schemes and asset management M&A.
Corporate tax in London
Clifford Chance LLP
Practice head(s):
Dan Neidle
Other key lawyers:
Chris Davies; Nick Mace; David Harkness; Anthony Stewart; David Saleh; Laura Underhill; Jemma Dick
Testimonials
‘The Clifford Chance team work collaboratively in order to provide exceptional service. We have relied on their expertise on a number of potential tax litigation matters and in all areas, they have provided great technical and practical advice. They provide all around technical expertise, litigation strategy and handling advice. I particularly appreciate the fact that I can rely on all members of the team and they are all up to speed with the issues so I am not reliant on one individual.’
‘Dan Neidle – by far the most approachable and technically able tax law partner I have worked with. Approachable and fiercely intelligent.’
‘The CC team make themselves available regardless of position in the business, from trainee to partner, and are happy to go the extra mile to explain matters, especially when the clients that are engaging CC are not UK institutions who don’t understand / have much dealings with UK tax legislation.’
‘Chris Davies is a whizz on securitisations – client friendly and good at explaining tax points to non-tax specialists.’
Key clients
Telefónica
Intact Financial Corporation
HSBC
Partners Group
ICG Strategic Equity
Intermediate Capital Group plc
MasterCard
Macquarie
Cellnex
Chrysaor Holdings Limited
Nova Resources B.V.
Nielsen Holdings
Nuveen
Jupiter
WEX Inc
Brit Ltd
Mitsui Fudosan
Work highlights
- Advised Telefónica on the signing of its 50:50 joint venture with Liberty Global to combine their UK operations, O2 and Virgin Media.
- Advised ICG Strategic Equity, as the lead investor, in CapVest’s GP-led secondary transaction in respect of Curium Pharma.
- Advised a consortium comprising GEPIF (BlackRock’s energy and infrastructure fund), its co-investor Mubadala, and WSIP (the Goldman Sachs infrastructure platform) on its recommended cash offer for Calisen plc.
Slaughter and May
Slaughter and May provides a 'fantastic service' and showcases 'first-class technical capabilities' across the full breadth of international tax and tax issues relating to transactions. Mike Lane is the head of the tax practice and displays an 'impressive' level of expertise in the financial services industry, particularly in the capital markets space. Gareth Miles has a strong focus on M&A work and Dominic Robertson has a broad tax practice that covers transactional, advisory and disputes advice. Steve Edge is a well-recognised name in the corporate tax space, while William Watson is also noted and has a strong background in real estate and oil and gas work, as well as a growing pensions tax practice. At the junior end of the team, associates Charles Osborne and Sarah Osprey are key names to note.
Practice head(s):
Mike Lane
Other key lawyers:
Gareth Miles; Dominic Robertson; Steve Edge; William Watson; Emma Game; Charles Osborne; Sarah Osprey
Testimonials
‘The Corporate Tax practice provides outstanding deal support – the team is technically excellent and alive to all potential opportunities, and risks, whilst remaining pragmatic and commercial in its advice. Compared to other firms the team took greater ownership of the deal process, and managing liaison with commercial colleagues, which is a more efficient service model, particularly when working under time pressure.’
‘It was a pleasure to work with the Slaughters Tax team – William Watson and Charles Osborne stood out for us across several deals. In addition to their technical excellence, I particularly valued the following qualities: (i) they were alive to all deal issues and were constantly looking to add points of value; (ii) they communicated brilliantly and clearly noted areas where client time/review should focus; and (iii) they were great to work alongside and remained calm and collected under pressure.’
‘Responsive and produce work of a high-standard efficiently and swiftly.’
‘Sarah Osprey provides excellent corporate tax advice in a clear and concise manner and with a transparency that exceeds the service provision found elsewhere. Sarah’s depth of knowledge and ability to understand the business and market in which we operate is exceptional while their appreciation of the commercial reality of the deal as well as my risk appetite has proven to well exceed expectations.’
‘The team brings a strong commercial and practical approach to their work, as well as first class technical capabilities.’
‘They provide a fantastic service on M&A transactions.’
‘We have worked with Mike Lane and Charles Osborne – I would be happy to work with both again and would highly recommend them. Mike’s insight and knowledge of a very wide range of tax matters is very impressive.’
Key clients
Bupa
Canary Wharf
EF Education First AG
Ocado
PrimaryBid
Prudential
Royal Dutch Shell
Santander
Virgin
Vodafone
Work highlights
- Advising Valaris on its $6.5bn restructuring.
- Advised INEOS on the acquisition of BP’s global petrochemicals business for $5bn.
- Advised Rolls-Royce on the tax aspects of a £5bn recapitalisation package including a rights issuance.
Allen & Overy LLP
Allen & Overy LLP‘s tax department is ‘solutions driven‘ and specialises in corporate, financial, and real estate tax work and advises clients on the tax aspects of M&A, capital markets, structured finance and real estate transactions. Vimal Tilakapala heads up the UK tax practice and advises clients on corporate tax issues with an emphasis on domestic and international finance-related tax. Senior partner and corporate tax specialist Lydia Challen has a broad practice that covers M&A, corporate reorganisations and private equity tax. Christopher Harrison leads the global tax practice has deep financial services expertise and advises clients on bank taxation and tax-related financing transactions. Clients praise the team for its ‘good-humoured, calm and measured‘ approach.
Practice head(s):
Vimal Tilakapala
Other key lawyers:
Lydia Challen; Christopher Harrison; James Burton; Tim Harrop; Gareth Banfield
Testimonials
‘Solutions driven and able to identify and focus on the key commercial points, they provide practical and efficient advice that is not overcomplicated.’
‘Highly intelligent and succinct. Good availability and always a pleasure to speak to.’
‘A solid awareness of all potential issues. Calm and measured. Responsive. Personable and good-humoured.’
Key clients
BNP Paribas
Quilter Plc
Royal Bank of Scotland
Société Générale
UBS A.G..
Coventry Building Society
Marks & Spencer
Worldpay
WPP
Baker McKenzie
Baker McKenzie's tax practice covers the full spectrum of tax work from advising on transactional tax, wealth management and alternative capital issues, to tax planning work, transfer pricing matters and VAT/indirect tax. Mark Delaney heads up the London tax practice and is a recognised VAT specialist; he has a broad range of sector expertise spanning across the technology, international trade, services and energy sectors. Managing partner Alex Chadwick focuses on international tax planning work and Kate Alexander, who has extensive tax expertise, is also a chartered accountant and a chartered tax adviser. Patrick O’Gara and Natalie Dunne both have a strong corporate and transactional tax practice; Dunne was promoted to partner in July 2020.
Practice head(s):
Mark Delaney
Other key lawyers:
Alex Chadwick; Richard Fletcher; Kate Alexander; James Smith; Mark Agnew; Patrick O’Gara; Natalie Dunne
Testimonials
‘Market-leading tax team with valuable insights on areas of challenge and exploration for multinational clients in the technology sector.’
‘James Smith is a tremendously knowledgeable, flexible and commercial adviser who is our go to specialist on most deals. He distils complex matters into easy to digest advice on a consistent basis.’
‘Highly engaged team and work well across disciplines and geographies.’
‘Very practical, relevant, commercial advice. Quick to give a clear opinions/advice.’
‘Patrick O’Gara – very experienced, really accessible, helpful, knowledgeable, practical advice, with clear opinions.’
Key clients
ALJ International
ATP Media
Blue Horizon
Body Shop
Brunswick Corporation
Commscope
Gemini Office Services UK
GlaxoSmithKline
Hitachi
Inter Pipeline Ltd
LVMH
MainFirst Holding
Manzanita
Novator
Novo Nordisk
Olayan
Pontegadea
QInvest LLC
Servier
Siemens plc
Stalex Investments Ltd.
Tailwind
Unilever
Work highlights
- Advising Hitachi on its $11bn acquisition of ABB and subsequent carve-out of ABB’s power grid division.
- Advised on the $3bn sale of MagicLab to Blackstone.
- Advised on the $1.8bn sale of Peak Games by the founder shareholder and other investors to Zynga Inc.
Hogan Lovells International LLP
Hogan Lovells International LLP offers the full range of transfer pricing advice, including transfer pricing reports, tax efficient supply chain management, tax valuations, financial modelling, and transfer pricing compliance and disputes. The team advises clients in a range of sectors including the real estate, financial services, insurance and pharmaceuticals industries. Practice head Elliot Weston specialises in transactional tax issues and Fiona Bantock focuses on employee benefits and executive compensation tax. Karen Hughes is also noted and has a strong M&A, restructuring and international tax planning practice.
Practice head(s):
Elliot Weston
Other key lawyers:
Karen Hughes; Philip Harle; Aaron Burchell; Fiona Bantock
Testimonials
‘We turn to Hogan Lovells for almost all of our major tax advice. Partner-led, more creative, better service, and significantly better value-for-money.’
‘Elliot Weston has the ability, unique among tax advisers for big corporates, to present his advice in a digestible, user-friendly way. He does not equivocate and is frequently able to provide his 80% view on the fly, which is immensely valuable in many instances. He is smart, responsive, creative, and clear. I would not hesitate to recommend him and frequently do.’
‘The HL real estate tax team are exceptionally strong technically on UK tax matters and always come with well-considered conclusions. HL are clearly one of the leaders in RE Tax matters and provide good value, commercial advice.’
‘Elliot Weston leads the team very well, always listening closely to client needs and delivering appropriately. He is very well supported by Aaron Burchell and other senior members of the team. The team are well represented across the industry lobbying groups.’
Work highlights
- Advised AmerisourceBergen Corporation on the tax elements of its $6.47bn acquisition of Alliance Healthcare’s wholesale distribution business in Europe.
- Advising PerkinElmer, Inc. on the tax elements of its $591m cash takeover of NASDAQ listed Oxford Immunotec Global plc.
- Advised Shaftesbury PLC, a UK REIT, on the tax elements of its £300m equity raising to help it withstand the impact of Covid-19 on its business.
Kirkland & Ellis International LLP
Kirkland & Ellis International LLP has a strong presence in the private equity space and advises debtors and creditors on the tax aspects of restructurings, setting up investment vehicles and fund formations. Jonathan Kandel focuses on providing tax advice regarding private equity, credit, real estate and infrastructure issues to a range of clients including asset managers, sovereign wealth funds and state-owned enterprises. Timothy Lowe co-heads the practice alongside Kandel and specialises in M&A tax, reorganisations, reconstructions and corporate finance work. Mavnick Nerwal, Ian Ferreira and Frixos Hatjantonas are also noted. Key changes in the team include the departure of Dulcie Daly in March 2021 and the arrival of Peter Abbott from Macfarlanes LLP in May 2021.
Practice head(s):
Jonathan Kandel; Timothy Lowe
Other key lawyers:
Mavnick Nerwal; Ian Ferreira; Frixos Hatjantonas; Peter Abbott
Testimonials
‘They are very well able to connect input from counsel in various jurisdictions and to translate this into structuring solutions taking into account all these multi-jurisdictional elements. They make you feel you are their only client, which is really extraordinary.’
‘Ian Ferreira – technically excellent, with an understanding of the particular issues faced within the PE industry.’
Key clients
Blackstone
TDR
Ares Management Limited
Oaktree
Canadian Pension Plan Investments Board
EQT
Goldman Sachs
Starwood
Waterland
GIC Equinix
ISQ
Montagu
GTCR
Brookfield
Norwegian Cruise Line
Technicolor
Allied Universal (porfolio company of Warburg Pincus)
Work highlights
- Advised Blackstone on the £4.66bn acquisition of iQ Student Accommodation from Goldman Sachs and Welcome Trust.
- Advised Ares Management Limited on the structuring and formation of its fifth European credit fund.
- Advised GIC, Singapore’s sovereign wealth fund, on the over $1bn co-investment with Equinix in the form of a limited liability partnership to develop and operate xScale data centres in Japan.
Linklaters LLP
Linklaters LLP has a broad range of tax expertise in the areas of corporate, finance, private equity, funds and technology. Practice head Lynne Walkington is a corporate tax specialist with extensive experience in the financial sector, and advises clients on work ranging from public and private M&A transactions, to capital markets and real estate finance mandates. James Morgan has a broad practice with a particular focus on the taxation of financial institutions, debt funds and alternative credit funds. Sarah Lindley specialises in corporate tax and advises on a range of transactions, as well as displaying a strong interest in the technology sector.
Practice head(s):
Lynne Walkington
Other key lawyers:
James Morgan; Sarah Lindley
Testimonials
‘This team is very strong technically, have very good market insights and are very responsive. Additionally, we rely on them because their network in Europe and across the globe is very strong.’
‘Very approachable and nice people to work with.’
Key clients
Unilever
Lloyds Banking Group
Cerberus
Nestlé
Credit Suisse
PSP Investments
BP
Ontario Teacher’s Pension Plan
CK Hutchinson
Just Eat
Work highlights
- Advised Investec on the demerger and listing of its asset management business (now Ninety One).
- Acted for BP International Limited, a multinational oil and gas company, on the sale of its global aromatics and acetyls petrochemicals business to INEOS for a total consideration of $5bn.
- Advised Citibank NA on a matter that involved the securitisation of £1.7bn legacy Northern Rock plc mortgages that had been purchased into a warehouse company in 2019. Advice related to the structuring of the securitisation and providing tax advice on the transaction.
Macfarlanes LLP
Macfarlanes LLP has a strong client offering that covers transaction structuring, fund formation and group tax advice, dispute resolution and operational tax work. Damien Crossley heads up the practice and is praised for his 'unrivalled' knowledge of the private equity and investment management space. Mark Baldwin has a broad corporate tax practice and focuses on the structuring of collective investment vehicles, and Ashley Greenbank showcases expertise in cross-border finance and M&A transactions. The team also has significant experience advising funds; James McCredie and Ceinwen Rees are key names to note. Jeremy Moncrieff focuses on M&A in the asset management and wealth management space. Key changes to the team include the departure of Peter Abbott in 2021.
Practice head(s):
Damien Crossley
Other key lawyers:
Ashley Greenbank; Mark Baldwin; James McCredie; Jeremy Moncrieff; Ceinwen Rees
Testimonials
‘Damien Crossley is exceptional at providing clear and commercial advice. He is different from competitors due to his willingness to ‘get off the fence’ and his unwillingness to over-complicate matters unduly. His knowledge of the investment management sector (not just private equity) is also close to unrivalled.’
‘We have found the team to be very thoughtful and commercial. They give clear advice and back it up well.’
‘Jeremy Moncrieff is very good. He is not afraid to stick his neck out and give an opinion, which is always well reasoned and carefully explained. He is also very responsive and always makes time to help.’
Key clients
Alcentra
Alchemy
Blackstone
Bridgepoint Advisers Limited
Cross Ocean
GHO Capital
Hayfin Capital Management
Legal and General
Omnicom
Partners Group
Patron Capital
Realstar
Smith & Williamson
Virgin
Warwick Capital
Work highlights
- Advised Blackstone on all aspects of pre-transaction and deal structuring issues and financing and employee share incentives.
- Advising Hayfin, one of Europe’s leading alternative asset management firms, on house tax matters and fundraisings.
- Advised Canadian real estate investment company Realstar, on the sale of a £750m portfolio of eight build-to-rent and student accommodation properties to QuadReal Property Group.
Travers Smith LLP
Travers Smith LLP displays expertise in a wide range of areas spanning asset management and investment funds, private equity, corporate finance, M&A, real estate and employee incentives work. Practice head Emily Clark is 'clear and concise' and advises on all aspects of fund formations across a broad range of alternative asset classes. Cathryn Vanderspar heads up the real estate tax team and specialises in direct and indirect real estate and funds taxation. Another noteworthy individual is Jessica Kemp who has a broad M&A-related taxation practice. Kathleen Russ and Simon Skinner are other key names to note.
Practice head(s):
Emily Clark
Other key lawyers:
Kathleen Russ; Simon Skinner; Russell Warren; Cathryn Vanderspar; Madeline Gowlett; Jessica Kemp
Testimonials
‘The Travers Smith Corporate Practice has strength in depth, excellent technical knowledge and is keen to fulfil their client’s requirements.’
‘Their technical knowledge, willingness to assist and their understanding of the commercial rational for solutions.’
‘The key thing that really sets the Travers team apart is that they approach the delivery of their advice as if they are a part of the in-house team. They don’t seek to hide behind caveats and where items are complex or uncertain they bring the item to the attention of the tax team early.’
‘Emily Clark is extremely thoughtful about both technical matters and client service matters. Emily leads from the front with calm, clear and concise delivery on technical and challenging commercial points and real care from a client service perspective.’
Key clients
Medicxi
Elysian Capital LLP
Benson Elliot Capital Management LLP
TA Associates (UK) LLP
The Carlyle Group
UK Investment Partners Limited
Triangle Capital L.P.
Inmarsat
Looping Group
Livingbridge
A-Plan Group Ltd
Work highlights
- Advised Medicxi, the leading European life sciences investment company, on a ground-breaking €200m structured secondary transaction, which is unprecedented in the biotechnology industry.
- Advised the partners of Benson Elliot, a leading UK-based private equity real estate fund manager, on the sale of Benson Elliot to PineBridge, a private global asset manager.
- Advised TA Associates and management on its strategic reinvestment in The Access Group alongside existing co-investor Hg.
Ashurst
Ashurst has a broad client offering that covers domestic and international tax frameworks and advises on a range of direct and indirect tax implications, ranging from corporation tax to VAT and stamp duty land tax issues. Practice head Alexander Cox has considerable experience of private equity, mezzanine and real estate funds, while Simon Swann has extensive expertise in corporate tax issues, with a strong focus on real estate tax. Other key names include Paul Miller, who is 'very knowledgeable' of the financial services sector; and Nicholas Gardner, who has expertise in the energy, transport, infrastructure and real estate sectors. Corporate tax partner Tim Gummer is also recommended.
Practice head(s):
Alexander Cox
Other key lawyers:
Simon Swann; Nicholas Gardner; Paul Miller; Tim Gummer
Testimonials
‘They respond very quickly and they are very knowledgeable in the subject matter that we have hired them for. Most of the answers or opinions are fairly comprehensive and with high level of certainty.’
‘The team is pragmatic and pro-active in their approach and focused on getting the right answer for their client.’
‘Simon Swann is a go to person for advice on real estate tax issues. He carefully explains his advice, with its rationale and advantages and highlights potential pitfalls. His support team are good at taking forward the advice.’
‘Alex Cox is an all round adviser, his tax advice is clear and precise.’
‘Paul Miller is the tax partner that we generally work with. He is very knowledgeable and very responsive to our questions.’
Key clients
Thomas Cook – Alix Partners
AVEVA
BP
McLaren
La Francaise
Vestas Investment Management / Savills Investment Management
Hines
Carluccio’s
Arax Properties and Eurazeo
British Business Bank
FCC
Tritax
Inflexion Private Equity
Korean Investment & Securities, IGIS and Knight Frank Asset Management
Samsung Securities, Kendall Square Asset Management and Roebuck Asset Management
Hana Financial, STIC Alternative and Roebuck Asset Management
Intermediate Capital Group PLC
JPI Media Limited
Lendlease
Berkeley Homes
Agilitas
QinetiQ PLC
Work highlights
- Acted for the Eurazeo group and Arax Properties on a transaction structuring through onshore and offshore vehicles including different phases of the implementation of the structuring arrangements to address the timetable for the transaction.
- Advised the McLaren Group on the tax aspects of a mixture of debt and equity financing of McLaren Racing Limited, comprising 12% secured loan notes and the grant of warrant shares.
- Acted for HM Treasury on the £500m Future Fund which was announced by the Chancellor of the Exchequer on 20 April 2020.
Bryan Cave Leighton Paisner LLP
Bryan Cave Leighton Paisner LLP has a full-service global tax department with a broad client offering in the areas of corporate, commercial, real estate and finance taxation. Elizabeth Bradley is the global head of tax and displays a broad range of expertise, particularly in finance, corporate M&A, funds and real estate tax. Alan Sinyor heads up the VAT practice and Mark Brailsford is a corporate tax specialist. Other key names include Richard Harbot and Matthew Poole, who both have strong real estate tax practices, as well as Paul Shaw, who focuses on investment funds work. Key changes to the team includes John Overs' retirement in March 2020.
Practice head(s):
Elizabeth Bradley
Other key lawyers:
Richard Harbot; Mark Brailsford; Paul Shaw; Matthew Poole; Alan Sinyor
Testimonials
‘I have known a number of the lawyers at BCLP for many years, so I rate them highly in a number of different categories. For our real estate practice, particularly on acquisitions, they are fast and efficient, highly dependable in their due diligence, and commercial in negotiations with other firms.’
Key clients
HGR Liquidating Trust (formerly Hines Global REIT)
Harwell Oxford Partners Limited
Union Investment Real Estate GmbH
Land Securities Group plc
Transport for London
Investec Property Fund Offshore Investments (Pty) Limited
Carlyle Group
CMS
CMS has a wide range of expertise in tax with particular strength in issues relating to REITs; the firm has a specialised REITs and structured transactions team. The team also advises on VAT, transfer pricing, tax structuring and employee incentives issues across a variety of sectors ranging from the life sciences and healthcare sector, to the energy and infrastructure industries. Stephen Hignett and Aaron Fairhurst jointly lead the practice. TMT expert Mark Joscelyne and Lauren Alder are also noted; clients praise Alder for her 'deep technical expertise' and 'proactive' approach. REIT specialist Phil Nicklin joined the team in May 2020 from Deloitte Legal.
Practice head(s):
Stephen Hignett; Aaron Fairhurst
Other key lawyers:
Graham Chase; Mark Joscelyne; Lauren Alder; Phil Anderson; Anna Burchner; Jason Todd; Phil Nicklin
Testimonials
‘The CMS tax team are smart with real strength in depth and great sector knowledge.’
‘Lauren Alder – proactive and responsive, with deep technical expertise.’
‘Phil Anderson – he is committed, technically strong and enthusiastic.’
‘Excellent real estate team – best in class. Lauren Alder is a particular star and always a pleasure to work with.’
‘Excellent depth of team and awareness on UK tax matters. The client service is very strong and partner led. CMS have strengthened with the hire of Phil Nicklin and have a clear market visibility with their participation across all relevant industry lobbying groups and demonstrate thought leadership.’
‘I deal with Aaron Fairhurst and Jason Todd. They are very knowledgeable with the energy industry and the M&A deals we have completed with them. They are also extremely approachable which enables pragmatic tax discussions which help in getting deals done.’
Key clients
British Land
RWE
SSE plc
Sporting Group
RWS plc
Cox Automotive
All3Media
Delancey
Warner Music
Anzo Group
Work highlights
- Advised British Land on structuring a joint venture between British Land and Allianz over a £535m portfolio of British Land’s West End offices.
- Advised CityFibre, the UK’s leading alternative provider of wholesale fibre network infrastructure, on its £200m acquisition of FibreNation from TalkTalk Group Plc.
- Advised RWE, one of the world’s leading renewable energy companies, on its disposal of a 49% stake in the Humber Gateway offshore wind farm to Greencoat, a UK-based investment company focusing on renewables projects.
Dentons
Dentons has an experienced tax risk and warranty and indemnity practice with a broad global client base. The team is led by Alex Thomas, who leads the UK tax practice and co-heads the global tax practice. Alex Tostevin‘s ‘technical capabilities‘ are singled out by clients, as is his strong background in private equity work.
Practice head(s):
Alex Thomas
Other key lawyers:
Alex Tostevin; Alastair MacLeod
Testimonials
‘I admire Alex Tostevin’s technical capabilities greatly and enjoy collaborating with him and his team.’
‘The level of service provided by Dentons is outstanding. The team’s professional approach, industry exposure and capabilities make them unique.’
‘Throughout our relationship with Dentons, the entire team is always well prepared and will always carefully listen to our queries. The team’s expertise allows them to deliver the perfect analysis and solutions to our problems.’
‘The individuals we work with have always provided us with the highest quality of service and their effort is highly valued and appreciated. Whenever we have a strict timeline, the team are prepared to go the extra mile to accomplish all the tasks.’
Key clients
KKR
Atom Bank
Lloyds
Virgin
Visa
KPS Capital Partners
Her Majesty’s Government
John Lewis
Swiss Life
Barclays
Work highlights
- Advised Royal Mail Group on its new long-term commercial agreement with Post Office Limited.
- Advised Barings on the jurisdictional switch of eight of its CLOs from The Netherlands to Ireland by replacing the Dutch issuer SPV with an Irish SPV.
- Advised Allied Cigar Corporation and Gemstone Investment Holdings on the acquisition of Imperial Brands PLC’s premium hand-rolled cigar business.
Gibson, Dunn & Crutcher
Gibson, Dunn & Crutcher's tax department is 'very knowledgeable' and has a broad client base encompassing multinational corporations, publicly traded and private companies, investment funds (including REITs) and more. Sandy Bhogal co-heads the global tax team and has a well-established presence in the tax space, advising on a range of corporate and transactional tax issues, corporate tax planning work and transfer pricing matters. Ben Fryer has a broad practice and advises on tax-related issues regarding banking, capital markets, corporate finance, corporate reorganisation and debt restructuring work. Jeff Trinklein is also noted and has a strong international tax practice.
Practice head(s):
Sandy Bhogal
Other key lawyers:
Ben Fryer; Jeff Trinklein
Testimonials
‘Collaboration among fellow lawyers and other advisers on deals is top notch. I expect great, timely advice and they deliver.’
‘Sandy Bhogal works all day long. Not sure when he sleeps. He’s very knowledgeable about his craft and explains things in a way that’s easy to understand.’
‘Their contribution to our work demonstrates a broad commitment to the sector as a whole. In this work, they also show their knowledge of tax law in the UK and elsewhere, the practices and structures of financial services businesses (and the demands of the relationship with their customers) and the mechanisms of government and regulatory bodies.’
‘Extremely knowledgeable with broad experience which informs their recommendations.’
Key clients
Realty Income Corporation
Cale Street Investments LP
Tishman Speyer Properties
Centerbridge Partners, L.P.
Brookfield Property Partners
Groupe Sofidy
Apollo Global Management
Liberty Hall Capital Partners LP
Welltower Inc.
Goldman Sachs
Norton Rose Fulbright
Norton Rose Fulbright has a sizeable tax practice with ‘deep technical expertise‘, advising clients on international M&A transactions, refinancings and restructurings. Practice head Dominic Stuttaford specialises in M&A transactions and corporate reorganisations, with a particular emphasis on the insurance, banking and technology sectors. Matthew Hodkin displays sector expertise in the transport and renewable energy sectors, and clients praise Michael Alliston for being ‘technically brilliant‘ with a broad transactional tax and cross-border M&A practice. Another key name to note is Julia Lloyd, who is singled out as ‘a star‘ for all matters concerning property, fund and real estate tax.
Practice head(s):
Dominic Stuttaford
Other key lawyers:
Matthew Hodkin; Matthew Findley; Chris Bates; Michael Alliston; Julia Lloyd
Testimonials
‘Julia Lloyd is a star. She is very commercial and practical. Her advice is clear and relevant. She gives solutions not problems.’
‘They are very knowledgeable with the energy industry and M&A deals, together with being very approachable. We are able to have pragmatic discussions which help in getting deals done.’
‘The team is able to draw on a wide range of deep technical expertise to deal with a varied range of questions and issues.’
‘Michael Alliston is technically brilliant and can perform thorough research and analysis at speed.’
Key clients
EasyJet
Lloyds Banking Group
Barclays Bank Plc
Orange SA
Royal Bank of Scotland PLC
Goldman Sachs
HSBC
Roofoods Ltd (Deliveroo).
AXA XL
Schroder Real Estate Investment Management Limited
Louis Dreyfus
Total
Civitas Social Housing PLC
Morgan Stanley
Residential Secure Income REIT Group
Deutsche Finance International
London Gateway Port Limited
Commerz Real Investmentgesellschaft mb
Stena AB
Credit Agricole
Societe Generale
Yoo Capital
Bibby Financial Services
Bombardier
Brookfield Renewable Energy Partners
Centrica
Gatehouse Bank
Santander
Vodafone/Vodacom Group
The West End of London Property Unit Trust
Oxford Industries Inc.
Kaefer Group
Carnival Corporation & plc
CitiGroup
Toronto-Dominion Bank
Trian Fund Management, L.P.
Terra Firma
AIG
Liberty Insurance
Euclid Transactional
Chubb
PGGM Vermogensbeheer B.V.
Glennmont Partners
Greencoat UK Wind
Work highlights
- Advised Total Renewables on tax aspects of the acquisition from SSE Renewables of a majority stake in the Seagreen 1 offshore wind farm project.
- Advised Carlsberg on its deal with Marston’s plc to form a new joint venture beer company in the UK, Carlsberg Marston’s Brewing Company (CMBC).
- Advising a joint venture of institutional investors on the £1bn redevelopment of Olympia London, a 130-year-old exhibition and events business.
Pinsent Masons LLP
Pinsent Masons LLP's corporate tax team is praised for being 'down to earth' and for delivering 'pragmatic advice'. Key areas of work for the team involve private equity issues, cross-border reorganisations, asset-backed securitisations and VAT structuring matters. Practice head Eloise Walker has extensive experience handling transactional and international tax issues, while legal director Penny Simmons focuses on assisting clients with corporate tax risk management work and 'knows the subject matter better than almost anyone'. Legal director Hatice Ismail, who joined in September 2020 from Simmons & Simmons, and senior associate Jamie Robson are also noted.
Practice head(s):
Eloise Walker
Other key lawyers:
Penny Simmons; Hatice Ismail; Jamie Robson
Testimonials
‘Down to earth and practical can-do attitude, a great deal of relevant knowledge and experience.’
‘Penny Simmons is a very knowledgeable, approachable and easy to instruct lawyer. Not only does she know the subject matter better than almost anyone, she explains technical advice in very accessible ways – making the onward explanation of complex legal information to commercial colleagues a lot simpler and faster.’
‘A ‘go-to’ team, with pragmatic advice. Great collaboration across all areas of taxation.’
Key clients
Dalmore Capital
Investec Bank plc
AMC Entertainment
Lloyds
Kier
HSBC
Huntsworth Group
Latimer Developments Limited (development arm of Clarion Housing Group)
Teva
RPMI Railpen
Work highlights
- Advised AMC on its disposal of nine cinema businesses in the Baltic region (Latvia, Lithuania, and Estonia) to Up Invest.
- Acted for Zurich, the global insurance provider, on the completion of the sale of its UK Retail Wealth business to Embark Group.
- Acted for 4D Pharma Plc on the tax structuring of its acquisition of Longevity Acquisition Corporation, a Special Purpose Acquisition Company listed on NASDAQ, and on the structuring of its listing of American Depositary Shares on NASDAQ and de-listing of shares on AIM.
Simmons & Simmons
Simmons & Simmons has a broad transactional tax and advisory practice covering corporation tax, employment tax, VAT and transfer pricing issues. The team has particular expertise in the financial services, asset management and TMT sectors. Darren Oswick leads the London and international tax groups, and Nick Cronkshaw specialises in advising on the tax aspects of M&A and equity capital markets transactions. Martin Shah is also praised as 'extremely commercial' with a strong background in the financial services sector. Changes in the team include the departure of Hatice Ismail.
Practice head(s):
Darren Oswick
Other key lawyers:
Nick Cronkshaw; Martin Shah; Mark Sheiham; Jo Crookshank
Testimonials
‘Excellent response rate and deep knowledge of all corporate tax related matters.’
‘Martin Shah is the best overall tax adviser I have worked with in my career, including law firms and Big 4. He is incredibly well rounded, extremely commercial and has an in depth knowledge of our business, which has the impact of feeling as if we have an in-house tax counsel.’
Key clients
Liontrust Asset Management PLC
Deka Immobilien Investment GmbH
Future Plc
APG
Pinebridge
Work highlights
- Advised a number of clients in the asset management sector on tax issues relating to significant M&A transactions undertaken during 2020.
Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP has an 'innovative, diligent and user friendly' tax team that consists of English and US-qualified lawyers. The team assists clients with transactions, fund formations, tax planning matters, tax litigation and HMRC enquiries. Practice head Yash Rupal is a 'stand-out adviser' with 'excellent technical ability' across a broad range of tax work, including cross-border M&A, tax planning issues and tax disputes. Rupal joined the firm in February 2020 from Linklaters LLP.
Practice head(s):
Yash Rupal
Other key lawyers:
Mark Kingstone
Testimonials
‘Yash Rupal and Mark Kingstone bring a depth of knowledge and experience which few City legal firms could boast. Both know my business intimately and show incredible commitment to supporting me as the client. The quality of the advice and the speed of response are part of why I have instructed STB on very high profile tax work.’
‘We have found the team to be innovative, diligent and user friendly. Other firms may be user friendly or technically sound. Very few manage both but this practice manages both and turns it round in a timely fashion.’
‘Yash Rupal is the stand out adviser. He is highly technically competent and creatively structures solutions for the commercial requirements. His advice is accessible and given in a friendly manner. Few of his competitors combine technical excellence with creative, constructive advice.’
‘Yash Rupal possesses excellent technical ability and brings clarity to highly complex matters. He has an impressive ability to communicate and explain his views very simply and persuasively.’
Key clients
KKR
Apax Partners
Cinven
Aptiv Plc
Hoover Group, Inc.
Lloyds Banking Group Plc
Aston Martin
Blackstone
Petrofac plc
Rio Tinto plc
Work highlights
- Advised KKR on its acquisition of 60% of Coty Inc.’s professional beauty and retail haircare businesses and other investments in Coty for an aggregate $5.3bn.
- Advised H.I.G. on the acquisition of KPMG’s UK restructuring business.
- Advised Blackstone on its agreement to acquire Bourne Leisure, a premier U.K. holiday company, which operates the Haven, Butlin’s and Warner leisure hotel brands.
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
Skadden, Arps, Slate, Meagher & Flom (UK) LLP has an 'exceptional' tax team with a strong domestic and cross-border tax offering that covers M&A and private capital transactions, as well as tax issues in relation to real estate and private client work. The team has a strong SPAC practice, and showcases 'outstanding technical abilities' and 'commercial understanding'. Practice head James Anderson advises on the tax aspects of private capital transactions and Alex Jupp has extensive experience in handling cross-border tax issues. Counsel Jisun Choi advises a range of multinationals, private equity funds and financial institutions. Associates Joseph Hone and Elizabeth Spencer are also noted.
Practice head(s):
James Anderson
Other key lawyers:
Alex Jupp; Jisun Choi; Joseph Hone; Elizabeth Spencer
Testimonials
‘Strongest corporate tax practice in the SPAC sector, able to assess an issue from all potential angles and with a strong pool of experience.’
‘Partners has a very strong knowledge of current tax issues and is very strong in anticipating problems, thus thinking them through before they arise. Always available, always ready to think out of the box, strong bench (proactive and competent associates). I highly recommend James Anderson and Joseph Hone!!‘
‘The most responsive and proactive of advisers. Good quality advice is a given among top firms but the speed of response and ability to think of and answer questions that should have been asked, sets Skadden apart. My company operates in both the US and the UK and the service from one jurisdiction to another is pretty seamless.’
‘Exceptional team well organised and able to deliver to a very high standard in a complex and time constrained environment. Outstanding technical abilities as well as relevant commercial understanding.’
Key clients
TDR Capital
Neuberger Berman Group
Noble Corporation
Perella Weinberg Partners
Electronic Arts Inc.
Kismet Acquisition One
SDCL EDGE Acquisition Corporation
Willis Towers Watson plc
DuPont
Zayo Group Holdings, Inc.
Apollo Global Management, Inc.
Levere Holdings Corp
NCR
Arrow Global Group plc
RMG Acquisition Corporation II
CME Group
The Coca-Cola Company
Work highlights
- Advised TDR Capital on the tax aspects of the £6.8bn acquisition of a majority stake in Asda from Walmart.
- Advising Neuberger Berman Group LLC on the business combination, reported at $12.5bn, of Owl Rock Capital Group and the Dyal Capital Partners division of Neuberger Berman to form Blue Owl Capital.
- Advising Noble Corporation plc, a UK-based leading offshore drilling contractor, on the tax aspects of its comprehensive financial restructuring.
Addleshaw Goddard
Addleshaw Goddard advises clients across a range of sectors including the financial services, real estate and private equity industries. The practice is led by tax structuring expert Justine Delroy, who is based in the Manchester office. Peter Sayer focuses his practice on real estate tax mandates, including corporate real estate, development and fund work. Paul Concannon specialises in advising on corporate acquisitions, disposals and restructurings, as well as private equity investments and exits.
Practice head(s):
Justine Delroy
Other key lawyers:
Peter Sayer; Paul Concannon
Testimonials
‘Always helpful and pragmatic in dealings with us. Clear succinct email advice with helpful recommendations. A good understanding of our business and advice clearly tailored to our specific circumstances and need. Good awareness of changes in legislation and HMRC guidance/treatments.’
‘Paul Concannon is always helpful, explains clearly, highlighting potential issues and suggesting what we should do.’
Key clients
Metro Bank
Dandara
Inflexion Private Equity Partners
Singapore Press Holdings
Ted Baker
KAMCO
HUB
Pension Insurance Corporation
Shawbrook Bank
Mobeus VCT Funds
Work highlights
- Advised Metro Bank on the sale of a portfolio of residential mortgages to NatWest as part of Metro’s ongoing balance sheet optimisation strategy.
- Advised Dandara, one of the UK’s leading privately-owned housebuilders, on its disposal of more than 2000 residential units in Birmingham, Leeds and Manchester to the German investor ECE by means of a corporate exit.
- Assisted Inflexion Private Equity Partners with a minority investment in and acquisition of Phenna Group Holdings Limited.
Debevoise & Plimpton LLP
Debevoise & Plimpton LLP has an ‘excellent‘ tax practice and advises clients on the tax aspects of fund formation, M&A, finance and capital markets transactions. Co-managing partner Richard Ward is an ‘outstanding tax lawyer‘ with ‘deep knowledge‘ and expertise in the taxation of funds and private equity transactions. Matthew Saronson and Cécile Beurrier advise clients on a range of tax-related issues concerning private equity funds. International counsel Jennifer Wheater joined in March 2020 and offers ‘amazing insight‘ into the area of fund taxation.
Practice head(s):
Richard Ward; Matthew Saronson
Other key lawyers:
Cécile Beurrier; Jennifer Wheater; Matt Pincus
Testimonials
‘The team has excellent market knowledge and current market practice to ensure their clients are kept at the leading edge. Partners are always responsive to new requests and deliver in a timely manner.’
‘Matthew Saronson is the main partner we deal with and has a far-ranging knowledge of US tax together with Richard Ward.’
‘Very strong overall tax advice. Commercially relevant and to the point. They understand our needs well, and have made an effort to understand key issues affecting our business. They are flexible and have a deep bench, and are very responsive.’
‘Debevoise has an excellent UK tax practice, particularly in the areas of fund formation and private equity deals. They concentrate on what they do best.’
‘Richard Ward is an outstanding tax lawyer. He his highly experienced and has a deep knowledge of the tax aspects of funds and PE deals. Jenny Wheater is truly remarkable. She has an amazing insight into the latest developments in HMRC thinking and the latest structures available. Jenny and Richard are a real pleasure to deal with.’
Key clients
Clayton Dubilier & Rice
Intermediate Capital Group plc
HarbourVest Partners
Metric Capital Partners LLP
Fifth Wall Capital Partners LLP
Park Square Capital LLP
Allianz Capital Partners
Work highlights
- Advised HarbourVest, Goldman Sachs and AlpInvest on a GP-led restructuring involving the transfer of PAI Partners Fund V’s two remaining assets, a global ice cream company and an Italian eyewear manufacturer, to a newly-established fund managed by PAI Partners.
- Advising ICG on the tax aspects of structuring the new secondaries fund.
- Advised Metric Capital Partners on the structuring and implementation of its third and fourth funds.
Eversheds Sutherland (International) LLP
Eversheds Sutherland (International) LLP fields a 'very responsive, high-quality' tax team with particular expertise in investment fund taxation. Other areas of focus include cross-border M&A, real estate investment structurings, tax risk insurance work and financial tax matters. Practice head Ben Jones and principal associate Helen Mackey are singled out as 'outstanding practitioners'; Jones focuses on cross-border M&A, investments and reorganisations. Camilla Spielman is a fund tax specialist and Paul Beausang is an expert in real estate tax and structured finance mandates.
Practice head(s):
Ben Jones
Other key lawyers:
Camilla Spielman; Paul Beausang; Deepesh Upadhyay; Henry Bolton; Helen Mackey
Testimonials
‘A very responsive, high-quality, team who understand their clients’ needs and customise their product accordingly.’
‘Ben Jones and Helen Mackey are truly outstanding tax practitioners. They seamlessly blend technical excellence with commercial and practical advice, providing critical support to our business. They are also responsive and go above and beyond to ensure they deliver timely advice in user-friendly format.’
‘Ben Jones makes time for his clients and has a great grasp of detail and always responds promptly. Helen Mackay is technically strong and gets things done.’
Key clients
Euclid
Siemens AG
The Royal London Mutual Insurance Society Limited
ING Bank NV
McCain Foods
ECE
Sonnedix UK Services Limited
Perpetual (Asia) Limited
Legal and General Assurance (Pensions Management) Limited
Owens & Minor Inc.
SEGRO plc
Audley Group Limited
Fried, Frank, Harris, Shriver & Jacobson LLP
Fried, Frank, Harris, Shriver & Jacobson LLP has 'strong experience' in advising on the tax aspects of private investment funds and corporate transactions, handling a variety of matters from mergers, acquisitions and dispositions, through to spin-offs and joint ventures. Nick Thornton heads up the practice and has a notable cross-border tax practice with significant experience advising clients on the tax aspects of fund formations, financings, M&A transactions.
Practice head(s):
Nick Thornton
Other key lawyers:
Thomas Bramall
Testimonials
‘Strong experience and excellent client empathy in fund formation work.’
‘FF very much works with an integrated fund/reg and tax team and provides tailored advice, tax solutions that work from a regulatory perspective and vice versa.’
‘Nick Thornton – extremely sharp and pragmatic and a fun person.’
‘Nick Thornton is a very skilled lawyer and knows what is going on in the market.’
Key clients
Permira
Bank of America Securities
BlueBay Asset Management
HSBC Global Asset Management (UK)
Bain Capital LLC
BlackRock
Goldman Sachs
Domino’s Pizza Group plc
Jacobs Engineering Group
Madison International Realty
HPS Investment Partners
Work highlights
- Advised Jacobs Engineering Group on the deal structure and transaction documentation of its acquisition of PA Consulting Group.
- Advised Alteri Partners on the sale of certain assets acquired by Alteri under the Bensons for Beds prepack in June 2020.
- Advised AEA Investors LP in connection with its acquisition of Process Sensing Technologies.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP's tax department has a broad client offering that covers listed fund, real estate, strategic and legislative tax advice; energy tax work is another particular area of expertise. Isaac Zailer heads up the practice and has an international and domestic practice that covers both transactional and contentious tax issues. Howard Murray has extensive experience in general tax work and William Arrenberg specialises in real estate taxation. Other key individuals include Aurell Taussig, who focuses on investment fund taxes, and Casey Dalton, who was promoted to the partnership in May 2020 and is praised for her 'amazing breadth of tax knowledge'.
Practice head(s):
Isaac Zailer
Other key lawyers:
Howard Murray; William Arrenberg; Aurell Taussig; Nick Clayton; Casey Dalton
Testimonials
‘Aurell Taussig was knowledgeable, approachable, available and engaged in our assignment.’
‘They have always operated at a highly technical level but with sufficient levels of communication and pragmatism (and patience!) to allow the client to be fully across the detail. They have great engagement such that I have never had to chase a response and, where the deal allows, been very proactive in setting and meeting expectations.’
‘The team has detailed knowledge around technical issues but also provides a strong commercial overlay in giving advice.’
‘Casey Dalton is incredibly clear in her verbal and written analysis to help us progress M&A deals. She has an amazing breadth of tax knowledge which is needed on the deals we do. The thing I value the most is that she is always on time and accurate and willing to give a balanced view on issues allowing us to make an informed decision on what we want to do. I feel like she is part of the team rather than someone who is simply working for us when we work together. A true collaboration.’
Key clients
AbbVie Inc.
Aberdeen Standard Life
Acacia Research Corporation
Ahren LP
Allianz Real Estate GmbH
Amundi (UK) Limited
Antin
Ardonagh Group
Argent (Property Development) Services Limited
Artisan Partners Limited Partnership
Associated British Foods plc
Atlassian Corporation Plc
Baillie Gifford
Berkeley Homes
Bharti
BHP Group Limited
Big Society Capital Limited
BioPharma Credit Plc
Blackrock
Blue Motor Finance Limited
BP
Bridgestone Corporation
British American Tobacco PLC
Brookfield Property Partners LP
Brookgate Land Limited
Cabot Square Capital
CalEnergy
Canada Life
Canary Wharf Group Plc
Capital & Counties Properties Plc
Chargeurs
Chevron
Citibank
Copenhagen Infrastructure New Markets Fund
CPP Investment Board
Deutsche Lufthansa AG
Dorrington Plc
EDF
ENI
Ferrexpo plc
Findlay Park Partners LLP
Gazeley
Gazprom
Goldman Sachs International
Hammerson Plc
Hermes Fund Managers Limited
Hipgnosis Songs Fund Limited
Iluka Res
Work highlights
- Advised Copenhagen-based Scandinavian insurance company Tryg A/S, as part of a consortium with Intact Financial Corporation on the £7.2bn bid for Royal Sun Alliance.
- Advising Bharti and its consortium with the UK Government (through the Secretary of State for Business, Energy and Industrial Strategy), on the $1bn acquisition of OneWeb in connection with its US court-supervised Chapter 11 sale process.
- Advised Hammerson Plc in relation to its £550m rights issuance and €300m disposal of its interests in VIA Outlets.
Latham & Watkins
Latham & Watkins's tax team advises on the full range of corporate matters including M&A, private equity and capital markets transactions; the team also demonstrates particular expertise in handling cross-border tax issues. Sean Finn heads up the London tax team, which includes Karl Mah, who is a key contact and has significant experience in advising on high-profile M&A and private equity transactions. Sarah Gadd is also noted and focuses on employment tax and share incentives matters.
Practice head(s):
Sean Finn; Karl Mah
Other key lawyers:
Sarah Gadd
Testimonials
‘Responsive and great breadth of services covered.’
‘Sean Finn – responsive, clear understanding of rules in a variety of tax matters. Able to work on private equity, infrastructure transactions as well as various non-corporate tax matters.’
Key clients
Global Infrastructure Partners
Issa Brothers
TPG Capital Limited
One Equity Partners
HIG Capital
Caesars Entertainment
Allied Universal Security Services
Funding Circle
Eleusis Holdings Limited
Cerner Corporation
Barings
Carlyle
Platinum Equity
Blackrock
Microsoft
GlaxoSmithKline
Work highlights
- Advised Global Infrastructure Partners with regard to the $20.7bn bridge financing in connection with a minority investment in ADNOC Gas Pipeline Assets LLC, an owner of gas pipelines.
- Advised a consortium comprising TPG, SingLife, Sumitomo Life Insurance Company, and others on a S$2.7bn transaction to combine SingLife with Aviva Singapore.
- Advised NVIDIA on its $40bn acquisition of Arm Limited, a UK-based semiconductor and software design company.
Mishcon de Reya LLP
Mishcon de Reya LLP is 'very strong on real estate tax' and advises major funds and businesses investing in the UK property sector. The real estate tax offering is led by Jonathan Legg, who is praised as an 'excellent technical lawyer'. A key focus for the practice is advising fast growing, start-up companies as well as assisting clients with fundraisings and exits, and handling investment planning issues for entrepreneurs. Other areas of expertise include mandates in the betting and gaming sector and the recruitment space. John Skoulding leads the corporate tax team, which includes Gary Richards.
Practice head(s):
John Skoulding; Jonathan Legg
Other key lawyers:
Gary Richards; Isabella Adams; Sarah Hein
Testimonials
‘Very strong on real estate tax.’
‘Jonathan Legg – excellent technical lawyer.’
‘Speed of response and an ability to make common sense of tricky and ever changing tax rules.’
‘Jonathan Legg is reliably good and nice to work with and has a good and growing team.’
Key clients
Calastone Limited
Advanced Business Software and Solutions Limited
Seraphine
LaunchPad
Synechron
Arcus Global
Corndel
Sohonet
Boats Group
Capital & Counties CG Limited
Derwent London Plc
Brookfield
Equites Property Fund/Hermes Hoyland
Watkin Jones Group Plc
Endurance Land/Nan Fung (referred to as Capital Treasure)
PGIM
Work highlights
- Advised the management team of Sohonet on the tax elements to the equity arrangements on the secondary buy-out of Sohonet, led by LDC.
- Advised Advanced, the UK’s third largest provider of business software, on the tax elements of its acquisition of Clear Review, a global performance management and employee engagement software company.
- Advised Boats Group on the tax elements to its acquisition of the leading boating marketplaces in England, BoatsandOutboards.co.uk and Boatshop24.co.uk, as well as the popular sister site in Germany, Boatshop24.com, from Friday Media Group.
Proskauer Rose LLP
Proskauer Rose LLP has a ‘commercially minded‘ tax team with a ‘deep understanding‘ of fund formation-related tax issues. Robert Gaut heads up the practice and is an ‘outstanding tax adviser‘. Stephen Pevsner has deep expertise in private fund formation and private equity sector tax work. Managing partner Mary Kuusisto is a ‘clear standout‘ in the field of private equity taxation, and Catherine Sear is a key point of contact for fund tax work.
Practice head(s):
Robert Gaut
Other key lawyers:
Stephen Pevsner; Mary Kuusisto; Catherine Sear; Katerina Heal
Testimonials
‘The Proskauer Rose private equity tax team offers very strong technical capabilities coupled with very insightful and practical business solutions. This is not very common for tax professionals. Often you hear the technical description of a tax law or regulation with very little practical guidance or insight. The tax team can help solve business problems.’
‘Mary Kuusisto is the best tax attorney in private equity. The combination of her experience, tax expertise, and business acumen make her a clear standout in this field.’
‘Robert Gaut is an outstanding tax adviser. He gives advice which is very practical.’
‘Deep understanding of fund formation-related tax issues.’
‘Stephen Pevsner is my primary point of contact. He is responsive, user friendly in his advice, diligent and commercially minded. My go-to person when it comes to standalone UK corporate tax advice.’
Key clients
ICG
ScaleVP
Ardian
Atomico
Deliveroo
Falcon Investment Advisors
Värde Partners Europe
Ares Management Corporation
Antin Infrastructure Partners
Hg
Work highlights
- Advised Tenzing Private Equity on its second fund securing £400m in the first ever completely virtual fund raise due to the coronavirus pandemic.
- Advised leading global software investor Hg on its latest fundraisings totalling $11bn across three vehicles.
- Advised funds managed by the Credit Group of Ares Management Corporation on the largest ever unitranche financing representing in aggregate £1.9bn commitment to The Ardonagh Group, the UK’s largest independent insurance broker.
Ropes & Gray LLP
Ropes & Gray LLP's tax team is led by Brenda Coleman who has a well-established presence in the international tax planning space. Andrew Howard focuses on financing transactions, including private equity issues, fund work, IPOs and real estate matters. Counsel Chris Agnoli is also noted and has a broad cross-border tax practice.
Practice head(s):
Brenda Coleman
Other key lawyers:
Andrew Howard; Chris Agnoli
Testimonials
‘Ropes & Gray tax team are very good with all-round tax knowledge benefiting private equity houses with a range of expertise on relevant tax topics.’
Key clients
Averna Capital
Partners Group
Arsenal Capital Partners
TPG’s Integrated Media
Sound United (Charlesbank Capital Partners)
3i Group
Advent International
Medtronic
Charlesbank Capital Partners
Liberty Global
TSG Consumer Partners
Xerox
Envision Pharma Group/ GHO Capital
Goldman Sachs – Intrum
King Street and Arax Properties
CBRE
SC Health Corp
Work highlights
- Represented SC Health Corp. in its proposed merger with Rockley Photonics, Ltd.
- Advised Envision Pharma Group on the tax aspects of its acquisition of Two Labs.
- Advised Integrated Media Company on the tax aspects of the acquisition of a majority stake in Goal from the DAZN Group.
Sidley Austin LLP
Sidley Austin LLP's tax team provides 'excellent client service, clear advice and technical know-how' on private equity deals, M&A transactions, fund formations, and debt and equity restructurings. Oliver Currall co-heads the firm's European tax practice and is a chartered tax adviser, with a strong practice that focuses on UK and international tax planning work. Jason Menzies was promoted to partner in 2020 and is also experienced in advising on a number of pharmaceuticals M&A transactions. Key changes to the team in 2020 includes the departure of Will Smith and Drew Scott's retirement.
Practice head(s):
Oliver Currall
Other key lawyers:
Jason Menzies
Testimonials
‘Excellent client service, clear advice, technical know-how, problem solving, integrated within the legal process, fund and deals tax advice.’
‘Excellent tax technical knowledge, deep PE industry experience, client service awareness – they know what matters to clients and are always at the end of a phone being super responsive. Oliver Currall and Jason Menzies are key names to note.’
Key clients
TowerBrook
Kohlberg, Kravis & Roberts (KKR)
Hoffmann-La Roche Inc.
GHO Partners
Permira Debt Managers
Queen’s Park Equity
Travelex
Massachusetts Mutual
Arvelle Therapeutics
GIC
Work highlights
- Advised TowerBrook Capital Partners on all material tax aspects of the acquisition of Azzurri Group by way of a pre-pack administration.
- Advised Travelex, the world’s largest foreign exchange bureau, on its high-profile restructuring.
- Advised Arvelle Therapeutics, an innovative biopharmaceutical company, on its $960m sale to Angelini Pharma.
Stephenson Harwood
Stephenson Harwood advises on the full range of transactional, structuring and advisory work across all direct and indirect taxes, with particular expertise in handling complex cross-border matters. Practice head Maryanna Sharrock has a broad tax practice that covers cross-border M&A tax issues; she is praised for her 'commercial and pragmatic' approach. John Meehan is another key point of contact, and senior associate Kate Worthington is also noted for her experience in handling a wide variety of real estate transactions.
Practice head(s):
Maryanna Sharrock
Other key lawyers:
John Meehan; Hilary Barclay; Kate Worthington
Testimonials
‘Maryanna is incredibly “user friendly” – both commercial and pragmatic.’
‘Always receive excellent detailed advice.’
Key clients
Oxford Biomedica
ENGIE
Inmarsat
LXI REIT
Schroder Real Estate Investment Trust/Schroder Real Estate Fund
London Metric
Civica
Bowmark Capital
Covanta Holdings Limited
Arthur J Gallagher
Tristan Capital
Work highlights
- Advised AJG on its very significant acquisition of The Bollington Wilson Group.
- Advised on the IPO of Home REIT, a real estate investment trust focused on accommodation for the homeless.
- Advised Schroders on the sale of Kings Mall Shopping Centre in Hammersmith to IKEA for £130m.
Weil, Gotshal & Manges (London) LLP
Weil, Gotshal & Manges (London) LLP displays a broad range of tax expertise, from advising on private equity and corporate M&A, to corporate insolvencies and group restructurings. Oliver Walker has extensive experience in handling a broad range of transactions in the corporate M&A and private equity space, while Jenny Doak has a strong focus on SPACs and M&A work. Aron Joy is also noted and has particular expertise in fund tax matters.
Practice head(s):
Jenny Doak; Oliver Walker
Other key lawyers:
Aron Joy
Testimonials
‘I have worked with WG&M for more than 15 years across multiple specialisms / product areas and it is not an understatement to say that everyone I have worked with has been incredibly capable, trustworthy and most importantly a pleasure to interact with. Their team culture and respectful, common-sense approach is something I have always valued highly and why I wouldn’t hesitate to recommend them as a team.’
‘Aron Joy and his team provide excellent support on tax issues arising during the fund establishment and fund raising process. They are always on top of the issues and willing to make themselves available at short notice.’
Key clients
Brookfield Asset Management
Advent International
Sculptor Capital LP
Montagu Private Equity
Bain Capital
KKR
Fidelity National
bd-capital Partners
HM Treasury
General Atlantic
Fortis Inc.
PSP Investments
Infrared
Astarte
Antin Infrastructure
Castleforge
Work highlights
- Advised Brookfield Asset Management on the structuring, establishment and initial closing of its first pan-European core-plus real estate fund with a with total equity commitment to date of €1.14bn.
- Advised Foley Trasimene Acquisition Corp. II on its pending $9bn merger with Paysafe Group.
- Advised Odeon Cinemas Group Limited and its subsidiaries on its refinancing, involving an entry into a new £400m term loan facility agreement, which enabled it to refinance its existing revolving credit facility and provide further working capital.
Milbank
Headed by Russell Jacobs , Milbank 's London tax team advises on a broad spectrum of matters, ranging from the tax support aspects of M&A and leveraged finance, to mandates where tax is playing a pivotal role critical to the deal’s success. Since the departure of special counsel Matthew Mortimer, the firm has expanded at the associate level, adding Steven Quinn and Cosmos Fung to work alongside James Seddon and Jacobs. The team’s workload has increased markedly in line with lateral hiring across the London office more broadly and the practice has notably advised on a number of major restructurings over the last year, often working alongside colleagues in the US.
Practice head(s):
Other key lawyers:
Key clients
OneWeb Global Limited
KKR Otto (GmbH & Co. KG)
Del Monte Fast Logistics
Angelo Gordon, Bain Capital, Bardin Hill, Brigade Capital, BlueMountain Fuji, Cairn Capital, Capital Four, Commerzbank, EQT, Invesco, Investcorp, KKR, King Street Capital Management, Mackay Shields, Nassau Re, PGIM (Prudential Financial, Inc.)
Avianca Holdings SA
Ad hoc committee of lenders
Seadrill
Goldman Sachs, Credit Suisse, UniCredit, BNP Paribas / Carlyle, Bain Capital, BC Partners, Advent, KKR
Apollo Management
Work highlights
- Advising Avianca Holdings S.A. in connection with the tax aspects of the restructuring of theAvianca Group, including under chapter 11 of the US Bankruptcy Code.
- Advised the Otto Group on the tax structuring of the partnership with Advent Internationalfor Hermes UK and Hermes Germany. As a result of the transaction, Advent acquired a 75%stake in Hermes UK and a 25% stake in Hermes Germany.
- Advised OneWeb Global Limited (“OneWeb” or “the Debtors”), a company developing the first world-wide high-speed internet connectivity network through a low-earth orbiting satellite constellation, to confirmation of its plan of reorganization in its chapter 11 cases.
Akin Gump LLP
Akin Gump LLP has a 'superb' tax team that offers 'encyclopaedic knowledge' and 'practical solutions'. The practice primarily focuses on the financial services sector and showcases expertise in handling tax issues relating to financial restructurings, securitisations and investment funds. Former practice head Stuart Sinclair moved to EY LLP in July 2021, and was supplanted by Sophie Donnithorne-Tait in September 2021, who is highly recommended for tax-related restructuring work and is 'smart as a whip' according to clients. Counsel Serena Lee is also noted as 'hardworking' and 'insightful'.
Practice head(s):
Sophie Donnithorne-Tait
Other key lawyers:
Serena Lee; Matthew Durward-Thomas
Testimonials
‘The team is superb and the strongest I have ever encountered in the industry.’
‘Akin Gump’s corporate tax practice is really broad compared to many firms – they have a combination of a depth of knowledge across a broad range of corporate tax issues which makes them stand out from other firms. This is especially so in relation to international tax matters and restructurings and transactions involving a number of tax jurisdictions.’
‘Sophie Donnithorne-Tait has been very impressive. The team are clearly at the top of their game and know tax law back to front. Serena Lee has been the lead lawyer on our matters and has been, frankly, perfect. She is bright, insightful, hardworking and easy to work with.’
‘Encyclopaedic knowledge of UK and EU tax rules and tax treaties, insightful analysis and practical solutions to difficult problems.’
Key clients
Royalty Pharma
Travelex Investor Group
Prudential Insurance Company of America (PRICOA)
The Ad Hoc Committee of Noteholders of Valaris plc
Fernando Parent Limited
PIK Lenders Swissport
Ad Hoc Committee of Noteholders of intu Metrocentre Finance plc
Ad Hoc Group of Creditors of Premier Oil Group
VPI Holdings Limited
Endava PLC
Work highlights
- Advised Royalty Pharma on its successful IPO and listing on the Nasdaq Global Select Market.
- Advised an ad hoc group of senior secured noteholders in relation to the financial restructuring of the Travelex group, through which the group’s international business was transferred, by way of a series of pre-pack administration sales, to a new holding structure: New Travelex.
- Advised PRICOA in connection with the proposed restructuring of its investment in the UK franchise of Pizza Hut, which resulted in a successful Company Voluntary Arrangement.
Bird & Bird LLP
Bird & Bird LLP has expertise in handling tax issues for clients in the technology and digital services space. Cross-border work and IP-related tax issues are another key area of focus for the practice. Zoe Feller heads up the practice and has expertise in handling tax issues that involve cross-border elements.
Practice head(s):
Zoe Feller
Key clients
Six Nations Rugby Club Limited
DP Poland Plc (Domino’s Pizza)
ICM Partners
Crowdcube Limited
Better Collective A/S
Padero Solar
Island Green Power
Riskpoint A/S
Gamma Communication
Work highlights
- Advised Six Nations Rugby Limited on a private equity investment by CVC.
- Advised DP Poland plc, the operator of Domino’s Pizza brand and stores in Poland, on its acquisition of Dominium S.A., a Polish based pizza restaurant chain, together with an associated fundraising and re-admission of the enlarged group to trading on AIM.
- Assisted ICM Partners on the purchase of SHL, parent company of Primary Talent International Limited and The Stellar Group Limited.
Cadwalader, Wickersham & Taft LLP
Cadwalader, Wickersham & Taft LLP has an 'extremely knowledgeable' tax team and displays particular expertise in handling tax structuring work relating to multi-jurisdictional corporate and financings transactions. The 'highly experienced' Adam Blakemore leads the practice and advises on a range of financing transactions including securitisations, repackagings and hybrid capital issuances. Special counsel Catherine Richardson is also noted and has a broad UK and international tax practice.
Practice head(s):
Adam Blakemore
Other key lawyers:
Catherine Richardson; Hugo Chan
Testimonials
‘The Cadwalader tax team are ahead of the pack! They are at the forefront of delivering cutting-edge tax advice on precedent-setting deals and act for all large financial institutions and market operators on a wide variety of credit deals.’
‘Adam Blakemore is extremely knowledgeable and has a strong grasp of both direct and indirect taxation! Catherine Richardson is a rising star!‘
‘The team are extremely knowledgeable on all areas related to my specific area of concern, taxation of institutional real estate investment funds and the advantages and disadvantages of the range of available fund structures from a tax perspective.’
‘Adam Blakemore is a highly experienced and extremely knowledgeable tax expert in the field of institutional investment funds, recognised and respected by peers as an industry leader.’
‘Adam Blakemore and Catherine Richardson deserve specific mention. They are a pleasure to work with, always interested in finding the best solution for clients, complimented by excellent technical knowledge and depth of experience.’
Key clients
Greencoat UK Wind Plc
MUFG Securities EMEA plc
CLOs
Fund Finance
Standard Chartered PLC
East London Business Alliance
Hudson Executive Capital – Cardtronics plc
Work highlights
- Advised Greencoat UK Wind PLC on the tax aspects of its share issuance programme of up to 750 million new ordinary shares and admission to the official list and trading on the London Stock Exchange’s Main Market.
- Acted as English and US legal counsel to MUFG Securities EMEA plc on the tax aspects of its ground-breaking North Westerly VI B.V. (North Westerly VI) European cash flow ESG CLO transaction.
- Advised Standard Chartered PLC on the tax aspects of its partnership with one of the largest private-market investment managers to complete one of the world’s first sustainable use of proceeds subscription finance facility.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton has an active presence in the M&A market with a broad client base consisting of major banks and financial institutions, large domestic and global multinational companies, sovereign wealth funds, and private investment funds. Lead tax partner Richard Sultman is a corporate taxation specialist. Counsel Jennifer Maskell and associate Laura Mullarkey are also noted.
Other key lawyers:
Richard Sultman; Jennifer Maskell; Laura Mullarkey
Key clients
Walgreens Boots Alliance
Euronext
Tronox
Allied Universal
LivaNova
TPG
Wockhardt
Casa Tarradellas
GSK
3M
Alstom
Work highlights
- Advised Walgreens Boots Alliance in connection with the $6.5bn sale of its pharmaceuticals wholesale businesses to AmerisourceBergen Corp.
- Assisted Euronext with its €4.325bn acquisition of the Borsa Italiana Group from the London Stock Exchange Group plc.
- Advised Tronox Holdings plc on its $300m acquisition of TiZir Titanium & Iron and its Norwegian production facility from Eramet.
Clyde & Co LLP
Clyde & Co LLP has expertise across all aspects of insurance taxation, covering public and private insurance M&A transactions, underwriting issues and insurance premium tax. Other key areas of strength include real estate, M&A and employment tax work. Practice head Ray Smith's specialist areas include advising on the tax aspects of insurance and real estate transactions. David Blumenthal frequently advises on share schemes and employee incentives.
Practice head(s):
Ray Smith
Other key lawyers:
Susan Ball; David Blumenthal; Malcolm Frost
Testimonials
‘The individuals at the firm are extremely knowledgeable regarding their area of practice and are able to explain complex matters in a simple and understandable way.’
‘I have worked with Ray Smith and David Blumenthal. I find them to be highly competent in simplifying technical nuances in a way that is easier to understand. They are also very commercial in their approach and help me to ensure that I have the bases covered. They are responsive, always deliver, and are very pleasant to work with and engage with.’
Key clients
Capsicum Re Managing Partners
Spelthorne Borough Council
Chatsworth Schools
Grainger Residential Limited (part of Grainger Plc Group)
B&Q Properties Limited
Brentwood Development Partnership LLP (a Brentwood Borough Council/Morgan Sindall JV)
Connected Living London Living (a Grainger/TFL JV)
Milton Keynes Hospitals NHS Foundation Trust
B&Q Limited
Regal London
Grainger (Aldershot) Limited (part of Grainger Plc Group)
Urban & Civic plc
U & I Group PLC
Borough Council of King’s Lynn and West Norfolk
Wyngrove Limited
Work highlights
- Acted for the managing partners of Capsicum Re on the sale of Capsicum Re to the international insurance group Arthur J Gallagher.
- Acting for CLL on the conditional agreements to purchase four sites (at Southall, Montford Place, Arnos Grove and Cockfosters) from TFL.
- Acted for the appellant, Milton Keynes Hospitals NHS Foundation Trust, before the Court of Appeal on whether HMRC has the power, for VAT purposes, to assess government departments to tax under s 73(2) of the VAT Act 1994.
Davis Polk & Wardwell LLP
Davis Polk & Wardwell LLP's tax team advises on a broad range of corporate tax and corporate tax planning work, covering both UK and US tax law. Jonathan Cooklin heads up the practice and focuses on corporate tax planning issues, including reconstructions, capital markets transactions and cross-border M&A. Counsel Dominic Foulkes and associate Veronica Davis are also noted.
Practice head(s):
Jonathan Cooklin
Other key lawyers:
Dominic Foulkes; Veronica Davis
Key clients
Natura Cosmeticos
Citigroup
Comcast
NatWest
J.P. Morgan
AstraZeneca
The Brink’s Company
Clarivate Analytics
Mereo BioPharma
Goldman Sachs
IHS Markit
Pfizer
Morgan Stanley
Lazard
Temenos
Telia Company
UBS
Ferrero
Reliance Industries
Royalty Pharma
Ocado
BDT Capital Partners
Work highlights
- Advised IHS Markit on tax issues in connection with its all-stock merger with S&P Global that valued IHS Markit at an enterprise value of $44bn.
- Advised CrowdStrike Holdings, Inc. on tax issues in connection with its $400m acquisition of Humio.
- Advised UBS as sponsor on tax issues in connection with the unification of Unilever’s dual- headed group legal structure under a single parent company, Unilever PLC.
DLA Piper
DLA Piper advises on a broad range of domestic and international corporate, real estate and finance tax issues. Real estate is a key focus for the team and Richard Woolich leads the work in this area. Ben Brown co-heads the practice alongside Woolich and advises on corporate and finance transactions.
Practice head(s):
Ben Brown; Richard Woolich
Other key lawyers:
Maud Murcia
Testimonials
‘Richard was very good at brainstorming ideas with me, which was very helpful in preparing for Court. He is also excellent in understanding the clients’ commercial needs and in explaining in client friendly terms what the various choices and issues during litigation are. Maud Murcia is an efficient and hardworking associate.’
‘Really strong set of partners, with Richard Woolich the standout individual.’
‘The team is very professional and the advice given is very good.’
Goodwin
Goodwin's tax team displays a strong level of expertise in the private equity, real estate, technology and life sciences sectors. Practice head Laura Charkin is a recognised fund tax practitioner, while Robert Young has a strong background in the technology and life sciences space, and Katie Leah focuses on the tax elements of real estate transactions and private equity work. Key changes to the team includes the arrival of Dulcie Daly from Kirkland & Ellis International LLP in March 2021.
Practice head(s):
Laura Charkin
Other key lawyers:
Robert Young; Katie Leah; Dulcie Daly
Key clients
Macquarie
Ares Management
Investcorp
Amcor plc
Bregal Investments
Graphite Capital
Advent International
Glennmont Partners
Work highlights
- Advised Macquarie Green Investment Group on the structuring and fundraising of its latest fund, Macquarie GIG Renewable Energy Fund 2.
- Advised Medical Properties Trust, Inc. in respect of its agreement to acquire a portfolio of select behavioural health facilities, and the concurrent leaseback, from the leading UK behavioural health provider The Priory Group.
- Advised LionRock Capital on its acquisition of a majority stake in UK shoe manufacturer and retailer C&J Clark Limited.
Greenberg Traurig, LLP
Greenberg Traurig, LLP displays 'in-depth knowledge' of the tax aspects of M&A transactions, real estate transactions and real estate fund structuring work. Graham Iversen leads the practice and advises on the tax aspects and structuring of high-end M&A transactions, co-investment arrangements and other corporate transactions. Charles Case is 'deeply insightful' on all aspects of fund taxation, and Ben Eaton is 'highly experienced' in the real estate tax space. Clients praise the team for their 'extremely commercial' approach.
Practice head(s):
Graham Iversen
Other key lawyers:
Ben Eaton; Charles Case
Testimonials
‘Ben and his team are high calibre. What set’s them apart from other law practices in this field is their in-depth knowledge of the business and strong technical competence. Their attitude to their clients is positive and they are on hand to solve problematic issues with practical solutions. They are extremely commercial in their approach and in my view they are some of the best in the market currently.’
‘Ben Eaton, Partner, is highly experienced in all areas of real estate tax. He is always on hand with very commercial solutions and you can have complete confidence in his advice. He is a pleasure to work with.’
‘Charles is deeply insightful on the international market’s approach to fund formation.’
Key clients
Oval Real Estate Limited
Revcap Advisors Limited
Black Dragon Capital LLC
Macquarie Infrastructure and Real Assets (MIRA), a division of the Macquarie Group
Landscape Acquisition Holdings Limited (now named Radius Global Infrastructure, Inc.)
British Airways Pension Fund
Crosstree Real Estate Partners
Edmond de Rothschild Real Estate Investment Management
Hines Europe
Kernel Court Limited
Westway JV Limited
The Collective
Trinova Real Estate and Stars REI
Mitheridge Capital Management LLP
Valor Real Estate Partners
Paloma Capital
Rentokil Group plc
Stemcor Global Holdings Limited
GlobalLogic
Ark Data Centres
Precis Capital
Ardent
Work highlights
- Advised Oval Real Estate Limited on all tax aspects of the investment and acquisition structures in establishing a series of parallel partnerships to invest in UK real estate, including the landmark Birmingham office building 1 Colmore Square.
- Acted for MIRA on the disposal of its rolling stock leasing business, Macquarie European Rail.
- Advised Paloma Capital on the sale of a portfolio of 27 industrial properties across the UK.
McDermott Will & Emery UK LLP
McDermott Will & Emery UK LLP‘s key areas of focus include M&A transactions, fund formations, banking issues and real estate tax. Practice head James Ross handles a broad range of work that covers restructurings, transfer pricing issues, thin capitalisation work and double tax treaty issues. Associate Sarah Gabbai is also noted for her ‘all-round tax law expertise and exceptional level of client care’; she handles tax advisory work for technology and healthcare clients.
Practice head(s):
James Ross
Other key lawyers:
Sarah Gabbai
Testimonials
‘James Ross and his team are experts for international tax and are particularly responsive and on point. Even complex questions in the context of transfer pricing or VAT are in the best hands with them. For us a swift response to our inquiries is often key.’
‘I have found them to be rigorous, responsive and highly expert in all my dealings with the firm.’
‘Sarah Gabbai stands out for her all round tax law expertise and exceptional level of client care. This equally applies to her pro bono work which epitomises what pro bono work should be about. She has provided invaluable support to our charity over several years, and is unfailingly diligent and responsive in providing highly expert advice on a wide range of tax law and related issues. I cannot recommend her highly enough.’
Key clients
Ampersand Capital
Great Point Partners
Barilla
Work highlights
- Represented Ampersand Capital Partners in its purchase of Tjoapack Netherlands B.V., a pharmaceuticals packaging and supply chain management service provider.
- Advising SilverTree on the financing of its inaugural UK deal, the acquisition of Orbus Software from certain investors and the founders.
Osborne Clarke LLP
Osborne Clarke LLP's tax team has a broad client offering with particular strength in the technology, media and communications, real estate and infrastructure sectors. Tracey Wright heads up the UK tax practice and advises a range of investors, funds and developers in the real estate and infrastructure sectors. David Nisbet focuses on private equity mandates and Mathew Oliver is a key contact for tax-related M&A work. Erika Jupe leads the international tax practice.
Practice head(s):
Tracey Wright; Erika Jupe
Other key lawyers:
Mathew Oliver; David Nisbet; James Hamon; Luolan Dong
Testimonials
‘The team are knowledgeable and commercial.’
Key clients
Foresight Solar Fund Limited
Davies Group
Tenzing Private Equity
Lloyds Development Capital
Synova Capital
Focus Group
Risk point
Longharbour
PGIM
M&G RPF Ltd
Senior management of Babble
Senior management of MThree
TalkTalk plc
Miniclip games
Shareholders of AVMI
Work highlights
- Advised the management of BMI Healthcare on the $2bn sale of BMI Healthcare’s operating business and property portfolio to two different buyers.
- Advised TalkTalk plc on certain tax aspects of its £1.1bn takeover by Tosca IOM Limited.
- Advised the shareholders of Student Castle Group on certain tax structuring aspects and on the transactional side of the £448m disposal of its Student Accommodation portfolio to Singapore Press Holdings Limited.
Paul Hastings LLP
Investment fund, private equity and structured finance matters are key areas of focus for the tax team at Paul Hastings LLP. Practice head Arun Birla is singled out by clients as 'exceptional', and Jiten Tank, who was recently promoted to partner in 2020, has a strong real estate background. Associate Hannah Gray is 'great' and advises on the structuring of financial products.
Practice head(s):
Arun Birla
Other key lawyers:
Jiten Tank; Hannah Gray
Testimonials
‘Arun Birla and Hannah Gray are great lawyers, who have the rare ability to explain complex tax issues, which are not easy to digest for clients. I like their pragmatism, which combines with deep industry knowledge. Both of them are easily approachable, also on a really tight deadlines.’
‘Across the team, there is outstanding diversity and depth of knowledge. Although spot on with their technical advice, this is always counterbalanced with a real understanding and appreciation of the commercial elements of the deal.’
‘Arun Birla is exceptional. His wider appreciation of the transaction and key commercial drivers see him provide very focused and practical tax advice. Jiten Tank is also a partner of note, consistently providing support and input beyond simply a tax remit and in a very commercial manner.’
‘Jiten Tank is an excellent lawyer who can handle any tax issue in a clear and concise way.’
Key clients
Abry Partners II, LLC
CVC Credit Partners
Activum SG
Oakley Capital
Monaco Telecom SAM
eir
Credit Suisse
Goldman Sachs
Citibank
Jacobs Engineering Group
Brookfield Business Partners
Keysight Technologies
Work highlights
- Advised Abry Partners II, LLC and Link Mobility Group on Link Mobility’s listing on the Oslo Stock Exchange (OSE).
- Advised on the tax aspects of multiple CLOs, real estate financings and securitisation matters.
- Advised Oakley Capital on its agreement to dispose of the atHome and Casa.it businesses and Oakley’s reinvestment into the combined business of Casa.it and Idealista.
Reed Smith LLP
Reed Smith LLP has a broad client base that includes multinational companies, banks, private equity houses and management teams. Key sectors of expertise include the financial services, entertainment and media, real estate and shipping industries. Caspar Fox heads up the European tax practice and is 'highly intelligent and knowledgeable', while Laura Gould focuses on transactional tax and Gareth Amdor specialises in employee benefits, private equity fund establishments and investment matters.
Practice head(s):
Caspar Fox
Other key lawyers:
Gareth Amdor; Laura Gould
Testimonials
‘Caspar Fox is our Partner. He has a deep understanding of our industry and business. Our relationship has developed such that he understands our business’s approach and appetite for risk – this allows for a pragmatic approach where appropriate, but ensures we are well protected where needed.’
‘Caspar Fox is highly intelligent and his knowledge is very detailed across a broad spectrum which includes corporate, real estate and financial services issues. He is very quick to understand a fact pattern and identify the relevant tax issues. We have absolute confidence that his advice will be accurate and complete. He is extremely pleasant and easy to work with and his explanations are always clear, concise and easy to understand.’
Taylor Wessing LLP
Taylor Wessing LLP has a broad client offering in the tax space and advises on corporate and financial markets transactions, reorganisations and equity and debt listings. Key sectors of strength include the technology and media, private wealth and real estate industries. The team was previously led by Peter Jackson and is now led by Graham Samuel-Gibbon who took over in May 2021. Liz Wilson is another key name to note.
Practice head(s):
Graham Samuel-Gibbon
Other key lawyers:
Peter Jackson; Liz Wilson; James Stewart
Testimonials
‘Technically excellent; also were very committed to the work.’
‘Peter Jackson; technically very strong and he works with enthusiasm.’
Key clients
Goodman UK
Long Tall Sally
Canada Life
Deluxe Entertainment Services
BlackLine Inc.
EQT Real Estate
Medicxi portfolio companies
Zoopla/Hometrack
Nucleus Global
Laybuy
Godrej plc
Tritax Big Box REIT
EPIC
Work highlights
- Advised EQT on a £1bn residential real estate joint venture, set to bring 3000 new rental homes to Greater London.
- Advised on the sale of specialist medical communications group, Nucleus Global, to international healthcare and communications group Huntsworth.
- Advised Laybuy on the UK aspects of its IPO on the Australian Securities Exchange, including associated pre-IPO corporate reorganisation and £80m debt facility.
Watson Farley & Williams LLP
Watson Farley & Williams LLP advises on transactions, tax consultancy matters and disputes, with specialist expertise in the energy and transport sectors; advising ship lessees on complex high-value disputes with HMRC is a key area of focus. Richard Stephens has specialist maritime tax expertise and Tom Jarvis has a strong background in the energy and infrastructure sectors. Chris Kilburn heads up the corporate group services practice.
Practice head(s):
Chris Kilburn
Other key lawyers:
Richard Stephens; Tom Jarvis
Testimonials
‘Tom Jarvis and his team were incredibly responsive and gave excellent advice.’
‘Tom Jarvis has a deep understanding of his subject matter and is able to advise on complex tax problems in a way which is practical and easy to understand from a non-tax-lawyer perspective. He conveys a sense of genuine interest in the issues he is advising on and a sense that he cares greatly about the outcome from the client perspective.’
‘Richard Stephens has a considerable amount of knowledge and experience in the area of tax with which we were concerned. His expertise extends from not just technical but to commercial also. This was particularly relevant on the asset disposal that he was advising on. He was able to resolve queries and issues promptly and to the satisfaction of all shareholders.’
Key clients
Lightsource BP
National Westminster Bank
The Renewables Infrastructure Group / Infrared Capital Partners
Vattenfall
DNB Bank, Bank of Montreal, BNP Paribas and Lloyds
IPR Energy Group
Work highlights
- Advised a number of key strategic creditors of VAA on the airline’s landmark £1.2bn restructuring and recapitalisation plan.
- Advised leading alternative asset manager HRL Morrison & Co. on structuring and implementing an investment platform for pan-European developments.
- Acted for a number of major international cruise lines through their management of the Covid pandemic, the laying up of their vessels and their planned cruise restarts.
White & Case LLP
White & Case LLP advises on corporate and employment tax, corporate structuring issues, and national and international transactions for a range of clients in the financial services, energy and mining, pharmaceuticals and real estate sectors. Laura Hoyland is a key name to note and is 'valued for her technical excellence'; she has a growing practice in renewable energy tax mandates. Former Sidley Austin LLP partner Will Smith joined the team in early 2020, although practice head Peita Menon left to join Vinson & Elkins RLLP in mid-2021.
Other key lawyers:
Laura Hoyland; Will Smith
Testimonials
‘Laura Hoyland is extraordinarily able and is proving to be an essential member of the team – valued for her technical excellence as well as her approachable style.’
‘Always available, approachable and very responsive. They meet all my deadlines and I feel confident in their advice.’
Key clients
Accelerant Holdings
Angelini Pharma
The Carlyle Group
EIG Global Energy Partners
Energean Plc
Farallon Capital Management
GFH Financial Group
Kobalt Music Group
Nestlé
Global Palladium Fund, associated with the Norilsk Nickel group
Qatar Investment Authority
Swissport International AG
Work highlights
- Advised the Carlyle Group on the tax aspects of cross-border deals across the private equity and technology industries.
- Advised Global Palladium Fund on the tax, regulatory, and mining/metals considerations applicable to a metals-backed ETC programme establishment.
- Advised Swissport Group, the market leader in ground handling for the aviation industry, on the tax implications of its financial restructuring and balance sheet recapitalisation.
Bristows LLP
Bristows LLP has expertise in advising on the tax aspects of structuring corporate, commercial and real estate transactions. Practice head Miranda Cass has particular experience in advising clients in the life sciences, TMT and charity sectors, while senior associate Julia Cockroft has a broad corporate and real estate tax practice.
Practice head(s):
Miranda Cass
Other key lawyers:
Julia Cockroft
Testimonials
‘This team is very responsive and engaged. Each member is current as to changes in applicable legislation and can advise on appropriate disclosure related to the same. The team is also very commercial and practical, which makes working with them effortless, including how that approach can diffuse potentially lengthy and sterile theoretical debates in negotiation.’
‘Each team member is engaged and invested. It is clear they understand the overall transaction and the context in which they are giving advice. Each team member is responsive and reliable, both in reverting with comments and the quality of those comments and input. Very pleased to be continuing my collaboration with Miranda Cass and Julia Cockroft. We rely on them heavily and they never disappoint.’
Key clients
Waterland Private Equity
Oxford Sciences Innovation PLC
Motion Equity Partners
Neurogeneus Limited
University of Oxford
Base Genomics
WPP plc
AstraZeneca plc
Diageo
Blue Diamond
NuCana PLC
UCL Business
Stada
IXICO PLC
OMass Therapeutics Ltd
Sony Interactive Entertainment Europe
Johnson & Johnson Innovation
Adthena
Deep Matter PLC
Capgemini
Abingdon Health
Atnahs Pharma
Schibsted Media AB
Work highlights
- Advised Waterland Private Equity on the tax aspects of the acquisition of The Priory Group for over £1bn.
- Advised Base Genomics and its key shareholders in connection with its sale to Exact Sciences.
- Advised AstraZeneca on the tax implications and documentation governing the strategic divestment by AstraZeneca of its rights to Crestor to Grunenthal GmbH in over 30 countries in Europe.
Burges Salmon LLP
Burges Salmon LLP advises on a broad range of inbound investments, fund set up and investment issues, real estate transactions and corporate restructurings. Sarah Lane has a strong contentious and non-contentious practice, with particular expertise in alternative funds. Ian Carnochan offers tax advice to a wide variety of corporates, private equity houses, real estate companies, regulated funds, and financial institutions.
Practice head(s):
Sarah Lane; Ian Carnochan
Other key lawyers:
John Barnett
Testimonials
‘Burges Salmon are quick to respond to my questions with practical and accurate advice. They don’t waste time telling me what I already know, so they always add value.’
‘The team is quick to understand what I need from them, and they tailor their advice accordingly. They are practical and commercially aware.’
Key clients
Bluefield Capital Partners
First Trenitalia
Louis Capital Markets
Yeo Valley
The Crown Estate
Forsa Energy
Bank Leumi
UK Atomic Energy Authority
Gresham House
Virgin Group
BSW plc
Work highlights
- Advising a South African headquartered fund group on the tax issues in relation to the set up of a further £100m fund to invest in UK knowledge intensive companies.
- Advised Bluefield Solar on the tax aspects of the acquisition and financing of a portfolio of 15 operational solar photovoltaic plants with a total installed capacity of 64.2 megawatt peak.
- Advised the Joint administrators of Côte Restaurants Group on the tax aspects of the administration sale of the business and operating assets of the Côte Restaurants Group Holdings Limited (and other Group companies).
Cooley (UK) LLP
Cooley (UK) LLP has a broad client offering in the private equity and capital markets space, as well as displaying particular strength in the life sciences and technology sectors. Natasha Kaye heads up the practice and advises on a range of transactions, including cross-border and domestic M&A, equity capital markets transactions and reorganisations. David Wilson is 'extremely bright' and 'well respected', with particular expertise in the life sciences space.
Practice head(s):
Natasha Kaye
Other key lawyers:
David Wilson
Testimonials
‘Cooley is clearly a tight-knit, collegiate firm with a strong sense of team, and lawyers who enjoy working with clients and each other on challenging, transformative opportunities. The tax team interacts seamlessly with other Cooley functions, offering an integrated perspective and deeply informed perspective for clients. They are natural problem solvers, highly motivated in partnering with clients on complex matters, and always retain a client-centric commercial outlook.’
‘David Wilson (Partner, Tax): effortless ability in translating complex cross-border tax and restructuring matters to informed, succinct, and pragmatic guidance, in the face of pressing time constraints. Extremely bright tax counsel who is meticulously researched for every discussion, and always appreciates the life sciences angle. Well-respected and tactful negotiator with opposing counsel which greatly streamlined our overall engagement.’
Key clients
Pizza Hut Restaurants UK
Snyk
Immunocore Holdings plc
Bicycle Therapeutics plc
Primary Capital
Battery Ventures
Endava plc
IRIS Capital
Thras.io
Morgan Stanley
Goldman Sachs
Jeffries
Teneo Business Consulting
Vir Biotechnology
Omaze
Eliem Therapeutics
Syneos Health
Work highlights
- Advised Pizza Hut Restaurants UK in connection with various tax issues arising out of its restructuring.
- Advised Snyk on a Series D financing (raising $200m, on a company valuation of $2.6bn), as well as the the acquisition of DeepCode AG, a cutting-edge Swiss AI/tech business.
- Advised late-stage biotechnology UK company Immunocore on its $312.1m aggregate financing.
Dechert LLP
Dechert LLP's tax team has a wide range of expertise in handling UK and cross-border tax matters, particularly for hedge funds and credit funds; it also handles investment management and private equity work. Practice head Mark Stapleton has extensive experience advising clients on offshore funds and investment management issues, while Daniel Hawthorne has a broad direct and indirect taxation practice. Clients praise the team for its 'pragmatic' and 'personable' approach.
Practice head(s):
Mark Stapleton
Other key lawyers:
Daniel Hawthorne
Testimonials
‘I have worked a lot with Dan Hawthorne over the last 4 or 5 years and I have always found him very knowledgeable, but also very commercial and pragmatic in his approach and thinking.’
‘Mark Stapleton is the tax partner that we generally work with. He is very knowledgeable and fairly practical.’
‘Deep knowledge and expertise in the asset management sector. The team has the ability to coordinate global projects.’
‘Mark Stapleton is a very experienced UK and international tax professional advising across a number of corporate specialisms including funds. He combines this with a very personable approach and fast response which is very important in high value time sensitive matters. Dan Hawthorne is similarly very approachable and his clients appreciate his very personal approach to all matters. His experience is similar to Mark’s and further he has particular expertise in employee taxation and incentivisation matters.’
Key clients
Apollo Global Management
Ares
Centaur Media plc
Gravis Capital Management Ltd
Hellenic Telecommunications Organization, S.A.
Polar Capital Holdings Plc
Precisely Incorporated
Swiss Capital
Work highlights
- Advised Hellenic Telecommunications Organization S.A on the sale of its 54% stake in Romania’s fixed telecommunications operator, Telekom Romania, to Orange Romania.
- Advised Precisely on the carve-out sale of its Confirm business to Dude Solutions, Inc.
- Advised specialist active asset management group Polar Capital Holdings plc in connection with the acquisition of 100% of the issued share capital of Dalton Capital (Holdings) Limited.
Mayer Brown International LLP
Mayer Brown International LLP frequently assists clients with the tax aspects of cross-border deals in a variety of sectors. spanning the technology and consumer goods, real estate and financial services industries. James Hill leads the tax team, which includes Simon Rose, who focuses on offshore and international funds in the real estate and private equity sectors. Matthew Mortimer and Kitty Swanson are also noted.
Practice head(s):
James Hill
Other key lawyers:
Simon Rose; Matthew Mortimer; Kitty Swanson
Key clients
British Land
CPPIB
Entertainment One Limited
Beazley plc
L Catterton
Sotheby’s
Shearwater Group Plc
Unilever
CDK Global, Inc.
Link REIT
Work highlights
- Acted for Sotheby’s, the auction house, on the sale of a minority stake in the company to the former managing partner, co-founder and co-chief investment officer of Senator Investment Group LP.
- Advised CDK Global, Inc. on the sale of its CDK international segment to Francisco Partners for $1.45bn.
- Acted for the trustees of the Prudential Staff Pension Scheme on a complex longevity swap transaction with Pacific Life Re Limited covering £3.7bn of pension liabilities.
Morgan, Lewis & Bockius UK LLP
Morgan, Lewis & Bockius UK LLP displays expertise in handling a broad spectrum of tax issues for corporates and investment funds. The team also advises on senior executive remunerations and incentives. Practice head Kate Habershon has a broad corporate tax practice that includes handling M&A, international structuring, private investment fund and tax planning matters. Neil McKnight was promoted to partner in 2020.
Practice head(s):
Kate Habershon
Other key lawyers:
Neil McKnight
Testimonials
‘MLB Tax have an in depth knowledge of our global structure and funds and therefore are excellently placed to provide constructive knowledgeable advice on a pro-active basis.’
‘The team very quickly get up to speed with complex technical issues and provide speedy and clear advice and ways forward. They make themselves available at whatever time suits the client dealing with multiple time zones and potentially unsociable times.’
‘The team we work with (Kate Habershon and Neil McKnight) display a great level of expertise, they are very friendly and amenable but always demonstrate the highest level of professional standards. They make our company feel confident that we have the best team fighting our corner!‘
‘The team are very pro-active and want to understand your business so they can give the best possible advice.’
‘Kate Habershon is a superstar partner, delivering highly technical advice in an easy to understand way.’
Key clients
Lincoln Peak Capital
Duff & Phelps
Heritage Cruise Holding Ltd
TradingScreen Inc
OIM, Equitix
Virtus Partners
MSP Sports Capital, LLC
Work highlights
- Advised Lincoln Peak Capital on the cross-border tax issues in relation to its investment in RWC Partners, an asset manager based in London, Miami and Singapore with $18bn in assets under management.
- Assisted Duff & Phelps and its senior executive team with the $4.2bn sale of Duff & Phelps from Permira to a consortium led by Stone Point Capital and Further Global.
- Represented Heritage Cruise Holding Ltd. and Manfredi Lefebvre d’Ovidio on the sale of the remaining one-third interest in Silversea Cruises, a pioneer and leader in ultra-luxury and expedition cruising, to Royal Caribbean Group (RCCL).
NGM Tax Law LLP
NGM Tax Law LLP is a boutique firm that handles the tax aspects of UK and cross-border M&A, restructurings, private equity deals and capital markets transactions. The team's practice heads are Mark Nichols, Keith Gregory, Simon Meredith and international private wealth expert Stephen Hoyle.
Practice head(s):
Mark Nichols; Keith Gregory; Simon Meredith; Stephen Hoyle
Other key lawyers:
Nigel Davies; David Hinds; Nikhil Mehta