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The UK government published draft legislation relating to real estate investment trusts (Reits) on December 14. It is anticipated that this regime will be available from January 1 2007. The basic idea is that the Reit will not be subject to UK tax on its property income and gains, but tax on such income and gains will be paid only by the investors in the Reit.

David Zaiken has joined Alvarez & Marsal Tax Advisory Services as a managing director in the firm's San Francisco office. He was previously a tax partner at KPMG on the US international tax and Asia Pacific supply chain teams. Before this he spent 26 years with Arthur Andersen as a tax partner and member of its global tax and supply chain teams.

Russell Nance and Gary Silverstein have been appointed special counsel in the tax department of Cadwalader Wickersham & Taft in New York. Nance advises on the tax aspects of debt and equity issuances, complex financial instruments, securitizations, collateralized debt obligations (CDO), and taxable and tax-deferred corporate acquisition and divestiture transactions. Silverstein represents issuers, underwriters, insurers and other parties on the tax aspects of mortgage-backed and asset-backed securities, real estate mortgage interest conduits and other debt issuances, including CDO and collateralized loan transactions.

According to reports, the US Senate-House conference to agree on tax reconciliation legislation will begin on February 3

The UK government has updated its draft legislation on real estate investment trusts as it relates to groups of companies. Written responses are due by February 10

TN Pandey, a former chairman of India's Central Board for Direct Taxes, has said the country's fringe benefits tax should be reformed rather than scrapped

In its report on the chancellor's pre-Budget report, the UK House of Commons' Treasury Committee has called on the Treasury to state if it intends to introduce a general anti-avoidance rule

"Tax issues have gone from being virtually neglected to being the epicentre of how business gets done", Chet Wood, the chairman and chief executive of Deloitte Tax in the US, has told accounting students at the University of Connecticut's School of Business

Three lawyers at Jenkens & Gilchrist, a Dallas law firm, are being investigated in a widening of the probe into illegal tax shelter transactions in the US, according to the New York Times

In its Green Budget 2006, the UK's Institute of Fiscal Studies has questioned whether the UK can maintain its corporate tax rate of 30% and remain attractive to international investors if the trend in corporate tax rates in other EU member states continues to be downward. The IFS' green budget is its assessment of the options available to the chancellor in his annual budget