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A clear avenue for more focused corporate structuring, greater flexibility in the reorganization of assets, unlocking of hidden shareholder value in separated businesses and the removal of the tax burden to shareholders can be expected as a result of the new demerger relief legislation recently introduced into Parliament. Although not yet law, the measures are expected to apply to demergers that take place on or after July 1 2002.

Stefan Widmer: Andersen's culture is aggressive and competitive KPMG has lured a former tax partner away from the agreed Ernst & Young merger in Switzerland. Stefan Widmer joined the firm on August 5 as an international tax partner. He will be spending six months at KPMG's San Francisco office from October this year in order to strengthen the ties between the Swiss and US practices and increase the firm's Swiss presence there.

Republican Bill Thomas introduces the corporate accountability bill, new regulations from the IRS and a US-UK protocol amends the proposed income tax treaty. By David Benson, Peg O’Connor and Lilo Hester, Ernst & Young, Washington DC

Further changes to the tax code were signed into law by President Putin on July 24 2002. The amended law has eliminated the ambiguity as to whether an in-kind share capital contribution made at a value exceeding the net book value of the contributed property (according to the accounts or tax books of the contributing party) gives rise to an immediate taxable gain for the contributing party. The law has put an end to this uncertainty.

White & Case has expanded its New York tax team by luring a partner from King & Spalding. Raymond Simon joined the firm on August 1 as a tax partner focusing on the leasing practice. His work will focus on servicing domestic and cross-border leverage leasing with existing White & Case Partner Jim Hayden. Simon had been approached several times over the last few years by White & Case but finally left King & Spalding on July 31. He describes one of the reasons for his move as being attracted to the broader range of work he'll be able to undertake at White & Case. ?I worked with Jim back in 1988 so have known them for almost 14 years,? he says. ?They're a nice group of people and I wasn't looking to leave but we started talking and suddenly it made sense. I will be able to do not just equity work but also to further develop the lessee practice.

On August 5 2002, the UK government published a consultation document considering further reform of the UK corporation tax regime. Specifically, the following three (interrelated) possibilities are considered.

PricewaterhouseCoopers' tax and legal specialists help clients gain business advantage by providing multi-disciplinary and innovative solutions to their complex business issues.

With more than 100,000 people collaborating worldwide, operating from more than 750 locations in 152 countries, KPMG is a leading global professional advisory firm. We turn knowledge into value for the benefit of our clients, communities and our people. Our international tax practice reflects this commitment. Through a combination of tax, legal, financial and accounting skills from around the globe, we are able to identify the most comprehensive commercial solutions and opportunities for clients. We know how complex tax matters can be, both at home and, especially, in foreign markets. And that is why we make it our business to stay abreast of national and international tax laws, policies, accounting and commercial principles and international tax treaties. Our tax professionals are experienced industry specialists, well acquainted with the tax rules and business environments specific to their industry. Their professional advice is clear, objective, well-informed and consistent ? no matter where in the world you happen to be. KPMG's international tax support includes designing and implementing tax planning strategies for companies and individuals, transfer pricing, mergers and acquisitions, restructuring, electronic commerce, corporate and individual tax compliance, international executive services, indirect taxes, and state and local taxes.

European Tax Practice