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The UK's highest court, the House of Lords, has held that the Inland Revenue cannot demand to see documents containing legal advice as part of a tax investigation.

DATE TYPE OF DEAL VALUE TARGET ACQUIRER/ ISSUER HOLDER/ UNDERWRITER ADVISERS TO TARGET ADVISERS TO ACQUIRER/ ISSUER ADVISERS TO HOLDER/ UNDERWRITER 27/05/02 IPO £174 million ($257.52 million) n/a Punch Taverns (UK) Merrill Lynch International; Deutsche Bank, Morgan Stanley International; Schroder Salomon Smith Barney n/a Slaughter and May, London, Graham Airs; Cravath Swaine & Moore Linklaters, London, Yash Rupal, David Blumenthal 30/05/02 merger $5.6 billion Miller Brewing (US) South African Breweries (SAB) Philip Morris Companies Inc (UK) n/a Lovells, London, Daniel Friel; New York, Joe Gruber; Cleary Gottlieb Steen & Hamilton, London, James Duncan Clifford Chance, London, Douglas French; Sutherland Asbill & Brennan, Washington, Clifford Muller, Randall Buchanan, Reginald Clark 31/05/02 IPO £600 million ($888 million) Intertek Testing Services, Plc n/a n/a KPMG, London, Charles Merriman, Thomas Dick n/a 05/06/02 PPP project £13 billion ($19.24 billion) n/a London Underground (UK) Tube Lines (consortium of Bechtel, Amey, Jarvis) (UK) n/a Freshfields Bruckhaus Deringer, London, Simon Skinner Lovells, London, Karen Hughes, Robert Hartley; KPMG, London, Margaret Stephens, Martin Oakes 13/06/02 acquisition undisclosed Golden Wonder Group Ltd (UK) Longulf Limited (UK) Bridgepoint Capital (UK) n/a Denton Wilde Sapte, London, Melissa Brown Cameron McKenna, London, Mark Nichols 13/06/02 notes offering $750 million n/a Sappi Papier Holding (South Africa) JP Morgan Securities Inc; (US) Salomon Smith Barney Inc (US) n/a Cravath Swaine & Moore, New York, Lewis Steinberg, Michael Katz Davis Polk & Wardwell, London, John Paton, Robert Heller 13/06/02 convertible notes offering $400 million n/a Medicis Pharmaceutical Corporation (US) Deutsche Bank Securities Inc (Germany) n/a Akin Gump, Strauss, Hauer & Feld, New York, Patrick Fenn, Stuart Leblang, Seth Lebowitz Davis Polk & Wardwell, New York, Michael Mollerus, Shamir Merali 19/06/02 mortgage securitiziation £500 million ($740 million) n/a Britannic Money (UK) Arianty (UK) n/a Lovells, London, Lyndsey Bainton, Philip Harle Lovells, London, Lyndsey Bainton, Philip Harle 25/06/02 secondary stock offering $233 million n/a The St. Joe Company (US) Alfred duPont, Testamentary Trust; Morgan Stanley (US) n/a Sullivan & Cromwell, New York, Andrew Solomon, David Spitzer Davis Polk & Wardwell, New York, Marcie Goldstein, Angelica Kwan 02/07/02 subordinated note offering $750 million n/a Sumitomo Mitsui Banking Corporation (SMBC) (Japan) Goldman Sachs & Co; Morgan Stanley & Co (US) n/a Davis Polk & Wardwell, London, John Paton, Robert Heller Sullivan & Cromwell, New York, Shlomo Cohen, Robert Loewy 05/07/02 CDO $4.57 billion n/a Chayne Capital (US) Morgan Stanley (US) n/a Dechert, London, Mark Stapleton White & Case, London, Neil Woodgate; New York, Nohn Narducci, Ken Raskin, Mark Hamilton, David Dreier 11/07/02 2nd round financing of junior debt £1.25 billion ($1.85 billion) n/a Eurotunnel (UK/France) Dresdner Kleinwort Wasserstein; Merrill Lynch n/a Herbert Smith, London, Heather Gething, David Mogford Clifford Chance, London, Sarah Squires; Amsterdam, Frank de Vos, Philippe Steffens 02/08/02 privatization ?277.65 million ($254.63 million) n/a Interconexion Electrica (Spain) Peruvian Government (Peru) n/a Payet, Rey, Cauvi, Lima, Carlos Kruger n/a

The SEC has ordered Ernst & Young in The Netherlands to pay a $400,000 penalty for violating auditor independence rules

Ernst & Young has acquired Andersen’s US real estate and structured finance group as the firm aims to develop its cross-border practice

Werksmans, the South African law firm, is strengthening its tax group with two lateral hires, including the former national chairman of Grant Thornton

Investment in the Isle of Man is expected to increase following the local government announced plans to introduce a standard zero rate of income tax for business

The Japanese parliament has approved a bill amending the country’s corporate tax law to allow companies to offset group profits and losses

The head of Freshfields Bruckhaus Deringer’s Dutch tax practice has resigned from the firm to join Spigthoff, a local corporate litigation and M&A boutique

Ernst & Young is setting up a structured finance group in an attempt to offer a one-stop-service for tax advice on structured deals

The US Senate Finance Committee has approved legislation to prevent corporations avoiding domestic business levies by setting up headquarters in lower-tax countries