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Norton Rose has advised Benchmark Group plc on the formation of a limited partnership with JER Partners, the investment affiliate of the JE Robert Companies. Benchmark Group is a specialist London property investment and development company.

Simmons & Simmons is advising fund managers Perpetual in the recommended cash and share offer to be made by Schroder Salomon Smith Barney on behalf of investment managers AMVESCAP for Perpetual.

Herbert Smith has advised Associated British Foods plc on the £130 million ($187 million) sale of Burton's Gold Medal Biscuits Limited, makers of wagon wheels and jammy dodgers, to Kicks Muse Tate & Furst.

Carlton Communications plc has agreed the terms for the acquisition of HTV from Granada. The consideration will be £181 million ($262.4 million) (net) cash payable on completion, together with Carlton's 20% stake in Meridian.

The first amendments have been drafted to the German Tax Reform Act concerning domestic share and derivatives trading

The Hong Kong revenue service is to put into effect the double taxation relief provision in the air services agreements with Denmark, Sweden and Norway

UK Chancellor Gordon Brown's pre-budget speech amounts to almost a £5 billion ($7.2 billion) give-away.

The UK Finance Act 2000 contained significant reforms to the way that double tax relief is to be given to UK companies. The provisions were amended many times during the passage of the Finance Bill, resulting in a number of matters still requiring final resolution. This has been recognized by the UK Inland Revenue and the following amendments, as announced in the UK's Pre-Budget Report on November 8 2000, should be put through in the next Finance Bill.

A tax ruling issued by the Singapore tax authorities affects businesses distributing digitized products via the internet to Singapore customers. The ruling, entitled Income Tax Guide on E-Commerce, issued on August 31 2000, states that payments made to non-residents for the use of digitized products are subject to Singapore withholding tax, even though the selling company has no physical business activities carried out in Singapore. While the desire to protect the tax base from erosion is understandable, the August ruling did not address the fundamental distinction between a sale of copyrighted goods and a license of intellectual property. This was partially addressed when the government announced on November 11 2000 that payments for "shrink-wrap" software will be exempt from withholding tax with effect from January 1 2001. It is, however, unclear whether the proposed exemption extends to shrink-wrap software distributed via the internet.

New team gives Clifford Chance integrated legal and tax advisory capabilities across Hungary and Central Europe