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A consortium including Prudential Insurance Company of America and the Abu Dhabi Investment Authority has bought British Aerospace's property development business, Arlington Securities. The sale is valued at £285 million ($450 million). Cameron McKenna in London advised Prudential Insurance Company of America. The tax team included partner Stephan Charge and assistant Charles Elphicke.

German property group Deutsche Gesellschaft fur Immobilienfonds (DEGI) has sold eight properties in central London to UK group Heron International. The deal is valued at £205 million ($350 million) Advice to DEGI came from London law firm Nabarro Nathanson. Senior associate Lydia Simpson handled the tax matters.

A bill has been submitted to the Netherlands parliament on the issue of the tax consequences of the introduction of the euro.

In a decision dated April 30 1997, but published considerably later, the Tax Court of Rheinland-Pfalz has held that the income of a foreign satellite operator from a "transponder usage agreement" with a German provider of television programming was not subject to taxation in Germany.

On May 31 1996 a new double taxation convention between Austria and the US was signed. Following exchange of instruments of ratification on December 19 1997, the convention entered into force on February 1 1998. Under article 28, its provisions allocating taxation rights will have effect in respect of taxes withheld at source, for amounts paid or credited on or after April 1 1998.

Kingfisher, the UK retail group, is to merge its UK business B&Q with Castorama of France. The deal will create Europe's largest home improvement chain with annual sales of around $6.79 billion. Kingfisher will exchange 100% of B&Q shares for a 54.6% stake in the fully-diluted equity of an enlarged Castorama. Advice to Kingfisher came from law firm Freshfields in London and Paris. The tax team included partner Roger Berner and manager Kate Habershon in London, and partner James Naudoyer in Paris. Castorama was advised by Gouldens. The tax partner involved was Blaise Marin.

Australia's Liberal Party was reelected on October 3 1998. Its pre-election tax reform package will now be implemented, some key aspects of which follow.

In the September 1998 International update, the provisions of Argentina's tax reform as they apply to residents were analyzed. In this second article, issues affecting non-residents and foreign beneficiaries will be considered based on the project approved by the Deputies Chamber which is pending approval by Congress.

Changes to Japan’s debt securities regime have cleared the way for withholding tax exemption. Yusaku Ono of Hamada & Matsumoto, Tokyo advises on how non-residents and non-Japanese corporations can make the most of the new system

Sweden has attempted several versions of a GAAR. However, the latest version still leaves taxpayers uncertain that it will be applied to their transactions. By Brita Munck-Persson and Thomas Lakhall, Mannheimer Swartling Advokatbyrå, Stockholm