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The foreign tax credit treatment of UK ACT in the US continues to be a thorny issue for many taxpayers. Lawrence A Pollack, KPMG New York, David Porter and Frances Corrie, KPMG London examine the pieces of the puzzle and suggest solutions

It has been a month in the news for KPMG. Between advertising campaigns and plans to float part of the partnership, the global services firm has rarely been out of the headlines. KPMG has now announced that it is to spend $60 million on a brand building campaign. It will be based on the phrase ?It's time for clarity?. The inspiration for this gem comes from a survey of 250 chief executive officers and chief financial officers at Fortune 1000 companies. The respondents expressed concern about the information overload and confusion of advice they receive.

The UK government has abandoned a plan to increase taxation of the oil and gas industries. In the March 1998 budget, chancellor Gordon Brown announced his plan to begin consultation on the possibilities for change. But, after months of uncertainty, the plan has been dropped. Brown put the change of heart down to oil prices. ?I have concluded that at the current low level of oil prices it would not be right at this stage to proceed with reform of the regime,? he said.

UK mutual insurance company Friends' Provident is to buy London & Manchester, a life insurance company. The deal is valued at £750 million ($1.2 billion) and will make Friends' Provident the UK's fourth-largest mutual life insurance company.

The Royal Bank of Scotland has agreed to buy Bank of Ireland's 23.5% holding in US bank, Citizens Financial Group. The deal is valued at $750 million, and will give Royal Bank of Scotland 100% ownership of Citizens Financial.

BTR's aerospace division is to be bought out by a management team based in Canada, the Netherlands, the UK and the US. The deal is worth £510 million ($816 million). The division manufactures tubing, hosing and other products for the aerospace industry.

US insurance provider American International Group has agreed to buy retirement assets group, Sun America. The $18 billion stock deal will boost American International's worldwide pension capabilities.

Southern Electric and Scottish Hydro-Electric have proposed to merge in a transaction valued at $7.7 billion. The merger would give Southern Electric 55% of the combined business.

Marathon Oil, a Houston-based subsidiary of USX-Marathon, has acquired Tarragon Oil and Gas of Canada for $760 million. Marathon will also assume around $360 million in Tarragon debt. Tarragon shareholders have the option of receiving $9.80 a share, or the equivalent value in shares of a Canadian subsidiary of Marathon.

Florida-based AccuStaff Incorporated has agreed to sell its Strategix business to Dutch business services company Ranstad Holding. Strategix provides staffing and outsourcing services, principally in the US. The transaction is valued at $850 million.