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  • In 1997, a number of high-profile tax advisers made a bid for professional independence by setting up their own tax boutiques. Can these firms survive without the support of a large law or accounting firm network? Phillippa Cannon reports
  • UK brewer Bass has disposed of Coral Bookmakers to fellow bookmakers Ladbrokes. The deal is worth approximately £375.5 million ($604 million). Bass was advised by tax partner Charles Hellier at Linklaters in London.
  • US chemical group Hercules has made a hostile bid for US chemicals company Allied Colloids, a UK producer of water-treatment chemicals. The deal is valued at $1.8 billion.
  • UK department store Debenhams is to be introduced to the London Stock Exchange, following its demerger from The Burton Group. It is expected to have a market capitalization of approximately £1.5 billion ($2.4 million).
  • Royal Bank of Scotland has acquired GRS Holding Company from a shareholder group led by Nomura International. GRS is the holding company of Angel Train Contracts, a rolling stock leasing company.
  • France's finance Act for 1998, applicable to 1997 income, is characterized by the suspension of the tax reduction plan announced by the previous government (personal income tax rate maintained at the maximum of 54%), and by an increase in the taxation of passive income.
  • Captive insurance can be an efficient vehicle for protecting companies against risk. Chris Johnson of Norwich Union, Gibraltar examines the options on offer, the role of tax in reducing costs, and the appeal of Gibraltar as a domicile for the captive owner
  • The German tax code was revised in 1990 to permit net operating losses to be carried forward indefinitely for income, corporation, and trade tax purposes. In the case of income and corporation tax, the indefinite carryforward applies to losses which cannot be carried back to either of the two years preceding the year in which they were incurred. The trade tax has no loss carryback provision.
  • Peter Vansteenkiste of Coopers & Lybrand, Antwerp and Eugene Weultjes of Coopers & Lybrand, Rotterdam assess the attractions of two traditionally expatriate-friendly regimes – Belgium and the Netherlands
  • Korea’s International Tax Coordination Law updates the country’s transfer pricing regime, to deal with a growing volume of international transactions. Brian Park of Price Waterhouse, Seoul looks at the detailed requirements of the regime