The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Halifax lawyer Michael Gledhill has helped persuade the government to do a U-turn on its plans to close a tax loophole that would have cost his client millions of pounds.
Gledhill, senior partner at eight-partner firm Finn Gledhill, acts for members of a family who last October received millions of pounds on the maturity of their discretionary trusts under a well-recognised tax loophole, used frequently by tax planners.
The draft Finance Bill, published on 5 December, indicated for the first time that tax credits on this sort of share buy-back would no longer be available and would be eliminated retrospectively from 8 October 1996. It would have meant Gledhill's clients paying back 10 per cent of their fund in tax.
"What's the point in people like us doing tax planning when the government can come along and close all the loopholes retrospectively?" asked Gledhill. "We may as well all go home."
Gledhill and his client's accountant, Tim Parr, of Clark Whitehill Josolyne, lobbied their local Conservative MP, Gary Waller, and Labour MP, Alice Mahon, on the issue. Cornish pasty maker Samworth Brothers also lobbied the Commons, and the Tax Faculty of the Institute of Chartered Accountants took up the cudgels in a lengthy critique of the Finance Bill.
The pressure worked. On 23 January the government accepted an amendment to the Bill tabled by three MPs, including Waller, which will close the loophole from December 1996.