The following Tax guidance note provides comprehensive and up to date legal information covering:
A tax lawyer is often not called upon until:
the company wishing to raise finance has already decided to raise finance by way of issuing a bond
the issuer has appointed its lead manager (usually a bank or broker) to manage the issue for it, and
the lead manager has 'launched' the bond by appointing (or at least approaching) co-managers to assist in selling and underwriting the bond issue
The main exception to this is where a tax lawyer is involved in helping the issuer to decide between different choices of financing and their tax consequences. This Practice Note focuses on the key issues arising once the decision to proceed with a bond issue has been taken.
When a tax lawyer does get involved it may be in advising the issuer itself or the lead manager. In many ways, it doesn't matter which party the lawyer is advising because both clients have the same objective: to get the bond issued correctly, in an appropriate time frame and within the law. However there are some elements of the transaction where the parties are negotiating with each other, eg on the VAT costs associated with the fees of the managers. It should be said, though, that in a public market debt issue
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