Winner: PricewaterhouseCoopers

In what the judges described as a category featuring 'an incredibly high standard of entries', it was PricewaterhouseCoopers' M&A tax team that finally emerged victorious after a closely fought battle.

The team provides bespoke, expert commercial tax advice to clients with the aim of maximising the tax value arising from transactions while, of course, minimising and managing any tax risk.

And, in what was a very healthy market, the PricewaterhouseCoopers team enjoyed a great year with record transaction numbers - measured by both the value and volume of deals. As a result its revenues soared by 40%.

In 2007 the PricewaterhouseCoopers team advised on a wide variety of transactions - from FTSE100 demergers and some of the largest European private equity buyouts, to a whole range of initial public offerings, refinancings, disposals and acquisitions of UK and international companies.

The team worked on high-profile deals, including 12 of the top 15 private equitybacked transactions in 2006 - from BAA to Thames Water and Associated British Ports to Center Parcs and Travelodge.

More than the headline numbers, however, the judges were impressed with PricewaterhouseCoopers' client testimonials, detailed case studies and the way in which it showed evidence of technical excellence and commercial know-how, its ability to co-ordinate and its speed and stamina.

This was best highlighted by the PricewaterhouseCoopers team's ability to cope with a material change in a tax law that impacted on a deal a week before it had been due to complete.

'To pull that off was an impressive performance by an impressive team,' said one judge. 'They responded quickly and diligently.'