Andrew Wellsted

Head of Tax, South Africa

Andrew Wellsted

Johannesburg

T:+27 11 685 8809 / +27 (0)12 405 1231

F:+27 11 301 3200

Andrew is the head of the tax team in South Africa, based in Johannesburg. He is also a member of the firms’ specialised exchange control and regulation and investigation teams.

His tax experience covers a broad range of transactions relevant to the practice’s corporate client base, predominantly in the international, banking and mergers and acquisitions fields.

In the banking and financial service industry, Andrew has significant experience in advising various financial institutions on financing transactions including project finance, structured finance and preference shares. He also has experience in product structuring in the financial services sector, including advising on the structuring derivatives and other structured products from a tax perspective.

From a corporate perspective, Andrew has assisted with a number of international transactions covering both inward and outward investments, group reorganisations, and structuring mergers, acquisitions or disposals.

Andrew has also advised on a number of commodity financing transactions and has significant experience in dealing with the taxation of derivatives, including single stock futures, contracts for difference amongst others.

He obtained his Master’s degree (Tax) in 2002 at the University of the Witwatersrand and in 2004 he attained specialised diplomas in Capital Gains tax and Mining Tax law.

From an exchange control perspective, he has many years of experience in advising in this field as part-and-parcel of his international tax practice.

His experience in cross-border tax transactions guarantees that he is au fait with the most novel structures, and is aware of the exchange control anomalies which arise from time-to-time.

From a regulatory and investigations perspective, tax compliance in South Africa is becoming an increasingly important aspect for taxpayers, particularly in light of the introduction of the Tax Administration Act. Andrew has substantial tax litigation experience, and he has a very good reputation with all of the relevant regulators. He has had great success in interacting with regulators regarding taxpayers’ issues.

Andrew is the author of numerous articles dealing with a range of exchange control and tax issues and he lectures the Capital Gains Tax module for the HDIP and Masters in Tax Law course at the University of the Witwatersrand.

The national tax team encompasses a mixture of experienced and young practitioners, of who all have a keen focus on finding commercial solutions for clients, while ensuring that the client service is of the highest standard.

“Andrew Wellsted is practical, commercial and consistently delivers quality tax advice”. Legal500, 2013.

He was recognised by Chambers Global for tax in 2014.

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  • Selected client work
    • Advised Macquarie Security South Africa on implications of a scrip loan transaction.
    • Providing the Industrial Development Corporation with an analysis of its preference share funding structures to assist it in ensuring that it achieves its development funding objectives most efficiently.
    • Advised Rio Tinto on the restructuring of existing preference share funding arrangement.
    • Advised Barclays Bank on the reorganisation of its African subsidiaries in conjunction with Absa.
    • Advised clients on appropriate transaction structures which comply with the exchange control regime in place from time-to-time.
    • Obtained approval from the financial surveillance department of the Reserve Bank to (Finserv) or an authorised dealer on behalf of clients.
    • Assisted with regularising exchange control contraventions by clients, in consultation with Finserv.