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Financial capital and taxation policy

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  • Richard Wood
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    Abstract

    This paper suggests a relatively simple analytical framework for taxing all financial arrangements. The debt/equity distinction is determined by the contingency principle. The accruals/realisation distinction is determined separately by the volatility principle. The capital/revenue character distinction is effectively removed directly or by a character hedging regime. Hybrids, synthetics, hedging arrangements and other portfolios are tax-assessed on an aggregate, rather than a bifurcated, basis. The framework could be applied to both classical and dividend-imputation-based business tax systems.

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    Bibliographic Info

    Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

    Volume (Year): 27 (2006)
    Issue (Month): 2 (June)
    Pages: 127-155

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    Handle: RePEc:ifs:fistud:v:27:y:2006:i:2:p:127-155

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