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Financial capital and taxation policy

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  • Richard Wood

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.

Suggested Citation

  • Richard Wood, 2006. "Financial capital and taxation policy," Fiscal Studies, Institute for Fiscal Studies, vol. 27(2), pages 127-155, June.
    • Handle: RePEc:ifs:fistud:v:27:y:2006:i:2:p:127-155
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