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The taxation of capital inconae in the UK: 1964/5 to 1992/3

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  • Garry Young

Abstract

This paper reports estimates of average marginal tax rates on capital income over the period from the fiscal year beginning in 1964 to that ending in 1993 and describes in some detail how these estimates have been calculated. The results indicate a sharp reduction over the sample period in the average marginal tax rate on income from equity investments. This is due to falling tax rates and a shift away from personal holdings of equity to holdings through tax exempt institutions. This together with a decline in the rate of corporation tax has resulted in a fall in the average marginal tax rate on capital income generated by companies. Contact NIESR if copy required

Suggested Citation

  • Garry Young, 1992. "The taxation of capital inconae in the UK: 1964/5 to 1992/3," National Institute of Economic and Social Research (NIESR) Discussion Papers 27, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:27
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    Cited by:

    1. Philip Bunn & Garry Young, 2004. "Corporate capital structure in the United Kingdom: determinants and adjustment," Bank of England Staff Working Paper series 226, Bank of England.
    2. Brealey, Richard A. & Kwan, Sabrina, 1999. "Personal taxes and the time variation of stock returns - evidence from the UK," Journal of Banking & Finance, Elsevier, vol. 23(11), pages 1557-1577, November.

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