Traditional analysis of the taxation of income from capital has focused on the impact of tax on marginal investment decisions; the principal impact of tax on investment is through the cost of capital, and is generally measured by an effective marginal tax rate. In this paper, we consider cases...

Traditional analysis of the taxation of income from capital has focused on the impact of tax on marginal investment decisions; the principal impact of tax on investment is through the cost of capital, and is generally measured by an effective marginal tax rate. In this paper, we consider cases...

This paper considers the relationship between two general neutral business tax structures, which we label the Ѧirm tax' and the ѳhareholder taxҮ The well-known R-based and S-based cash flow taxes, analysed by Meade (1978), are special cases of these two taxes. We demonstrate the...

There has much recent academic and policy interest in the issue of spatial clustering of economic activity, with most attention paid to the geographic concentration of high-tech industries. This paper describes patterns of geographic and industrial concentration in UK production industries at...

This paper contrasts Samuelson's (1964) definition of "true economic depreciation" with the use of this term that has become standard in the more recent literature on neutral business taxes. Samuelson defined "economic depreciation" to be the change in the economic value of an asset, whilst the...

We present empirical evidence which suggests that a big increase in dividend taxation for UK pension funds in July 1997 affected the form in which some UK companies chose to make dividend payments, but otherwise had limited effects on both the level of dividend payments and the level of...

Double taxation of company dividends is reduced in the UK by a partial imputation system of corporation tax, which was introduced in 1973. Payments of advance corporation tax (ACT) charged on dividend distributions can normally be offset against the firm's corporation tax liability. However, for...

We analyse a puzzle in the UK corporation tax: by both historic and international standards corporation tax revenues have been high while the statutory rate has been low. Possible explanations include the following: changes in tax law that may have increased effective tax rates; other factors...