Abstract

http://ssrn.com/abstract=1013369
 


 



Corporate Ownership and Control in the UK: The Tax Dimension


Steven A. Bank


University of California, Los Angeles (UCLA) - School of Law

Brian R. Cheffins


University of Cambridge - Faculty of Law; European Corporate Governance Institute (ECGI)


Modern Law Review, Vol. 70, No. 5, pp. 778-811, September 2007
UCLA School of Law, Law-Econ Research Paper No. 07-10

Abstract:     
While generally the impact tax has on patterns of corporate ownership and control has received little attention in the relevant academic literature, this paper argues that tax is potentially an important determinant of ownership patterns in large companies. The paper focuses on historical developments in Britain, where an outsider/arm's-length system of corporate governance took shape during the twentieth century and became fully entrenched by the end of the 1970s. Taxes imposed on corporate profits, taxation of managerial and investment income and inheritance taxes help to explain why during this period blockholders sought to exit and why there was sufficient demand for shares among investors to permit ownership to separate from control.

Keywords: corporate ownership, tax developments in Britain, corporate profits, taxation of managerial and investment income, inheritance taxes

Accepted Paper Series


Not Available For Download

Date posted: September 11, 2007  

Suggested Citation

Bank, Steven A. and Cheffins, Brian R., Corporate Ownership and Control in the UK: The Tax Dimension. Modern Law Review, Vol. 70, No. 5, pp. 778-811, September 2007; UCLA School of Law, Law-Econ Research Paper No. 07-10. Available at SSRN: http://ssrn.com/abstract=1013369

Contact Information

Steven A. Bank
University of California, Los Angeles (UCLA) - School of Law ( email )
385 Charles E. Young Dr. East
Room 1242
Los Angeles, CA 90095-1476
United States
310-794-7601 (Phone)
Brian R. Cheffins (Contact Author)
University of Cambridge - Faculty of Law ( email )
10 West Road
Cambridge, CB3 9DZ
United Kingdom
+44 1223 330084 (Phone)
+44 1223 330055 (Fax)

European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
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