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Share repurchases

Author

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  • Philip Shirley

Abstract

The UK government recently introduced legislation to treat the qualifying distribution on a repurchase of shares in the same way as ‘foreign income dividends’. This paper examines and criticises this reform from two perspectives. First, there is no underlying rationale for such an approach. Second, the legislation moves the tax system further away from simplification. A better approach would have been to remove the advance corporation tax (ACT) charge on a repurchase.

Suggested Citation

  • Philip Shirley, 1997. "Share repurchases," Fiscal Studies, Institute for Fiscal Studies, vol. 18(2), pages 211-221, May.
    • Handle: RePEc:ifs:fistud:v:18:y:1997:i:2:p:211-221
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    File URL: http://www.ifs.org.uk/fs/articles/fsshirly.pdf
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    Cited by:

    1. Geiler, Philipp & Renneboog, Luc, 2015. "Taxes, earnings payout, and payout channel choice," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 37(C), pages 178-203.
    2. Ellen R. McGrattan & Edward C. Prescott, 2005. "Taxes, Regulations, and the Value of U.S. and U.K. Corporations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(3), pages 767-796.
    3. Dennis Oswald & Steven Young, 2008. "Tax‐efficient irregular payout methods: The case of B share schemes and capital repayments via a court‐approved scheme of arrangement," Accounting and Business Research, Taylor & Francis Journals, vol. 38(1), pages 49-70.

    More about this item

    JEL classification:

    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law

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