Why Has the UK Corporation Tax Raised So Much Revenue?

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 reduced. We consider explanations based on changes in the tax law and in economic factors. Changes in the tax law, such as base‐broadening measures through reductions in capital allowances, can explain only part of the puzzle. Among the economic explanations, an increase in the size of the corporate sector, mainly caused by expansion of the service sector and improvements in profitability of the financial sector, seems the most likely. To the extent that higher profits, particularly financial sector profits, may have led to high revenues, there are doubts as to whether revenues will continue to be so strong.     

The Reform of Corporation Tax

This essay, by a founding member of the Institute for Fiscal Studies, was first published as a booklet by the Institute of Fiscal Studies during March 1971, to promote discussion and stimulate research. The views expressed are solely those of the author.     

Tax Clientele Effects in the Term Structure of UK Interest Rates

This paper tests for tax clientele effects in the term structure of UK interest rates. Five empirical models of the term structure of interest rates, incorporating tax effects, are estimated with daily data covering the period 31 March, 1995 to 3 August, 1995. In May 1995, the British government announced its intention to eliminate the tax exemption on capital gains from government bonds, but subsequently in July 1995 backtracked on some of its initial proposals. This period therefore forms the basis of a crude natural experiment in the sense that it provides an opportunity to examine tax clientele effects 'before' and 'after' an event which should have levelled greatly the taxing of government bonds. The empirical analysis suggests large tax clientele effects. However, there is little evidence of tax-specific term structures of interest rates.     

随风潜入夜润物细无声——亲历英国纳税环境所感

人是社会性动物,会因为所处的环境而表现出不同的行为。"入乡随俗"就有这个意思。生活在中国的人们,越来越多地读到报刊上评论"中医衰落"的文字,却没有意识到,其实中医的理念早已深入生活的每个角落:     

浅谈企业并购的税务筹划

合理的税务筹划不仅可以降低企业并购的成本，实现并购的最大效益，甚至可以影响企业并购后的兴衰存亡，企业并购的税务筹划包括：选择并购目标企业环节的税务筹划；选择并购出资方式环节的税务筹划；选择并购所需资金融资方式环节的税务筹划；选择并购会计处理方法环节的税务筹划。     

Corporation Tax Asymmetries and Cartel Unity

This paper examines the impact of changing the extent to which tax losses are refunded to firms in a model of imperfect competition. It proposes a particular collusive equilibrium in a repeated oligopoly with homogeneous quantity-setting firms. The industry sustains tacit collusion by using credible and severe punishments of deviations. The analysis of the most collusive equilibrium with losses indicates that a tax policy which increases refunds reduces output, increases market price, and therefore strengthens tacit collusion. In addition, the policy increases government revenue. An increase in the corporation tax rate has similar effects.     

Tax without Design: Recent Developments in UK Tax Policy

This paper considers the development of tax policy in the UK over the last decade or so and assesses policy change against a low bar – consistency and coherence. While this government has followed some consistent policies – notably, in some aspects of corporation tax and in increasing the income tax personal allowance – there are few signs of a wider coherent strategy. The same has been true of other recent governments. Many aspects of the system have become more complex. There have been numerous policy reversals. And few of those aspects of the system in most need of reform have been tackled. The need for reform, and a clear strategy for reform, remain as pressing as ever.     

税制结构分析与我国税制结构选择

我国的税制结构应随着经济的不断发展和收入的不断增加而逐步优化，不断增加直接税占税收收入总额的比重，充分发挥所得税对收入分配的调节作用，最终达到建立“双主体”税制结构的目标。