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A NOTE ON TAXATION AND THE LEASING DISCOUNT RATES |
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| Authors: | John Pointon |
| Abstract: | It is demonstrated that the discount rate for taxes in the traditional formula for the after-tax cost of debt is misspecified for the UK situation. Several new formulae are derived for the after-tax costs for specific periods, including the accounting period and the tax lag. Iterative solution methods are not required. |
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