John Endacott Tax Partner at Winter Rule discusses the current tax policy towards small company taxation and dividends
Forty years ago James Callaghan became Chancellor of the Exchequer and introduced corporation tax and capital gains tax in order to try and make the tax system in this country promote economic growth. The underlying belief was that economic growth would only come from the reinvestment of profits by companies whilst dividends and capital gains were enjoyed by the rich to the detriment of society. As a consequence the new system subjected distributed profits to additional tax.
This was a return to the post-war tax regime that had been repealed in 1958. Hugh Dalton developed this approach when corporate taxation was introduced in 1947 and it followed on from some principles...
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John Endacott Tax Partner at Winter Rule discusses the current tax policy towards small company taxation and dividends
Forty years ago James Callaghan became Chancellor of the Exchequer and introduced corporation tax and capital gains tax in order to try and make the tax system in this country promote economic growth. The underlying belief was that economic growth would only come from the reinvestment of profits by companies whilst dividends and capital gains were enjoyed by the rich to the detriment of society. As a consequence the new system subjected distributed profits to additional tax.
This was a return to the post-war tax regime that had been repealed in 1958. Hugh Dalton developed this approach when corporate taxation was introduced in 1947 and it followed on from some principles...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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