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  1. Home
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  3. Anglo-American Corporate Taxation
  • Cited by 2
Publisher:
Cambridge University Press
Online publication date:
October 2011
Print publication year:
2011
Online ISBN:
9781139013284
DOI:
https://doi.org/10.1017/CBO9781139013284
Series:
Cambridge Tax Law Series
Subjects:
Law, History, Finance and Accountancy, Regional History after 1500, Taxation Law
Information

Book description

The UK and the USA have historically represented opposite ends of the spectrum in their approaches to taxing corporate income. Under the British approach, corporate and shareholder income taxes have been integrated under an imputation system, with tax paid at the corporate level imputed to shareholders through a full or partial credit against dividends received. Under the American approach, by contrast, corporate and shareholder income taxes have remained separate under what is called a 'classical' system in which shareholders receive little or no relief from a second layer of taxes on dividends. Steven A. Bank explores the evolution of the corporate income tax systems in each country during the nineteenth and twentieth centuries to understand the common legal, economic, political and cultural forces that produced such divergent approaches and explains why convergence may be likely in the future as each country grapples with corporate taxation in an era of globalization.

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