Chancellor prepares to give ACT the chop
Article Abstract:
There would be wide-reaching implications if UK Chancellor Gordon Brown were to decide to reduce or abolish Advance Corporation Tax (ACT). Under this system, a company which pays a dividend also pays tax at a rate of 20% of the gross dividend payment. This ensures that shareholders are only taxed once and are taxed at their own marginal tax rate. There are some convincing arguments in favour of abolishing ACT, especially as it seems to deter investors from taking a long-term view. However, abolishing ACT would also reduce the tax advantages of saving for old age.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
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Clarke cracks down on City buybacks
Article Abstract:
UK chancellor Kenneth Clarke has taken steps to close a loophole which allows tax-exempt investors to reclaim tax credits on special dividends and share buybacks. He stated that this was costing the government 400 million pounds sterling a year in unpaid tax. Some observers feel that the move was deliberately time to make a strong political point, as it coincided with the opening day of the Conservative party's 1996 annual conference.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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A marriage that was just waiting to happen
Article Abstract:
There are many strong financial and commercial arguments in favour of the planned merger of Guinness and Grand Metropolitan. The spirits industry has been experiencing difficulties for some time, especially as price rises have been lower than inflation in mature western markets, and is now likely to enter a period of consolidation. The merged operation, GMG Brands, will be the seventh-largest food and drink concern in the world.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
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