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Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms

Bond, S.R.; Devereux, M.P.; Klemm, A.; (2005) Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms. (IFS Working Papers W05/17). Institute for Fiscal Studies: London, UK. Green open access

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Abstract

We present empirical evidence which suggests that a big increase in dividend taxation for UK pension funds in July 1997 affected the form in which some UK companies chose to make dividend payments, but otherwise had limited effects on both the level of dividend payments and the level of investment. These findings are consistent with a version of the 'new view' of dividend taxation. We also identify a group of firms whose dividend choices are difficult to reconcile with (stock market) value maximisation.

Type: Working / discussion paper
Title: Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.ifs.org.uk/wps/wp0517.pdf
Language: English
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/2712
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