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Capital gains tax, managed funds and the value of dividends: The case of New Zealand. / Hodgkinson, L.; Partington, G.

Yn: British Accounting Review, Cyfrol 45, Rhif 4, 01.12.2013, t. 271-283.

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Hodgkinson, L. ; Partington, G. / Capital gains tax, managed funds and the value of dividends: The case of New Zealand. Yn: British Accounting Review. 2013 ; Cyfrol 45, Rhif 4. tt. 271-283.

RIS

TY - JOUR

T1 - Capital gains tax, managed funds and the value of dividends: The case of New Zealand

AU - Hodgkinson, L.

AU - Partington, G.

PY - 2013/12/1

Y1 - 2013/12/1

N2 - The taxation of capital gains for Managed Investment Funds in New Zealand was abolished in October 2007, putting these entities on a similar footing to private investors. Prior to this change most private investors were not taxed on capital gains from investments in New Zealand companies, whereas Managed Funds were taxed on these gains. New Zealand company dividends carry imputation tax credits and thus had a tax advantage for Managed Funds before October 2007. After the change the value of dividends relative to capital gains declined substantially for Managed Funds. The evidence is that the market value of the dividends, particularly for high dividends, also declined substantially subsequent to the tax change.

AB - The taxation of capital gains for Managed Investment Funds in New Zealand was abolished in October 2007, putting these entities on a similar footing to private investors. Prior to this change most private investors were not taxed on capital gains from investments in New Zealand companies, whereas Managed Funds were taxed on these gains. New Zealand company dividends carry imputation tax credits and thus had a tax advantage for Managed Funds before October 2007. After the change the value of dividends relative to capital gains declined substantially for Managed Funds. The evidence is that the market value of the dividends, particularly for high dividends, also declined substantially subsequent to the tax change.

U2 - 10.1016/j.bar.2013.06.005

DO - 10.1016/j.bar.2013.06.005

M3 - Article

VL - 45

SP - 271

EP - 283

JO - British Accounting Review

JF - British Accounting Review

SN - 0890-8389

IS - 4

ER -