Taxation of Corporate Finance

Elective

The Taxation of Corporate Finance course focuses on the tax treatment of debt, equity and derivative contracts, but also includes other financing structures such as repo transactions and equity finance. The aim of the course is to provide practical knowledge and insights into the general approaches that can be taken in the taxation of these instruments.  Significant attention is given to the principles of corporate finance taxation and their impact on financing and investment decisions. The course aims to alert students to some of the most important policy debates surrounding the decision to tax corporate capital and the use of taxation as a means of regulating corporate behaviours. In particular, students will learn about the tax treatment of:  income earned through holding securities and lending money; capital raised by issuing securities and borrowing money; and the impact of tax-driven arbitrage relating to financing structures, including in a domestic and cross-border context. Students will also acquire the ability to identify the tax implications of the most common corporate financing decisions and those corporate investment decisions that relate to shares and other financial instruments. Though some of the discussion will be illustrated by reference to the UK tax system, there is no requirement that those attending the course need to have any detailed understanding of the UK tax rules (and nor is this a goal of the course). The rules in other tax systems will also be used to illustrate the discussion in appropriate cases. 

The course is taught by Dr Richard Collier, Associate Fellow at Saïd Business School and Professor John Vella