TAXATION AND THE COST OF CAPITAL: THE UK EXPERIENCE
梳理了英国自1960年代以来公司税制的多次改革，包括税率调整、资本免税额和存货减免等，并指出这些改革旨在通过影响资本成本来改变企业的投资和融资决策。
Since the 1960s the UK has witnessed a series of reforms to its corporation tax system. These include the creation of corporation tax as an independent tax in 1965, the gradual introduction of generous capital allowances in the early 1970s, the introduction of the partial imputation system in 1973 and stock relief in 1975, and the 1984 reforms which reduced the tax rate and capital allowances and abolished stock relief. A number of these reforms were designed with the specific intention of influencing company decisions regarding investment and finance through the real cost of capital.