Tax, Corporate Behaviour and the Foreign Income Dividend Scheme
构建了一个模型，分析公司税、预缴公司税和资本利得税如何影响英国公司行为，发现外国收入股息计划会提高受影响公司的杠杆率，并降低留存率。
A model is derived which considers the interactions of corporation tax, advance corporation tax (ACT) and capital gains tax and their impact on UK corporate behaviour. It is shown that the recent changes to the ACT system, in the form of the Foreign Income Dividend (FID) scheme, will increase the gearing ratios of those firms affected by the changes. Debt will become more attractive, since it no longer increases irrecoverable ACT by reducing taxable profits. Furthermore, retention rates will fall, since retentions no longer serve as an ACT shield.