Aktieavancebeskatning i selskaber: Konsekvenserne af de ændrede regler for beskatning af udbytte og aktieavance hos selskaber efter lov nr. 525 af 12. juni 2009

Lisa Lynggaard Iversen

Studenteropgave: Kandidatafhandlinger


As part of the government desire to harmonize companies’ taxation of dividends and capital gains, and with a background in the 2009 tax reform, Act No. 525 of 12 June 2009 was adopted. The main purpose of this paper is to analyze the consequences of the adoption of Act No. 525, which led to profound changes in companies' taxation of dividends and gains. The old 3-year-rule, which exempted gains and losses on shares held for 3 years or more from the taxable income were removed. From 2010 the companies need to classify the types of share by the nature of ownership instead of taking into consideration the period of ownership. New definitions such as subsidiary shares, group investment shares and portfolio shares were introduced, and in this paper, these new definitions will be reviewed. Dividends and capital gains on subsidiary shares and group investment shares are exempt from tax, whereas dividends and capital gains on portfolio shares are taxable. As a result of the tightening of the law on portfolio shares taxation, investments through a company will be subject to a double taxation. This thesis will look into the consequences of this. This difference in taxation of subsidiary shares, group investment shares and portfolio shares gives companies an incentive to create corporate structures with the sole purpose of meeting the conditions for subsidiary shares and group investment shares and thereby obtain tax exemption. Therefore, it is necessary to include an anti-avoidance provision in Act No. 525 to prevent such corporate structures. The anti- avoidance provision will be discussed in this thesis however it is a complicated and comprehensive rule, and the criticism of the rule apply particularly to the lack of concrete guidelines for how the conditions in the rule must be interpreted. Based on this thesis the conclusion is that the changes in Act No. 525 did not make the rules on taxation of dividends and gains in companies simpler. On the contrary, many people would say that it became more complicated. A significant tightening of the law means that dividends and gains on portfolio shares are subject to a double taxation, which consequently will have an impact on companies' willingness to invest excess liquidity. As the difference between subsidiary shares, group investment shares and portfolio share has increased, it is also expected that several attempts to bypass the rule will appear.

UddannelserCand.merc.aud Regnskab og Revision, (Kandidatuddannelse) Afsluttende afhandling
Antal sider87