During the spring of 2009, the Danish government and Dansk Folkeparti adopted a deal to restructure the Danish tax system – “Forårspakken 2.0”. Part of "Forårspakken 2.0" refers to the taxation of capital gains and dividends, including proposals for a new division of shareholdings in subsidiary-, corporate-, and portfolio shares. Previously it has been common to make investments in portfolio shares through a company. In this way the company could sell the shares after 3 years without being taxed on any capital gains. Additionally, the company would also only pay tax of 66 pct. of received dividends. As a part of the “Forårspakke 2.0” this has changed, so companies now have to pay taxes of their capital gain on portfolio shares and include all dividends in their taxable incomes. The purpose of this thesis is to explore how in the future it will be optimal to invest in portfolio shares. The study will include the situation where you have a liquid capital that you want to invest in portfolio shares, either through a company or in personal context. Additionally, the study includes the situation where an investor in a company has a large liquid capital and the investor wants to invest the money in portfolio shares. Finally the study will include the situation where the investor, in the beginning of the income year 2010, has invested in portfolio shares through a company and now wants to know if this is still the best way to invest. In order to be able to complete the analysis, the different types of income and the key aspects of the legislation on the taxation of equity income for companies and persons is described. The analysis result of this thesis indicates that investors with a liquid capital to invest in portfolio shares should do so in a personal context. By investing through a company the investor is taxed twice – first the profit will be taxed in the company and then by the investor in connection with a distribution of dividends. In addition, companies are taxed according to “stock-principle” while individuals are taxed by the “realization-principle” – in this way individual profits are taxed at a later stage. If the cash capital is already located in a company, it is basically still an advantage to invest in personal context. The benefit is less because the investor is taxed when the liquid capital is withdrawn from the company – the investor therefore has a smaller amount to invest in portfolio shares. If the investor has already invested through a company before the beginning of the income year 2010 and the company can determine a net capital loss account the investor should continue to invest through the company until the net loss account is fully exploited. Subsequently, the investor may benefit from liquidating the company and instead investing in a personal context.
|Uddannelser||Cand.merc.aud Regnskab og Revision, (Kandidatuddannelse) Afsluttende afhandling|