International taxation of equity finance part 2, Europe
Recent developments in various countries around the world suggest the tax aspects of equity finance transactions, such as stock loans, repo transactions, and the like are being hotly debated and questioned by the tax authorities. The opening up of these issues has wide potential implications, going to the heart of the nature of the equity finance business and its status for tax purposes. It also raises fundamental questions such as what constitutes the ownership of income for tax purposes.
Against the background of the above discussions, we are pleased to present this companion volume to our previous volume on Equity Finance
in Asia. The publication looks at some key tax issues of equity finance transactions in 20 countries in Europe. Equity finance transactions will typically raise a number of detailed tax issues. Different tax rules will usually apply in the case of stock loan, repo and equity swap transactions. Further, multiple jurisdictions (and therefore multiple tax regimes) will often be involved in relation to the tax analysis of a single transaction. For example, in relation to a simple securities lending transaction, the lender, borrower and issuer of securities may all be located in different countries, and in consequence the tax analysis of the transaction will need to take account of the relevant tax issues in each country.
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