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Corporate Actions - A Concise Guide: An introduction to securities events by Francis Groves

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10. Corporate Actions in Other Jurisdictions

Recap: national variations already discussed

  • The previous chapter referred to low rates of withholding tax in the Republic of Ireland and some other EU member states. Conversely, there are some countries, such as Germany, where withholding taxes can be as much as 20% or 25%. Where there is no tax treaty this means a sizable chunk of dividend income can be lost.
  • Chapter 2 detailed some of the different treatment of lapsed rights; in Europe, where rights issues are standard, shareholders who do not wish to take up their rights will receive a payment for the nil-paid right while in the US, where open offers are normal, lapsed rights will simply be cancelled.
  • Chapter 8 looked at the practice ...

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