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Hybridinstrument i kapitalanskaffningssyfte - En utvärdering av ett aktiebolags ekonomiska situation vid emission av hybridinstrument

Andreasson, Lina LU (2015) LAGM01 20152
Department of Law
Abstract (Swedish)
Ett hybridinstrument utgör en finansieringsmetod med villkor bestående av såväl ägande- som skuldegenskaper. Gällande rätt inom associationsrätten, redovisningsrätten och skatterätten har studerats i syfte att undersöka hur användning av dessa i kapitalanskaffningssyfte kan komma att inverka på emitterande bolags ekonomiska situation.

Informationen beträffande gällande rätt har använts för att konstatera att likabehandling av kapitalanskaffningsmetoder inte har åstadkommits. Ett skuldinstrument påverkar till skillnad från ett egenkapitalinstrument bolagets rörelseresultat. Även inom området för avdragsrätt uppkommer olikbehandling mellan avkastningsformer genom att ränta och kapitalförlust, men inte utdelning, medges avdragsrätt. Inte... (More)
Ett hybridinstrument utgör en finansieringsmetod med villkor bestående av såväl ägande- som skuldegenskaper. Gällande rätt inom associationsrätten, redovisningsrätten och skatterätten har studerats i syfte att undersöka hur användning av dessa i kapitalanskaffningssyfte kan komma att inverka på emitterande bolags ekonomiska situation.

Informationen beträffande gällande rätt har använts för att konstatera att likabehandling av kapitalanskaffningsmetoder inte har åstadkommits. Ett skuldinstrument påverkar till skillnad från ett egenkapitalinstrument bolagets rörelseresultat. Även inom området för avdragsrätt uppkommer olikbehandling mellan avkastningsformer genom att ränta och kapitalförlust, men inte utdelning, medges avdragsrätt. Inte heller inom samma avkastningstyp upprätthålls en likabehandling. Huvudreglerna har i enskilda fall frångåtts varigenom räntekostnader och kapitalförluster belagts med avdragsförbud medan utdelningsdispositioner tillåtits reducera skattepliktigt underlag. Slutligen uppkommer en olikbehandling mellan ränta och kapitalförlust vad gäller tidpunkten för avdragsrätt. Ränta reducerar skattekostnader årligen medan kapitalförlust medges avdragsrätt det beskattningsår inlösen av instrumentet sker.

Regelverket innebär för ett bolags del att vissa bestämmelser är mer fördelaktiga än andra. Om ett bolag kan välja vilka regler som ska träffa dess finansieringsalternativ kan ett kringgående av lagen företas. Genom studier beträffande konstruktion av hybridinstrument konstateras att bolag har möjlighet att återskapa ett instrument med alternativ behandling. Således kan bolag få ett instrument att falla in under den mest gynnsamma regleringen och erhålla önskat beskattningsresultat.

Både olikbehandlingen och kringgåendemöjligheterna kritiseras i arbetet utefter en neutralitetstanke och mynnar ut i en diskussion angående huruvida ett motverkande bör hanteras i praxis eller genom förändrad lagstiftning. I praxis kan kringgåendet mildras genom att se till transaktionens ekonomiska innebörd. Denna är tämligen besvärlig att fastställa samtidigt som metoden inte kan tillämpas heltäckande. Slutsatsen är därför att en lagändring, i syfte att skatterättsligt likabehandla instrumenttyper och dess avkastning, på ett effektivare sätt minskar problematiken som kan uppkomma med hybridinstrument. (Less)
Abstract
A method of financing containing characteristics of equity as well as debt falls under the classification of a hybrid instrument. Legislation regarding company law, accounting law and tax law has been studied in order to examine how these, in a funding purpose, impact the financial situation of the issuing company.

The acquired knowledge of the legal situation has been used to establish inequalities among funding methods. A debt instrument affects, in contrast to an equity instrument, the operating result of a company. A dissimilar treatment has also been distinguished due to the fact that interest and capital losses, but not dividends, has been given deductibility. Maintaining equality has not been achieved even within the same type of... (More)
A method of financing containing characteristics of equity as well as debt falls under the classification of a hybrid instrument. Legislation regarding company law, accounting law and tax law has been studied in order to examine how these, in a funding purpose, impact the financial situation of the issuing company.

The acquired knowledge of the legal situation has been used to establish inequalities among funding methods. A debt instrument affects, in contrast to an equity instrument, the operating result of a company. A dissimilar treatment has also been distinguished due to the fact that interest and capital losses, but not dividends, has been given deductibility. Maintaining equality has not been achieved even within the same type of yield. Exceptions from the main rules entail situations where interest rates and capital losses are being denied, and dividend dispositions are allowed, to decrease the taxable income. Finally, an inequality between interest rate and capital loss exists, regarding the timing of deductibility. Interest rate reduces tax cost annually while capital losses are deductible the year of realisation.

Due to the regulation, certain rules are from a company’s point of view more beneficial than others. An opportunity to circumvent the law arises if a company may choose applicable rules. It has through studies of the possibilities to construct hybrid instruments been established that a company is able to re-create an instrument with an alternative taxation treatment. Thus, a company can get the most favourable regulation applicable on its funding method and hereby obtain an advantageous taxation result.

The inequalities and the possibilities to circumvent the law are in the thesis criticized from a perspective of neutrality, which culminates in a discussion whether these problems should be managed by the court or through changes of the legislation. The arbitrage can be countered through a determination of the economic substance of a transaction. Such an assessment poses difficulties and the method has a limited use. The conclusion is therefore that a change in the legislation, intended to achieve an equal treatment among different instrument types and its yields, in a more efficient way reduces the problems that arise when utilizing hybrid instruments. (Less)
Please use this url to cite or link to this publication:
author
Andreasson, Lina LU
supervisor
organization
alternative title
Funding through hybrid instruments - A study regarding the economic situation of a limited company issuing hybrid instruments
course
LAGM01 20152
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
aktiebolag, kapitalanskaffning, skatterätt, hybridinstrument
language
Swedish
id
8514410
date added to LUP
2016-01-27 13:59:41
date last changed
2016-01-27 13:59:41
@misc{8514410,
  abstract     = {A method of financing containing characteristics of equity as well as debt falls under the classification of a hybrid instrument. Legislation regarding company law, accounting law and tax law has been studied in order to examine how these, in a funding purpose, impact the financial situation of the issuing company.

The acquired knowledge of the legal situation has been used to establish inequalities among funding methods. A debt instrument affects, in contrast to an equity instrument, the operating result of a company. A dissimilar treatment has also been distinguished due to the fact that interest and capital losses, but not dividends, has been given deductibility. Maintaining equality has not been achieved even within the same type of yield. Exceptions from the main rules entail situations where interest rates and capital losses are being denied, and dividend dispositions are allowed, to decrease the taxable income. Finally, an inequality between interest rate and capital loss exists, regarding the timing of deductibility. Interest rate reduces tax cost annually while capital losses are deductible the year of realisation.

Due to the regulation, certain rules are from a company’s point of view more beneficial than others. An opportunity to circumvent the law arises if a company may choose applicable rules. It has through studies of the possibilities to construct hybrid instruments been established that a company is able to re-create an instrument with an alternative taxation treatment. Thus, a company can get the most favourable regulation applicable on its funding method and hereby obtain an advantageous taxation result.

The inequalities and the possibilities to circumvent the law are in the thesis criticized from a perspective of neutrality, which culminates in a discussion whether these problems should be managed by the court or through changes of the legislation. The arbitrage can be countered through a determination of the economic substance of a transaction. Such an assessment poses difficulties and the method has a limited use. The conclusion is therefore that a change in the legislation, intended to achieve an equal treatment among different instrument types and its yields, in a more efficient way reduces the problems that arise when utilizing hybrid instruments.},
  author       = {Andreasson, Lina},
  keyword      = {aktiebolag,kapitalanskaffning,skatterätt,hybridinstrument},
  language     = {swe},
  note         = {Student Paper},
  title        = {Hybridinstrument i kapitalanskaffningssyfte - En utvärdering av ett aktiebolags ekonomiska situation vid emission av hybridinstrument},
  year         = {2015},
}