No / The authors present findings from the initial phase of an ongoing externally funded research project into senior executive perceptions of the impact of capital taxation upon unquoted companies incorporated in the United Kingdom. Open-ended interviews were conducted with the senior executives of six unquoted companies which are also multigenerational family businesses. The interviews guided the executives to explore the history of their company; the values and aspirations of the founding or owning family(ies); the impact of capital taxation regimes, previous and current, both on ownership and on management succession; and strategies being pursued. Using content analysis to identify key themes, the authors suggest that their findings indicate that capital taxation may have a major impact both on ownership and on management succession as well as on succession planning. However, the current capital tax regime in the United Kingdom is perceived to be more favourable than that of previous regimes and vis-aé-vis the regimes currently operating in most European countries. Capital taxation is not thought to influence strategic or operational decisions either positively or negatively. Companies use taxation-planning devices, frequently involving trusts, in order to reduce the actual burden of capital taxation falling upon individual shareholders at ownership succession. The present capital taxation regime, which includes gift relief and business asset taper relief within capital gains tax, and 100% business property relief within inheritance tax, eases succession planning. Business asset taper relief also facilitates shareholder exit strategies.

Substansrabatt för investmentbolag har sedan länge diskuterats inom företagsvärlden och forskningsvärlden. Substansrabattens bakomliggande faktorer är väldokumenterade och omdiskuterade men forskare är inte eniga om exakt vilka faktorer det är som driver investmentbolagets substansrabatt. En av de faktorer som visat sig ha en effekt på substansrabatten för investmentbolag är onoterat innehav och det är onoterat innehav som ligger till grund för vår uppsatts. Syftet med studien är att analyser sambandet mellan svenska investmentbolags substansrabatt och dess onoterade innehav genom att studera ekonomiska egenskaper för de onoterade bolagen som ingår i respektive investmentbolags innehav. Studien baserades på kvartalsvisa observationer för svenska investmentbolags nivå av substansrabatt, andel onoterat innehav, diversifiering av onoterat innehav och värdedrivande parametrar i respektive investmentbolags onoterade innehav. För att besvara studiens frågeställning använde vi oss av Pearson`s korrelationstest och linjära regressioner. Resultatet av studien påvisade att det finns ett positivt samband mellan investmentbolagens substansrabatt och andelen tillväxtbolag i det onoterade innehavet och att det finns ett negativt samband mellan lönsamhet i det onoterade innehavet och investmentbolagets substansrabatt. / The discount to NAV has been a debatable topic in the corporate world and the scientific field for a long period of time. Even though the underlying factors associated with the discount to NAV has been well documented and widely discussed, scientist remains divided on the topic. A factor that has been determined to have an effect on the discount to NAV is unquoted holdings which also is the starting point for this thesis. The purpose of this thesis is to analyze the relationship between Swedish investment companies discount to NAV and the companies’ unquoted holdings by studying key performance indicators regarding the companies ‘unquoted holdings. The thesis was based on quarterly observations of the discount to NAV, the quota of unquoted holdings, level of diversification and financial key figures. To answer the hypothesis of the thesis we used Pearson`s test of correlation and linear regression. The thesis result indicates that there is a positive relationship between the discount to NAV and the quota of unquoted growth companies. The results also showed a negative relationship between profitability in unquoted holdings and the discount to NAV.