The focus will be on developments since the Meade Report that impact on the effects of taxes on companies and the relationship between corporate and personal income taxes. These include: the rise of international investment, both portfolio and direct; new financial instruments, which blur the distinction between equity and debt; and reforms which have moved corporate taxes away from a flow of funds base. The cash flow corporation taxes advocated by Meade do not avoid distortions between real or financial activities, debt or equity finance, or the worldwide location of activities, which have become more important over the last 30 years. Multinational firms make discrete location choices between jurisdictions which may depend on an average tax rate. Such firms can also shift profits between locations in search of a lower statutory tax rate. These considerations may favour the kinds of reforms we have witnessed - lower statutory tax rates, offset by broader tax bases. The discussion will consider how the relationship between corporate and personal taxes is affected by increased international ownership of equities and also examine issues raised by the growth of business organizations taxed directly under the personal income tax.