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advance corporation tax
advance corporation tax n (Accounting & Book-keeping) a former UK tax in which a company paying a dividend had to deduct the basic rate of income tax from the grossed-up value of the dividend and pay it to the Inland Revenue. Abbreviation: ACT EncyclopediaSeeactMedicalSeeACTadvance corporation tax
advance corporation tax a sum payable to the revenue when a company paid a dividend to its shareholders, abolished for distributions made after April 1999.advance corporation tax
Advance Corporation TaxIn the United Kingdom, a former withholding tax made on dividends. That is, corporations were required to pay the advance corporation tax on dividends before they were paid to shareholders so that the shareholders themselves were not responsible for paying any taxes. Dividends paid to pensions or some other tax-exempt investment vehicles may have had the advance corporation tax refunded later. The tax was rescinded in 1999.advance corporation tax (ACT) see CORPORATION TAX.AcronymsSeeactual |