shadow advance corporation tax
1shadow advance corporation tax — A system applying to any unrelieved surplus advance corporation tax (ACT) on 6 April 1999, when ACT was abolished. It preserved the right to carry forward surplus ACT but did not result in any reduction in the corporation tax liability for… …
2advance corporation tax — When a company paid a dividend it also paid a percentage of the amount of the distribution to the Inland Revenue as ACT. The company could then set off the amount of ACT against its liability to mainstream corporation tax. ACT was abolished on… …
3United Kingdom corporation tax — Throughout this article, the unqualified term pound and the £ symbol refer to the United Kingdom pound. Taxation in the United Kingdom This article is part of the series: Politics and government of the United Kingdom Central government …
4shadow ACT — The system adopted to determine the extent to which surplus ACT carried forward (post 5 April 1999) can be set off against corporation tax arising on or after 6 April 1999. Although no actual advance corporation tax (ACT) arises on distributions… …
5Gordon Brown — This article is about the former UK Prime Minister. For other people with the same name, see Gordon Brown (disambiguation). The Right Honourable Gordon Brown MP …
6act — 1 n 1 a: something done by a person in accordance with his or her free will a tortious act see also actus reus b: the failure to do something that one has a legal duty to do – called also negative act; 2 a …
7franked investment income — When a company receives a dividend from another company it will also receive the appropriate tax credit which can then be offset against ACT on its own distributions in the same period or carried forward to the next accounting period. Tax losses… …
8surplus ACT — Prior to 6 April 1999 where the amount of ACT (advance corporation tax) that a company paid on dividends exceeded its capacity to offset the ACT against mainstream corporation tax it had surplus ACT. Where a company had surplus ACT, it could be… …
9qualifying distribution — A type of distribution, the making of which generally caused a company with surplus ACT (advance corporation tax) to be required to account for shadow ACT. ACT has been abolished in relation to distributions made after 5 April 1999. Related links …
10United Kingdom — a kingdom in NW Europe, consisting of Great Britain and Northern Ireland: formerly comprising Great Britain and Ireland 1801 1922. 58,610,182; 94,242 sq. mi. (244,100 sq. km). Cap.: London. Abbr.: U.K. Official name, United Kingdom of Great… …
