taxable profit
21stepped-up basis — An increased basis (value that is used to determine taxable profit or loss when property is sold) given to inherited property that went up in value after the deceased person acquired it but before the new owner inherited it. The basis of the new… …
22mainstream corporation tax — The tax charged on companies resident for tax purposes in the UK and foreign companies operating through a UK branch, tax is calculated as a percentage of taxable profit, i.e. taxable income less deductible expenses, reliefs and allowances. For… …
23small companies rate — A reduced rate of corporation tax applied to small companies with taxable profit below ₤300,000. The rate is 10 per cent on the first ₤10,000 of profit with a marginal rate of 22.5 percent on profits between ₤10,000 and ₤50,000. 20 per cent… …
24tax loss — noun A loss that can be offset against taxable future profits • • • Main Entry: ↑tax * * * n. Economics a loss that can be offset against taxable profit earned elsewhere or in a different period …
25Participation exemption — is a general term relating to an exemption from taxation for a shareholder in a company on dividends received, and potential capital gains arising on the sale of shares. Background The justification for a participation exemption is to eliminate… …
26MECC — For other uses, see MECC (disambiguation). The Minnesota Educational Computing Consortium (later Corporation), most commonly known as MECC, was an organization founded in 1973. The goal of the organization was to coordinate and provide computer… …
27Leasing — is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductable payments. The lessee is the receiver of the services or the assets under the lease contract and the… …
28Fiscal year — A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ( yearly ) financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation… …
29Lothian, Borders & Angus Co-operative Society — Infobox Co operative company name = Lothian, Borders Angus Co operative Society company company type = Consumer co operative foundation = 1839 (or earlier) location = Galashiels key people = I.F.B. Hewat, President [Cite web… …
30capital allowances — For qualifying equipment (i.e. plant and machinery but also including a licence of computer software) a proportion of the capital cost can be used to relieve tax: the relevant amount is set against company revenue which would otherwise be taxable …
