mainstream corporation tax

mainstream corporation tax

n
(Commerce) (in Britain) the balance of the corporation tax formerly paid by a company for an accounting period after the advance corporation tax had been deducted
References in periodicals archive ?
The cut in mainstream Corporation Tax won't directly help smaller businesses, but it will help to attract overseas businesses to set up in the UK.
The mainstream corporation tax rate will fall to 23% this April and 21% from April 2014, making the UK one of the most competitive mainstream corporation tax rates of major western economies.
And while net finance expense for the first six months is expected to increase due to a pounds 200m index-linked loan with the European Investment Bank and slightly higher inflation costs on its index-linked debt, a deferred taxation credit of pounds 50m is due, following the Government's decision to cut mainstream corporation tax from 26% to 25%.
Mr Jewkes, tax partner at Grant Thornton in Birmingham, said: "We have known for a long while that the mainstream corporation tax rate was scheduled to come down, but it is disappointing that this cut will now be introduced in phases.
In order for the UK to stand out from the competition, the Chancellor could announce a programme of future postelection reductions in the mainstream corporation tax rate.
EIGHT of the 10 companies had paid no mainstream corporation tax on their core water and sewerage businesses.
tax authorities on any distribution but can be used to offset mainstream corporation tax, depressed first half cash balances.
The Company incurred its first mainstream corporation tax charge of 22 million pounds ($36 million) in the year ended June 30, 1998.
Despite headline announcements in this year's Budget of dropping the basic rate of income tax, aligning national insurance contributions and reducing mainstream corporation tax, the reality is that other increases will lead to a maintenance of the status quo," said Ms Lagerberg.
Mainstream corporation tax to be cut from April 2008 to 28p - down from 30p.
This ACT may be set off against future Mainstream Corporation Tax (MCT) liabilities.