advance corporation tax

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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
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
References in periodicals archive ?
Four years ago Mr Brown abolished advanced corporation tax to help business but an unexpected side-effect was to slash by a third the dividends the fund paid out to top up pensions.
The companies are going to see Advanced Corporation Tax abolished in April, and this is very likely to encourage further buying back of shares.
The United Kingdom will be able to keep its advanced corporation tax so long as a tax credit is given since the directive does not cover an advanced payment of corporation tax by the subsidiary.

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