advance corporation tax

(redirected from Advanced Corporation Tax)
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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.
References in periodicals archive ?
And the findings revealed a further 19 per cent of Britons were aware that Mr Brown had removed the Advanced Corporation Tax credit, but had no idea of the impact on the value of their pension fund.
The abolition of Advanced Corporation Tax had a pounds 5 billion per year sting in the tail for pension funds and this has undoubtedly played its part in the well-documented pensions crisis.
``The prime cause of the underfunding relates to a decision in the late 1980s that required local govern-ment pension funds to be 75pc funded, instead of 100pc.'' The position was made worse by a Treasury decision to scrap advanced corporation tax so that the fund could not reclaim tax paid on dividends received.
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