advance 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 ?
The British government threatened to deny refunds of advance corporation tax (ACT) to U.S.
In addition, if the company then distributed the foreign dividends to its shareholders, they used to be subject to advance corporation tax -now abolished by Mr Brown -while dividends from a UK subsidiary were effectively exempted by ACT credits.
We have had changes to advance corporation tax rules that hit the pension funds and the introduction of the minimum wage and extra rights for employees.
But Mr Portillo said changes to advance corporation tax was costing charities pounds 500 million a year.
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