advance corporation tax

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Advance Corporation Tax

In the United Kingdom, a former withholding tax made on dividends. That is, corporations were required to pay the advance corporation tax on dividends before they were paid to shareholders so that the shareholders themselves were not responsible for paying any taxes. Dividends paid to pensions or some other tax-exempt investment vehicles may have had the advance corporation tax refunded later. The tax was rescinded in 1999.

advance corporation tax (ACT)

see CORPORATION TAX.
References in periodicals archive ?
Since then, the EU executive has called on all member states in the bloc to submit their advance tax notice documents to Brussels.
But in reality where the poor parents are making efforts to educate their children and to provide skilled professional human resources to the country to increase productivity and health facilities, the government is creating additional problems and hindrances to keep the young generation deprived from education, skill development and professionalism by imposing such taxes in the name of Educational Advance Tax on the already tax paying salaried class as well, which is lamentable and needs to be rectified and to be withdrawn immediately.
New Delhi: In a stern warning to tax evaders, the government yesterday warned them to either disclose their correct income and pay advance tax by December 15 or be prepared to face action.
1]80 million advance tax in the July-September quarter this year.
Advance tax receipts for the April-June quarter rose 19 per cent compared with 33 per cent growth in the same period last year, indicating a sharp impact on corporate bottom lines.
The changes include the introduction of a formal advance tax ruling procedure and a step up opportunity on certain conversions of a corporation into a partnership but eliminating at the same time a loophole in the international participation exemption.
According to the decisions approved, industrial consumers will have to pay 5 percent, commercial consumers will pay 10 percent advance tax on electricity bills, advance tax on commercial imports increased from 4 to 5 percent, industrial importers will continue to pay 3 percent advance tax on their imports, 5 percent advance tax on Domestic Air Tickets levied, and advance tax at one rupee per kilogramme on goods transport vehicle levied.
Advance tax rulings allow taxpayers to achieve certainty about the tax consequences of contemplated transactions, and are thus considered indispensable in the modern world of tax administration and compliance.
The likelihood is that it's closer to pounds 1m in advance tax collected by XL for the Government.
The decision came after the Canadian government stopped providing advance tax rulings on income trust offerings pending a tax review.
Parents with sufficient taxable income received advance tax refunds of $300 per child during the third quarter.
To stimulate the economy more rapidly than if taxpayers had to wait until their year 2001 return to realize the full impact of this rate reduction, the act provided for an advance tax refund in 2001.