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 The tax was rescinded in 1999.
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advance corporation tax (ACT)

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
A release of earlier advance corporation tax provisions helped CHE to finish with an after-tax profit of pounds 600,000, against a pounds 200,000 loss the year before.
income tax/FTC purposes: * Any advance corporation tax (ACT) refund paid to a U.S.
Ever since he walked into11 Downing Street in May 1997, stolid, po-faced Gordon Brown has been robbing the nation's pensions funds to the tune of pounds 5 billion by denying them the tax credit on the share dividend income that forms a large part of their annual incomeIt was called the reform of advance corporation tax. That's a concept that very few people understood and even fewer cared about.
'But the complexity of these new rules, together with the reform of the UK double tax relief system in 2001, the increase in National Insurance contributions with effect from April next year and the abolition of advance corporation tax, have adversely affected companies.'

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