advance corporation tax

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advance corporation tax

(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

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Attorney-General, Joined Cases C-397/98 and C-410/98 [2001] ECR I-1727, [2001] Ch 620 (the Hoechst case), certain parent companies which are citizens of countries other than the United Kingdom (here, two from the United States) which lie outside of the European Union, filed suits in the English Courts against the Commissioners for Her Majesty's Revenue and Customs (Commissioners) over their liability to pay an Advance Corporation Tax (ACT).

In English suit by U.S. parent corporations of UK companies seeking restitution for discriminatory collection of Advance Corporation Tax, Court of Appeal (Civil Division)

* A subsequent government abolished the right of pension funds to reclaim advance corporation tax credits--estimated to be worth 5 billion [pounds sterling] a year.

Super size me: sometimes it's good for financial managers to keep an eye on the really big picture. David Allen explains why the UK pensions crisis is a classic example of the interdependence of 'megatrends'

"This decided that it was unlawful for the Inland Revenue to impose advance corporation tax on dividends paid by UK companies to parent companies based elsewhere in Europe."

BUSINESS life: Taxman may have to return pounds 1billion in corporation tax

The removal of the advance corporation tax credit for pension funds was cited as a major reason for the shift.