mainstream corporation tax

mainstream corporation tax
The tax charged on companies resident for tax purposes in the UK and foreign companies operating through a UK branch, tax is calculated as a percentage of taxable profit, i.e. taxable income less deductible expenses, reliefs and allowances. For tax year 2000/1the tax rate are as follows: - profits up to ₤10,000 at 10% - a marginal rate of 22.5% is applied to profits between ₤10,000 and ₤50,000 - profits up to ₤300,000 at 20% - profits between ₤300,000 and ₤1.5m at a marginal rate of 32.5% - profits in excess of ₤1.5m at 30%

Easyform Glossary of Law Terms. — UK law terms.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • mainstream corporation tax — MCT Formerly, the liability for corporation tax of a company for an accounting period after the relevant advance corporation tax was deducted. Advance corporation tax was abolished with effect from 1 April 1999. See also: imputation system …   Accounting dictionary

  • mainstream corporation tax — MCT Formerly, the liability for corporation tax of a company for an accounting period after the relevant advance corporation tax was deducted. Advance corporation tax was abolished in 1999. See also imputation system …   Big dictionary of business and management

  • mainstream corporation tax — /ˌmeɪnstri:m ˌkɒ:pə reɪʃ(ə)n tæks/ noun the total tax paid by a company on its profits (less any advance corporation tax, which a company has already paid when distributing profits to its shareholders in the form of dividends). Abbreviation MCT …   Dictionary of banking and finance

  • advance corporation tax — When a company paid a dividend it also paid a percentage of the amount of the distribution to the Inland Revenue as ACT. The company could then set off the amount of ACT against its liability to mainstream corporation tax. ACT was abolished on… …   Law dictionary

  • advance corporation tax — Also known as ACT. Dresdner Kleinwort Wasserstein financial glossary corporation tax liabilities are normally payable nine months after the end of the chargeable accounting period to which they relate. However, where a company pays a dividend (… …   Financial and business terms

  • United Kingdom corporation tax — Throughout this article, the unqualified term pound and the £ symbol refer to the United Kingdom pound. Taxation in the United Kingdom This article is part of the series: Politics and government of the United Kingdom Central government …   Wikipedia

  • Tax haven — A tax haven is a place where certain taxes are levied at a low rate or not at all. Individuals and/or firms can find it attractive to move themselves to areas with lower tax rates. This creates a situation of tax competition among governments.… …   Wikipedia

  • Local Initiatives Support Corporation — Infobox company company name = Local Initiatives Support Corporation (LISC) company company type = Non Profit company mission = Local Initiatives Support Corporation (LISC) is dedicated to helping nonprofit community development organizations… …   Wikipedia

  • Carbon tax — Part of a series on Green economics Concepts …   Wikipedia

  • One Economy Corporation — Founded 2000 Location 1220 19th St NW Ste 610 Washington, DC USA …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”