- group income election
Under the Income and Corporation Taxes Act 1988 group companies (at least 75% owned) can elect to pay dividends among themselves gross without deducting ACT.
Easyform Glossary of Law Terms. — UK law terms.
- group income election
An obsolete term. A holding company and its subsidiaries used to be able to jointly elect for interest and certain other payments (such as royalties) to be paid gross within the group without deducting tax at source. The Finance Act 2001 introduced a new exemption for the payment of such interest and other payments, for example, royalties, paid to companies within the charge to UK corporation tax and abolished these elections.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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