Advance Corporation Tax (ACT) was a prepayment of corporate tax that companies in the UK had to make on dividends paid to shareholders. It played a significant role in the tax regime until its abolition in 1999.
The right to deduct past losses from present profits in calculating liability to tax, reducing tax burden on profitable entities.
An in-depth exploration of what constitutes a Close Company, its implications, historical context, key events, and other relevant details.
Direct taxes are taxes imposed directly on individuals and organizations, including income tax, corporate tax, property tax, and inheritance tax. These taxes are paid directly to the government by the taxpayer.
An in-depth look at Franked Investment Income, a tax-efficient distribution mechanism that allowed dividends to be transferred between UK companies without incurring additional taxes.
Group Relief allows companies within a 75% group to transfer qualifying losses, reducing the overall tax liability by setting losses against profits of other group members.
A corporation tax system in which a company making a qualifying distribution pays tax on the dividend paid, with the shareholder treated as having suffered tax on the dividend.
Understanding the Differences Between Income Tax and Corporate Tax
Explore the distinctions between personal income taxes and corporate taxes, focusing on tax rates for corporate retained earnings versus personal income taxes on dividends.
A comprehensive exploration of the return period, an essential concept in corporate tax accounting.
An exploration of the Small Companies' Rate, its historical context, types, key events, formulas, importance, applicability, examples, and related terms.
The Tax Cuts and Jobs Act (TCJA) is a significant tax reform law passed in 2017. It introduced significant changes to personal and corporate tax rates and deductions, aiming to simplify the tax code and stimulate economic growth.
Understanding the Alternative Minimum Tax (AMT), its application, history, and impact on corporate and high-income noncorporate taxpayers.
A comprehensive overview of Annual Earnings, including definitions, tax implications, and reconciliation processes.
A detailed overview of the Dividends-Paid Deduction, its applicability in computing the accumulated earnings tax and the personal holding company tax.
A comprehensive explanation of the Dividends-Received Deduction, a tax deduction allowed to a corporation owning shares in another corporation for the dividends it receives.
An in-depth exploration of Investment Companies, including Real Estate Investment Trusts (REITs), Regulated Investment Companies (RICs), and the specific regulations governing them.
A detailed overview of Personal Holding Companies (PHCs), their definitions, tax implications, and the role they play in the corporate and investment landscape.
A Personal Service Corporation (PSC) is a business entity where the primary activity involves personal services substantially performed by employee-owners. PSCs face distinct tax treatments, including being taxed at the highest corporate rate.
Examination of the economic entity that ultimately bears the burden of a tax and how taxes are shifted to different entities.
Comprehensive guide to understanding taxable income for individuals, corporations, trusts, estates, and other entities.
Comprehensive coverage of Unrelated Business Income (UBI), detailing its definition, types, considerations, exclusions, and taxation. Learn about UBI's impact on tax-exempt organizations and their business operations.
A comprehensive guide to C Corporations, including their definition, advantages, disadvantages, and tax implications. Understand the unique features of C Corporations and how they differ from other business entities.
An in-depth exploration of corporate tax, covering its definition, associated deductions, and the mechanisms by which it operates to generate government revenue.
The Dividends Received Deduction (DRD) is a key tax provision that eliminates the issue of triple taxation for certain U.S. corporations.
Double taxation refers to income taxes paid twice on the same income source. It occurs when income is taxed at both the corporate and personal level, or by two nations.
An in-depth exploration of the effective tax rate, including its calculation, significance, and impact on individuals and corporations.
An in-depth exploration of franchise tax, including its definition, applicable rates, possible exemptions, and practical examples.
Comprehensive Guide to Gross Receipts: Definition, Examples, Importance in Business, and Taxation Implications
A comprehensive guide to understanding Net Operating Loss (NOL), its types, implications, and carryforward rules in accounting and taxation.
