A historical tax payment method that required companies to pay an advance on corporation tax when distributing dividends. Abolished on 6 April 1999, it has since been replaced by an instalment-based system for larger companies.
The Annual Investment Allowance (AIA) allows businesses to offset 100% of their capital expenditure in a year against corporation tax, within set limits.
An in-depth look into balancing charges in corporation tax, including definitions, types, examples, historical context, importance, and considerations.
An in-depth exploration of chargeable events in taxation, including historical context, types, key events, and detailed explanations.
A comprehensive guide to Close Investment Holding Companies (CIHC), their historical context, categorization, key characteristics, regulations, and relevance in modern finance.
Corporation Tax is a tax charged on the total profits of a company resident in the UK arising in each accounting period. The rate of corporation tax depends on the level of profits of the company.
Detailed overview of Corporation Tax (CT), including its historical context, types, importance, key events, formulas, and related terms.
Exploring the mechanisms, implications, and categories of direct taxation, including its historical context, types, key events, and detailed explanations.
A principle in UK income tax and corporation tax that denies deductibility of expenditures with a dual purpose unless identifiable as wholly for business.
The Finance Act is the annual UK Act of Parliament that changes the law relating to taxation, implementing the rates of income tax, corporation tax, etc., proposed in the preceding Budget.
A comprehensive overview of the Financial Year, including definitions, historical context, types, key events, mathematical models, and real-world applications.
Understanding the First-Year Allowance: A Special Capital Allowance in the UK Tax System
Gross Corporation Tax is the total corporation tax payable on the profits chargeable to corporation tax for an accounting period, before any deductions for income tax suffered on investment income.
An exploration of the concept of a group in the context of business structures, particularly in UK tax law, where a group consists of a parent company and its subsidiaries, including tax implications and related concepts.
A detailed exploration of group income, focusing on inter-company dividends, tax implications, and strategic importance within corporate groups.
Detailed coverage of the Imputation System in the UK, including its historical context, operations, key events, mathematical models, significance, and more.
An in-depth exploration of Mainstream Corporation Tax (MCT), its historical context, key aspects, significance, and impact on businesses.
Detailed explanation of Marginal Relief, including historical context, calculation methods, and key considerations for small companies.
An in-depth look at the term MCT, covering its meanings, historical context, key events, explanations, and related concepts.
Detailed exploration of the Pay and File system, a former method for paying corporation tax introduced in the UK, its historical context, procedures, and eventual replacement by self-assessment.
An overview of Profits Chargeable to Corporation Tax (PCTCT) including its definition, importance, calculation, and related concepts.
Amounts demanded by the tax authorities in excess of the tax due when certain statutory requirements have not been satisfied, with differing regimes for income tax, corporation tax, and value added tax.
A comprehensive guide to qualifying losses, their historical context, types, key events, explanations, formulas, importance, applicability, and related terms in accounting and taxation.
A detailed examination of Recoverable Advance Corporation Tax (ACT), its historical context, mechanisms, and implications before its abolition in 1999.
Rollover Relief allows for the deferral of capital gains tax or corporation tax when proceeds from the disposal of an asset are reinvested in a new asset, with specifics on eligible assets and terms.
Comprehensive overview of the term 'Schedule,' including its definitions, historical context, key events, types, importance, applicability, examples, and related terms.
An in-depth guide on the self-assessment tax scheme for companies, including its historical context, procedures, requirements, and implications.
An in-depth exploration of the Shadow Advance Corporation Tax system in the UK, its context, implementation, and significance in corporate taxation.
A body of civil servants specialized in tax law appointed to hear appeals against various tax assessments such as income tax, corporation tax, capital gains tax, and inheritance tax.
A comprehensive guide to Surplus Advance Corporation Tax, detailing its historical context, types, key events, explanations, importance, applicability, and more.
Taxation: Understand the mechanisms, history, types, and implications of taxes levied by governments on individuals and corporations.
The UK legislation consolidating the law relating to the administration and collection of income tax, corporation tax, and capital gains tax.
An in-depth examination of total profits, their calculation, historical context, importance, and applicability.
