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.
An in-depth exploration of the Advance Corporation Tax (ACT) system in the UK, detailing its historical context, functionality, abolition, and impact on corporate taxation.
The rate of income tax that applies to all taxable non-saving incomes above a lower limit and below an upper limit, which is 20 per cent for most UK taxable income in 2011--12.
An in-depth exploration of the Basic Rate of Income Tax in the UK, including its history, key events, detailed explanations, applicability, and related terms.
An in-depth look at Chargeable Gains in the UK, detailing their historical context, classifications, events, mathematical models, importance, and examples, along with related terms and FAQs.
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.
An overview of the tax-free dividend income limit, including its historical context, applicability, and key considerations.
An in-depth look at the Dividend Tax in the UK, its history, rates, importance, and implications for taxpayers.
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.
Detailed coverage of the Imputation System in the UK, including its historical context, operations, key events, mathematical models, significance, and more.
A system where individuals are taxed separately on their income and capital gains, independent of marital status and spouse's income.
Detailed explanation of Marginal Relief, including historical context, calculation methods, and key considerations for small companies.
An in-depth exploration of the Meade Review, a pivotal examination of the UK tax system chaired by Nobel Laureate James Meade, and its significant recommendations published in the 1978 Meade Report.
An in-depth analysis of the Mirrlees Review, its historical context, recommendations, and impact on the UK tax system.
The P60 is an official document provided to employees in the UK detailing their total pay and deductions for the tax year. It is essential for tax returns and various financial assessments.
An overview of the PAYE system, which is the UK system of collection of income tax on earned incomes at source. Employers deduct personal income tax and National Insurance contributions from employees' earnings at the time of payment.
PAYE, or Pay-as-you-earn, is a UK system for collecting income tax and National Insurance contributions from employees' earnings via their employers. This comprehensive article explains the system's historical context, administration, importance, and much more.
An in-depth exploration of the Personal Allowance in the UK, its history, regulations, and implications for taxpayers.
A comprehensive overview of Personal Equity Plans (PEPs), their historical context, mechanics, importance, and their replacement by Individual Savings Accounts (ISAs).
A comprehensive overview of the Preceding-Year Basis (PYB), a method for assessing profits in taxation based on the previous year's accounts. Detailed explanations, historical context, examples, and its replacement in the UK tax system.
An in-depth exploration of Rateable Value, its historical context, types, key events, importance, applicability, related terms, and more.
A detailed examination of Recoverable Advance Corporation Tax (ACT), its historical context, mechanisms, and implications before its abolition in 1999.
An in-depth guide on the self-assessment tax scheme for companies, including its historical context, procedures, requirements, and implications.
An in-depth look at the Starting Rate of Income Tax in the UK, which was a tax rate below the basic rate. It was introduced in 1999 and abolished in April 2008.
An overview of the UK Working Tax Credit, including historical context, eligibility criteria, key events, calculations, importance, applicability, examples, related terms, and FAQs.
An in-depth guide to the Working Tax Credit (WTC), a tax credit designed to support low-income workers in the United Kingdom. Learn about eligibility, benefits, application process, and more.
