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. 2014.

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  • 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… …   Law 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 with effect from 1 April 1999. See also: imputation system …   Accounting dictionary

  • mainstream corporation tax — Fin formerly the balance of corporation tax due after deducting ACT. See also Advance Corporation Tax …   The ultimate business dictionary

  • 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

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