advance corporation tax

noun

a former UK tax in which a company paying a dividend had to deduct the basic rate of income tax from the grossed-up value of the dividend and pay it to the Inland RevenueAbbreviation: ACT

Nearby words

  1. adust,
  2. aduwa,
  3. adv.,
  4. advaita,
  5. advance,
  6. advance directive,
  7. advance fee,
  8. advance guard,
  9. advance man,
  10. advance notice

Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012