Gross corporation tax is the total amount of corporation tax payable on the profits chargeable to corporation tax for an accounting period, calculated before deduction of any income tax suffered on investment income.
An overview of Recoverable Advance Corporation Tax (ACT), its purpose, and its eventual abolition in the context of corporate taxation practices.
Surplus Advance Corporation Tax (ACT) refers to the excess amount of advance corporation tax paid within an accounting period that surpassed the maximum amount allowable for set-off against gross corporation tax. This taxation mechanism was abolished effective 1 April 1999.
