- 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 the tax year 2000/1 the following rates apply: - profits up to ₤10,000 at 10% - a marginal rate of 22.5% is applied to profits between ₤10,000 and ₤50,000 - profits up to ₤300,000 at 20% - profits between ₤300,000 and ₤1.5m at a marginal rate of 32.5% - profits in excess of ₤1.5m at 30%
Easyform Glossary of Law Terms. — UK law terms.
- corporation tax
a tax on the profit or gains of a company other than profits or gains made by it in a fiduciary capacity. Corporation tax is charged on both income and capital profits. Income profits are calculated on income tax principles while capital profits are calculated on capital gains tax principles.
Collins dictionary of law. W. J. Stewart. 2001.
- corporation tax
A tax paid by companies on the profits of its business. The term profits includes all sources of income (other than dividends from UK companies) and chargeable gains. Companies resident in the UK are charged to corporation tax on the whole of their worldwide profits (subject to double taxation relief for foreign taxes). Companies that are not resident in the UK but which have UK source profits are charged to corporation tax on their UK source profits only if the company trades in the UK through a permanent establishment and the UK source profits are derived through that permanent establishment. A company usually pays corporation tax by reference to each accounting period. The rates of corporation tax are fixed for financial years which run from 1 April to 31 March. Companies pay corporation tax within nine months from the end of the relevant accounting period.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
Look at other dictionaries:
corporation tax — noun A tax levied on the profits of companies • • • Main Entry: ↑corporate * * * corporation tax UK US noun [uncountable] a tax that companies pay on their profits Thesaurus: types of tax and taxationhyponym * * * ˌcorpoˈration tax … Useful english dictionary
corporation tax — ► NOUN ▪ tax levied on companies profits … English terms dictionary
corporation tax — Taxation payable by companies, as opposed to individuals and trusts. Dresdner Kleinwort Wasserstein financial glossary Tax chargeable on the profits of a UK company. Financial Services Glossary * * * corporation tax corporation tax ➔ tax1 * * *… … Financial and business terms
corporation tax — CT 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. The small companies rate of 19% currently applies to companies with… … Big dictionary of business and management
corporation tax — (BrE) (AmE corporation income tax) n [U] a tax paid by companies on their profits. British companies pay between 19% and 30% corporation tax, depending on the size of their profits. In the US different rates are charged in each state. * * * … Universalium
corporation tax — CT 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. The small companies rate of 19% currently applies to companies with … Accounting dictionary
corporation tax — N UNCOUNT Corporation tax is a tax that companies have to pay on the profits they make … English dictionary
corporation tax — corpo ration ,tax noun uncount a tax that companies pay on their profits … Usage of the words and phrases in modern English
corporation tax — noun Brit. tax levied on companies profits … English new terms dictionary
corporation tax — UK / US noun [uncountable] British a tax that companies pay on their profits … English dictionary