Corporation Tax
English Legal System: Corporation Tax
In the context of the English law, A Dictionary of Law provides the following legal concept of Corporation Tax : A tax on the worldwide profits of limited companies and certain other bodies resident or trading in the UK. Corporation tax started on 6 April 1966 (before this date companies paid income tax and profits tax). It applies to all bodies corporate and unincorporated associations, including limited companies, building societies, cooperative societies, unit trusts, and investment trusts, but excluding local authorities.
The tax is based on the profits shown in the company’s audited accounts after adding back certain nonallowable deductions, which include depreciation of *machinery and plant, provisions for doubtful debts, and political contributions. However, *capital allowances are deductible for corporation tax purposes, as are losses carried forward from earlier years. From April 1973 until April 1999 a company was required to pay *advance corporation tax on its distributed profits, which was offset against its corporation tax liability. From 1999 larger companies pay corporation tax in instalments. Chargeable gains (See capital gains tax) count as profits for corporation tax purposes but losses can be offset against any gains. The rates of corporation tax are (for 2001-02): 10% for profits up to £10,000; a 20% small companies rate for profits from £50,000 to £300,000, and a 30% main rate for profits over £1,500,000. There are sliding scales (marginal relief) for amounts between the different rates.
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Legal English Vocabulary: Corporation Tax in Spanish
Online translation of the English legal term corporation tax into Spanish: impuesto de sociedades (English to Spanish translation) . More about legal dictionary from english to spanish online.
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See Also
- Taxation
- Public Finance
- Public Policy
- Tax Law
- Financial Regulation
Hierarchical Display of Corporation tax
Finance > Taxation > Tax on income
Law > Civil law > Civil law > Legal status > Legal person
Business And Competition > Accounting > Accounting > Operating result > Profit
Business And Competition > Legal form of organisations > Organisation
Meaning of Corporation tax
Overview and more information about Corporation tax
For a more comprehensive understanding of Corporation tax, see in the general part of the online platform.[rtbs name=”xxx-xxx”]
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Translation of Corporation tax
- Spanish: Impuesto sobre sociedades
- French: Impôt sur les sociétés
- German: Körperschaftssteuer
- Italian: Imposta sulle società
- Portuguese: Imposto sobre as sociedades
- Polish: Podatek dochodowy od osób prawnych
Thesaurus of Corporation tax
Finance > Taxation > Tax on income > Corporation tax
Law > Civil law > Civil law > Legal status > Legal person > Corporation tax
Business And Competition > Accounting > Accounting > Operating result > Profit > Corporation tax
Business And Competition > Legal form of organisations > Organisation > Corporation tax
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