ACT stands for both Association of Corporate Treasurers and Advance Corporation Tax in the realm of accounting, each holding significant importance in different contexts.
Mainstream Corporation Tax (MCT) was formerly a key component of the corporation tax system in the UK, calculating a company's tax liability for an accounting period after the offsetting of Advance Corporation Tax (ACT), which was abolished in 1999.
An overview of Recoverable Advance Corporation Tax (ACT), its purpose, and its eventual abolition in the context of corporate taxation practices.
