Advance Corporation Tax (ACT) was a system used in the United Kingdom where corporations made advance payments on their corporation tax liabilities when distributions, such as dividends, were made. ACT was abolished on April 6, 1999.
A relevant property trust is defined for inheritance tax purposes and involves taxation upon creation, distribution, and every tenth anniversary. It excludes interest-in-possession trusts, 18--25 trusts, or trusts for bereaved minors.
