Tax Abolition

Surplus Advance Corporation Tax
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.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.