franked investment income
- franked investment income
Formerly, dividends and other distributions from UK companies received by other companies. The principle of the imputation system of taxation was that once one company had paid corporation tax, any dividends it paid could pass through any number of other companies without carrying a further corporation-tax charge. The amount of tax credit included in the franked investment income could reduce the amount of advance corporation tax (ACT) that the recipient company had to pay on its own dividends. ACT was abolished with effect from 1 April 1999.
Accounting dictionary.
2014.
Look at other dictionaries:
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