shadow advance corporation tax

shadow advance corporation tax
A system applying to any unrelieved surplus advance corporation tax (ACT) on 6 April 1999, when ACT was abolished. It preserved the right to carry forward surplus ACT but did not result in any reduction in the corporation tax liability for periods after 6 April 1999. Companies were given the choice of opting out of shadow ACT and writing off unrelieved surplus ACT at 6 April 1999.

Accounting dictionary. 2014.

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