United Kingdom
From 1973 to 1999, the UK operated an imputation system, with shareholders able to claim a tax credit reflecting advance corporation tax (ACT) paid by a company when a distribution was made. A company could set off ACT against the company's annual corporation tax liability, subject to limitations.
In 1999 ACT was abolished. Shareholders receiving a dividend are still entitled to a tax credit which offsets their tax liability, but the tax credit no longer necessarily represents tax paid by the company, and cannot be refunded to the shareholder.
Read more about this topic: Dividend Imputation
Famous quotes containing the words united and/or kingdom:
“Man is to himself the most wonderful object in nature; for he cannot conceive what the body is, still less what the mind is, and least of all how a body should be united to a mind. This is the consummation of his difficulties, and yet this is his very being.”
—Blaise Pascal (1623–1662)
“The masses of the sea
The masses of the sea under
The masses of the infant-bearing sea
Erupt, fountain, and enter to utter for ever
Glory glory glory
The sundering ultimate kingdom of genesis’ thunder.”
—Dylan Thomas (1914–1953)