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
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