United Kingdom corporation tax
Introduction of a Wikipedia article.
Complete article: http://en.wikipedia.org/wiki/United_Kingdom_corporation_tax
Corporation
tax
is
a
tax
levied
in
the
United
Kingdom
on
the
profits
made
by
companies
and
on
the
profits
of
permanent
es
of
non-UK
resident
companies
and
associations
that
trade
in
the
EU.
Pr
to
the
tax's
enactment
on
1
April
1965,
companies
and
individuals
paid
the
sa
inco
tax,
with
an
additional
profits
tax
levied
on
companies.
The
Fin
Act
1965
replaced
th
structure
for
comp
and
associations
with
a
si
corp
tax,
which
borrowed
its
ba
structure
and
rules
from
the
income
tax
syst
Since
1997,
the
UK's
Tax
Law
Rewrite
Project
has
been
modern
the
UK's
tax
legislation,
starting
wi
inco
tax,
wh
the
legislation
imp
corporation
tax
has
itse
be
amended;
the
rul
governing
income
tax
and
corporation
tax
have
thus
diverg
Corporation
tax
is
governed
by
the
Inco
and
Corporation
Ta
Act
19
Originally
intro
as
a
classical
tax
system,
in
which
com
were
subject
to
tax
on
the
profits
and
companies'
shareholders
were
al
liable
to
income
tax
on
the
dividends
that
th
received,
the
fi
major
amendment
to
corporation
tax
saw
it
move
to
an
imputa
syst
in
197
un
which
an
indivi
receiving
a
dividend
beca
entitled
to
an
income
tax
credit
representing
the
corporation
tax
already
paid
by
the
co
paying
the
divi
The
classical
system
was
reintroduced
in
1999,
with
the
abolition
of
advance
corporation
tax
and
of
repayable
dividend
tax
credits.
Anot
change
saw
the
single
ma
rate
of
tax
sp
in
three.
Tax
compet
between
jurisdic
has
reduced
the
main
ra
to
30%,
and
the
ma
rate
is
planned
to
reduce
to
28%
from
April
20
The
UK
government
has
fac
proble
wi
its
corporate
tax
st
including
European
Court
of
Justice
judgements
that
aspects
of
it
are
incom
with
European
Un
treat
Tax
avoidance
schemes
market
by
the
financial
sector
ha
also
prov
an
irritant,
and
been
countered
by
complicated
anti-av
legislation.
The
comp
of
the
corpor
tax
system
is
a
recognised
issue.
The
Labour
government,
su
by
the
Opposition
parties,
has
expressed
its
commitment
to
wide-scale
reform.
The
tax
has
slowly
been
integrating
general
accepted
accou
practice,
with
the
corporati
tax
sys
in
various
specific
areas
based
directly
on
the
acco
treatment.
Corporation
tax
is
the
next
area
scheduled
to
be
ta
by
the
Tax
Law
Rewri
project,
with
a
draft
Bi
due.
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