UK shipping hopes to sail back to the good old days

Article Abstract:

British shipping companies should benefit from a tax change expected to come into effect in 2000. The change should mean that shipping companies should be able to stay within the current system, or be taxed on tonnage-based profits. This brings the benefit of certainty in relation to future tax liabilities. P and O could see a major drop in the company's liabilities. There will be benefits if shipping companies join the British register, with shipbroking and ship repairers among those likely to benefit.

Deep sea foreign trans. of freight, Deep Sea Foreign Transport, Deep Sea Freight Transportation, Shipping industry, Marine transportation

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Advance corporation tax - rest in peace

Article Abstract:

Advance corporation tax (ACT) will be abolished in the United Kingdom from April 1999. Companies pay ACT when they pay dividends to stockholders or carry out stock buybacks. This is a tax payment in advance that cannot always be reclaimed if there are no taxable profits. Companies will no longer have to worry about ACT when they carry out stock buybacks, and they can use large surpluses of ACT. Pension funds were no longer allowed ACT credits from Jul 1997.

Public Finance Activities, Tax Management, Tax Administration, Tax accounting, Corporate taxes, Corporations

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