recoverable ACT


the amount of advance corporation tax paid or payable by a company on outgoing dividends paid and proposed which can be (a) set off against a corporation-tax liability on the profits of the period under review or of previous periods; or (b) properly set off against a credit balance on deferred tax account; or (c) expected to be recoverable taking into account expected profits and dividends – normally those for the next accounting period only.


Add to or refine this definition | Discuss on our forum