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corporation tax

English translation: UK tax on company profits and some other organisations

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:corporation tax
English translation:UK tax on company profits and some other organisations
Entered by: Carole Hognestad
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10:41 Feb 6, 2012
English to English translations [PRO]
Bus/Financial - Law: Taxation & Customs
English term or phrase: corporation tax
From a UK perspective, what is the difference between corporation tax and corporate tax?
Carole Hognestad
Local time: 13:37
UK tax on company profits and some other organisations
Explanation:
"Corporate tax" is a generic, international term for a tax or taxes on the capital and/or profits of companies or corporations (as they are known in the US). "Corporation tax" is the specific name for the tax levied on the taxable profits of limited companies and some other types of organisation in the United Kingdom.

So the expression "corporate tax" can be used in the UK in a general sense to refer to tax issues affecting companies, as in "corporate tax structure" or "corporate tax reform", for example, but the specific UK tax will be called "corporation tax".

"Corporation Tax is a tax on the taxable profits of limited companies and other organisations including clubs, societies, associations and other unincorporated bodies."
http://www.hmrc.gov.uk/ct/getting-started/intro.htm

"Part 2A sets out proposals to reform the UK's CFC rules on the key issues of monetary assets and intellectual property. Corporate Tax Reform Part 2A"
http://www.hm-treasury.gov.uk/corporate_tax_reform.htm


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Note added at 1 hr (2012-02-06 11:42:26 GMT)
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My answer is loosely phrased: I really meant to say "UK tax on the profits of companies and some other organisations".
Selected response from:

Charles Davis
Spain
Local time: 13:37
Grading comment
Thank you for your help.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +3UK tax on company profits and some other organisations
Charles Davis


  

Answers


59 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
UK tax on company profits and some other organisations


Explanation:
"Corporate tax" is a generic, international term for a tax or taxes on the capital and/or profits of companies or corporations (as they are known in the US). "Corporation tax" is the specific name for the tax levied on the taxable profits of limited companies and some other types of organisation in the United Kingdom.

So the expression "corporate tax" can be used in the UK in a general sense to refer to tax issues affecting companies, as in "corporate tax structure" or "corporate tax reform", for example, but the specific UK tax will be called "corporation tax".

"Corporation Tax is a tax on the taxable profits of limited companies and other organisations including clubs, societies, associations and other unincorporated bodies."
http://www.hmrc.gov.uk/ct/getting-started/intro.htm

"Part 2A sets out proposals to reform the UK's CFC rules on the key issues of monetary assets and intellectual property. Corporate Tax Reform Part 2A"
http://www.hm-treasury.gov.uk/corporate_tax_reform.htm


--------------------------------------------------
Note added at 1 hr (2012-02-06 11:42:26 GMT)
--------------------------------------------------

My answer is loosely phrased: I really meant to say "UK tax on the profits of companies and some other organisations".

Charles Davis
Spain
Local time: 13:37
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Grading comment
Thank you for your help.

Peer comments on this answer (and responses from the answerer)
agree  B D Finch
22 mins
  -> Thanks, B D

agree  DLyons: Yes. See e.g. Tolley's Corporation Tax, 2011 - 2012.
1 hr
  -> Quite so. Thanks, DLyons :)

agree  Phong Le
2 hrs
  -> Thanks, Phong Le :)
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Changes made by editors
Feb 7, 2012 - Changes made by M.A.B.:
Field (specific)Mathematics & Statistics » Law: Taxation & Customs


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