which year was this type of tax introduced?
1965
United Kingdom corporation tax
Finance Act 1965 replaced the system of income tax and profits tax from 1 April 1965 with the Corporation Tax
what is united kingdom's corporation tax all about? A corporate tax levied in on the profits made by UK-resident companies. which department is responsible for implementation of these taxes? UNANSWERABLE
wiki:5050882
United Kingdom corporation tax [SEP] Finance Act 1965
Finance Act 1965 replaced the system of income tax and profits tax from 1 April 1965 with the Corporation Tax, which re-introduced aspects of the old system. Corporation Tax was charged at a uniform rate on all profits, but additional tax was then payable if profits were distributed as a dividend to shareholders. In effect, dividends suffered double taxation. This method of corporation tax is known as the classical system and is similar to that used in the United States. The effect of the tax was to revert to the distribution tax in operation from 1949 to 1959: dividend payments were subject to higher tax than profits retained within the company.