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Unified tax system


Must be read in a historical context.

The tax system introduced in April 1973, when the old system of collecting direct taxation through income tax and surtax was abolished in favour of a single graduated personal tax plus an additional levy known as the investment income surcharge, now discontinued. The system also abolished earned-income relief and the categories of reduced rate relief which had previously existed. The introduction of the unified lax system was accompanied, so far as companies were concerned, by the imputation system, which affected corporation tax payments and introduced the concept of advance corporation tax (A.C.T.).

Reference: The Penguin Business Dictionary, 3rd edt.