0 past simple and past participle of frank
1 to print a mark on a stamp so that the stamp cannot be used again, or to print a mark on an envelope to show that the cost of sending it has been paid
For those companies whose income is largely franked investment income, advance corporation tax holds no terrors because, shortly, they do not pay any.
But will investment trust companies be badly affected by the fact that provision is not made for the franked income?
If he holds debentures in a trading company which happens to be registered outside this country, that will not be franked income.
The reason is that it is necessary to guard against a double setoff of franked investment income received by the company.
It has a certain abatement dependent on its franked investment income and on its ordinary profits.
The first is that the amount of any franked investment income they receive—something for which they do not have to account.
There seems no difficulty in a company's assessment that it should receive from the same source in the same year both franked and grouped income.
The problem relates to the allocation of franked investment income.
