Franked Income in United Kingdom

Definition of Franked Income

In accordance with the work A Dictionary of Law, this is a description of Franked Income : Formerly, income that a person or a company received on which *advance corporation tax had been paid. In the case of an individual the tax paid was imputed (See imputation system) to the basic income-tax liability of the recipient. In the case of a company, it was imputed to its own liability to corporation tax.