REPLACEMENT COST Definition

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REPLACEMENT COST is the total cost at current prices of an asset that is not necessarily an exact duplicate of the subject asset but serves the same purpose or function as the original.

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ADVANCE CORPORATION TAX (ACT) is a UK Corporation tax, required under UK tax rules. It represents a minimum tax on companies that earn most of their profits overseas.

CAPITAL GAIN is the excess of selling price over purchase price, which may be given special treatment for tax purposes provided the sale takes place more than a given number of months after purchase.

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