In terms of politeness, so far as I know, the best response to a compliment in English is a simple and sincere "thank you". All the etiquette guides agree:
Say “Thank you,” in a friendly, calm and appreciative tone. Don’t get too excited and make an exasperated exclamation of thanks, as this can be off-putting. You want to convey that you are OK with, and accepting of, the compliment, and that you appreciate it and weren't desperate to hear it.
Add something to the compliment that pertains to it. For example, if someone compliments your jewelry, you can say, “Thanks, I got it at this great store, I love it.” If someone compliments something you did, you could say, “Thanks, I worked really hard.” This is just something to show that you agree with the compliment or that you at least appreciate what the person said.
(From eHow, "How to Answer Compliments", Amy Davidson.)
Responding to compliments:
For example, "That's a beautiful dress!" Respond. "Thank you very much!", "I'm so glad you like it."
Don't belittle and say, "Oh this is an inexpensive dress", "Oh an old dress", "Or really? I don't think it really fits me".
(From Elegant Woman, "Emily Post Etiquette on the Art of Conversation".)