Section FM 29 — Income Tax Act 2007: Treatment of credit balance in consolidated group’s FDP account

FM 29 Treatment of credit balance in consolidated group’s FDP account When this section applies (1) This section applies when a consolidated group has a credit balance in its FDP account at the end of a tax year. Credit and debit (2) The nominated company of the consolidated group may choose that some or all of the credit balance becomes— (a) a credit in the imputation credit account of the group, or of the imputation group to which the consolidated group companies belong; and (b) a debit in the FDP account of the consolidated group. How election made (3) The company makes the election by recording the debit in the consolidated group’s FDP account. Defined in this Act: consolidated group , FDP account , imputation credit account , imputation group , nominated company , tax year , Compare: 2004 No 35 s NH 6(6)