Section FM 30 — Income Tax Act 2007: Application of certain provisions to consolidated groups

FM 30 Application of certain provisions to consolidated groups When subsections (2) and (3) apply (1) Subsections (2) and (3) apply when a consolidated group has a policyholder credit account and an FDP account. Credit and debit balances (2) The nominated company of the consolidated group may choose to have some or all of a credit balance in the FDP account credited to its policyholder credit account by recording the credit and corresponding debit in its accounts. Section OC 20: life insurance credit balance (3) Section OC 20 (FDPA transfer to policyholder credit account) applies in relation to a consolidated group, modified as necessary, as if— (a) a reference to a company were a reference to the consolidated group: (b) a reference to a provision of this Act applying to a company were a reference to the equivalent of sections OA 2 to OA 4 , OA 7 , OA 8 , OC 2 , OC 21 , OC 23(4) , OC 28(7) , OC 34(3) , OP 1 , OP 2 , and OP 51 to OP 77 (which relate to FDP accounts) applying to a consolidated group. Section OC 27: FDP credits (4) Section OC 27 (FDP credits attached to dividends) applies in relation to a consolidated group as if the reference to an FDPA company includes a reference to a company if, at the time a foreign dividend is paid to it, the company is part of a consolidated group that maintains an FDP account. Sections OC 30 to OC 32, and others: liability for payments and penalties (5) Sections OA 2(5) and OC 30 to OC 32 (which relate to further FDP), and 103 , 104 , 139B , 140C , 140D , and 181 of the Tax Administration Act 1994 apply, modified as necessary in relation to a consolidated group and its FDP account as if— (a) the group were a single company: (b) a reference to a provision of this Act were a reference to the equivalent provision applying to a consolidated group: (c) a reference to a liability of a company for further FDP, FDP penalty tax, and a late payment penalty were a reference to the joint and several liability for the payment, tax, or penalty of each company that is part of the group at the time the payment, tax or penalty becomes payable. Section RA 19: amalgamations (6) Section RA 19 (Refunds of excess amounts or when amounts mistakenly paid) applies, modified as necessary, from the time of amalgamation when a consolidated group ends its existence on a resident’s restricted amalgamation that involves all companies in the consolidated group, whether or not with a company outside the consolidated group, in relation to tax paid by the consolidated group as if it and the amalgamated company were a single company. Sections 30 and 68 of Tax Administration Act 1994: FDP accounts (7) Sections 30 and 68 of the Tax Administration Act 1994 apply, modified as necessary, in relation to a consolidated group as if a reference to an FDPA company were a reference to a company that is part of a consolidated group that maintains an FDP account. Defined in this Act: amalgamated company , amalgamation , company , consolidated group , FDP account , FDP penalty tax , FDPA company , foreign dividend , further FDP , nominated company , pay , policyholder credit account , resident’s restricted amalgamation , tax , Compare: 2004 No 35 ss NH 4(9) , NH 6(1), (2), (5), (7)