Section GB 41 — Income Tax Act 2007: FDPA arrangements for carrying amounts forward

GB 41 FDPA arrangements for carrying amounts forward When this section applies (1) This section applies when— (a) a share in a foreign dividend payment account (FDPA) company or another company has been subject to an arrangement, including an arrangement directly or indirectly altering rights attached to the share; and (b) the arrangement allows the FDPA company to meet the requirements of section OC 24 (FDPA debit for loss of shareholder continuity); and (c) a purpose of the arrangement is to defeat the intent and application of section OC 24 . Company treated as not meeting requirements (2) The FDPA company is treated as not meeting the requirements of section OC 24 in relation to the share. Defined in this Act: arrangement , FDPA company , share , Compare: 2004 No 35 s GC 27