Section HM 76 — Income Tax Act 2007: Transition: FDPA companies

HM 76 Transition: FDPA companies When an FDPA company becomes a PIE during a tax year, the balance of the company’s FDP account at the end of the tax year for the purposes of section RM 21(2)(c) (Refunds when loss balances used to reduce net income) is equal to the balance of the FDP account immediately before the company becomes a PIE. Defined in this Act: FDP account , FDPA company , PIE , tax year Compare: 2007 No 97 s HL 13(3B) Section HM 76: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).