Section LE 9 — Income Tax Act 2007: Application of combined imputation and FDP ratio

LE 9 Application of combined imputation and FDP ratio When this section applies (1) This section applies when— (a) a person who has a tax credit under section LE 1 receives an imputation credit and an FDP credit attached to a dividend; and (b) an excess credit amount arises in relation to the dividend; and (c) the FDP credit is equal to or less than the excess credit amount. Amount of reduction (2) The person’s credit for the dividend is reduced by an amount calculated using the formula— excess credit amount for dividend − attached FDP credit. Relationship with section OZ 10 (3) Section OZ 10 (Modifying ratios for imputation credits and FDP credits) may apply to modify this section. Defined in this Act: amount , combined imputation and FDP ratio , dividend , excess credit amount , FDP credit , imputation credit , tax credit , Compare: 2004 No 35 s LB 1(1)(e), (5) Section LE 9(3) heading: added, on 1 April 2008, by section 444 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section LE 9(3): added, on 1 April 2008, by section 444 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).