Section LP 5 — Income Tax Act 2007: Application of benchmark dividend rules and imputation credit ratio

LP 5 Application of benchmark dividend rules and imputation credit ratio Applying benchmark dividend rules (1) The benchmark dividend rules in sections OB 61 and OC 28 (which relate to the allocation of imputation and FDP credits) and sections GB 35 and GB 36 (which relate to imputation arrangements to obtain a tax advantage) apply as if the company had never paid the supplementary dividend. Increase in imputation credit (2) The maximum permitted ratio referred to in section OB 60(5) (Imputation credits attached to dividends) and sections GB 35 and GB 36 apply to a dividend as if the imputation credit attached to the dividend were increased by an amount equal to the related supplementary dividend. (3) Section OZ 12 (Tax credits for non-resident investors) may apply to modify this section. Defined in this Act: amount , benchmark dividend , company , imputation credit , maximum permitted ratio , supplementary dividend , Compare: 2004 No 35 s LE 2(9), (10) Section LP 5(3): added, on 1 April 2008, by section 451 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).