Section OA 11 — Income Tax Act 2007: FDP account on resident’s restricted amalgamation

OA 11 FDP account on resident’s restricted amalgamation When this section applies (1) This section applies on a resident’s restricted amalgamation if— (a) an amalgamating company ends its existence on amalgamation; and (b) at the time of amalgamation, the company maintains an FDP account; and (c) the amalgamated company does not maintain an FDP account. Credits and debits due (2) A credit or a debit due to the amalgamating company for the purposes of the FDP account but not recorded before the date of amalgamation is recorded in the imputation credit account of the amalgamated company, as appropriate,— (a) under section OB 24 (ICA credit on resident’s restricted amalgamation) as described in table O1: imputation credits, row 22 (credit on resident’s restricted amalgamation); or (b) under section OB 53 (ICA debit on resident’s restricted amalgamation) as described in table O2: imputation debits, row 26 (debit on resident’s restricted amalgamation). Defined in this Act: amalgamated company , amalgamating company , FDP account , imputation credit account , resident’s restricted amalgamation , Compare: 2004 No 35 s MG 17(1)