Section OA 17 — Income Tax Act 2007: When policyholder credit account ends on resident’s restricted amalgamation

OA 17 When policyholder credit account ends on resident’s restricted amalgamation When this section applies (1) This section applies on a resident’s restricted amalgamation referred to in section OA 14 if,— (a) a consolidated group ends its existence on amalgamation; and (b) at the time of amalgamation, the consolidated group maintains a policyholder credit account; and (c) the amalgamated company does not maintain a policyholder credit account. No policyholder credit account (2) A credit or a debit due to the group 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 , consolidated group , imputation credit account , policyholder credit account , resident’s restricted amalgamation , Compare: 2004 No 35 s ME 29(2)