Section OB 19 — Income Tax Act 2007: ICA transfer to master fund

OB 19 ICA transfer to master fund Credit (1) An ICA company that is a master fund has an imputation credit for the transfer of an amount of expenditure under sections DV 5 to DV 7 (which relate to the transfer of expenditure to master funds). The amount is calculated using the formula— expenditure transferred × tax rate. Definition of items in formula (2) In the formula,— (a) expenditure transferred is the amount of expenditure transferred under sections DV 5 to DV 7 (which relate to the expenditure of investment funds) to the company as a master fund: (b) tax rate is the basic rate of income tax set out in schedule 1 , part A, clause 2 (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits). Table reference (3) The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 17 (transfer to master fund). Credit date (4) The credit date is the last day of the tax year corresponding to the income year in which the expenditure is deducted. Defined in this Act: amount , basic rate , ICA company , imputation credit , imputation credit account , income tax , master fund , Compare: 2004 No 35 s ME 4(1)(aab), (2)(aab) Section OB 19(1): amended (with effect on 1 April 2008), on 6 October 2009, by section 387(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 19(2)(b): amended, on 1 April 2008, by section 562 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).