Section OB 37 — Income Tax Act 2007: ICA refund of tax credit

OB 37 ICA refund of tax credit Debit (1) An ICA company has an imputation debit for— (a) the amount of a transfer under section LA 6(2)(d) (Remaining refundable credits: PAYE, RWT, and certain other items) to the extent to which the transfer does not lead to a refund of income tax: (b) the amount of a refund to the company under section LA 6(2)(e) : (c) an amount used by the company under section LH 2(6) (Tax credits relating to expenditure on research and development) to pay an amount payable under an Inland Revenue Act to the extent to which the use does not lead to a refund of income tax. Exclusion: FDPA companies (1B) Despite subsection (1), an FDPA company does not have an imputation debit to the extent to which the amount transferred, refunded, or used is a tax credit under subpart LF (Tax credits for FDP credits). Table reference (2) The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 9 (refund of tax credit). Debit date (3) The debit date is— (a) for a debit referred to in subsection (1)(a), the day the amount is transferred: (b) for a debit referred to in subsection (1)(b), the day the amount is refunded: (c) for a debit referred to in subsection (1)(c), the day the amount is applied. Defined in this Act: amount , FDPA company , ICA company , imputation debit , pay , Compare: 2004 No 35 s ME 5(1)(h), (2)(e) Section OB 37(1) heading: substituted (with effect on 1 April 2008), on 6 October 2009, by section 393(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 37(1): substituted (with effect on 1 April 2008), on 6 October 2009, by section 393(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 37(1B) heading: inserted (with effect on 1 April 2008), on 6 October 2009, by section 393(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 37(1B): inserted (with effect on 1 April 2008), on 6 October 2009, by section 393(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 37(3): substituted (with effect on 1 April 2008), on 6 October 2009, by section 393(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).