Section OB 46 — Income Tax Act 2007: ICA transfer from member fund

OB 46 ICA transfer from member fund Debit (1) An ICA company has an imputation debit for an amount 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 expenditure related to investment funds) by the company, as a member fund, to 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 debit in subsection (1) is referred to in table O2: imputation debits, row 19 (transfer from member fund). Debit date (4) The debit 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 debit , master fund , tax year , Compare: 2004 No 35 s ME 5(1)(ja), (2)(ia) Section OB 46(2)(b): amended, on 1 April 2008, by section 562 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).