Section OC 12 — Income Tax Act 2007: FDPA reversal of tax advantage arrangement

OC 12 FDPA reversal of tax advantage arrangement When this section applies (1) This section applies when it is established that an FDP credit in an FDPA company’s FDP account was incorrectly determined to be the subject of an arrangement to obtain a tax advantage. Credit (2) The company has an FDP credit for an amount equal to the amount of a debit in the company’s FDP account under section OC 25 . Table references (3) The FDP credit in subsection (2) is referred to in table O3: FDP credits, row 9 (reversal of tax advantage arrangement). The FDP debit in subsection (2) is referred to in table O4: FDP debits, row 14 (tax advantage arrangement). Credit date (4) The credit date is the same as the debit date recorded for the debit. Defined in this Act: amount , FDP account , FDP credit , FDPA company , tax advantage , Compare: 2004 No 35 s MG 4(1)(d), (2)(d)