Section OC 15 — Income Tax Act 2007: FDPA overpayment of FDP

OC 15 FDPA overpayment of FDP Debit (1) An FDPA company has an FDP debit for the amount of an overpayment of FDP that is applied to pay an amount due under the Inland Revenue Acts. Subsection (3) overrides this subsection. Table reference (2) The FDP debit in subsection (1) is referred to in table O4: FDP debits, row 4 (overpayment of FDP). No debit (3) The company does not have a debit for the amount of an overpayment of FDP— (a) that is applied to satisfy a liability for FDP; or (b) that— (i) relates to a payment of FDP before an FDP debit arises under section OC 24 (table O4: FDP debits, row 13 (debit for loss of shareholder continuity)); and (ii) is no more than the debit for loss of shareholder continuity. Debit date (4) The debit date is the day the amount is applied. Defined in this Act: amount , FDP , FDP debit , FDPA company , Inland Revenue Acts , pay , shareholder , Compare: 2004 No 35 s MG 5(1)(k), (2)(i)