Section OC 24 — Income Tax Act 2007: FDPA debit for loss of shareholder continuity

OC 24 FDPA debit for loss of shareholder continuity Debit (1) An FDPA company has an FDP debit for the amount equal to the amount of an FDP credit retained in the FDP account and unused at the time at which shareholder continuity is lost. Table reference (2) The FDP debit in subsection (1) is referred to in table O4: FDP debits, row 13 (debit for loss of shareholder continuity). When debit arises (3) The debit arises at the time shareholder continuity is lost. Qualifying companies (3B) This section does not apply to a qualifying company in circumstances other than those set out in section HA 18 (Treatment of dividends when qualifying company status ends), and that section overrides subsections (1) to (3). Avoidance arrangements (4) Section GB 41 (FDPA arrangements for carrying amounts forward) may apply to treat a company as not meeting the requirements of this section. Defined in this Act: amount , FDP account , FDP credit , FDP debit , FDPA company , qualifying company , shareholder , Compare: 2004 No 35 ss HG 13(6) , MG 5(1)(i), (2)(g), (3), (4) Section OC 24(1): amended (with effect on 1 April 2008), on 7 December 2009, by section 89(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section OC 24(3) heading: substituted (with effect on 1 April 2008), on 7 December 2009, by section 89(2) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section OC 24(3): substituted (with effect on 1 April 2008), on 7 December 2009, by section 89(2) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section OC 24(3B) heading: inserted (with effect on 1 April 2008), on 21 December 2010 (applying for the 2008–09 and later income years), by section 118(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130). Section OC 24(3B): inserted (with effect on 1 April 2008), on 21 December 2010 (applying for the 2008–09 and later income years), by section 118(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130). Section OC 24 list of defined terms qualifying company : inserted (with effect on 1 April 2008), on 21 December 2010 (applying for the 2008–09 and later income years), by section 118(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130). Section OC 24 compare note: amended (with effect on 1 April 2008), on 21 December 2010 (applying for the 2008–09 and later income years), by section 118(3) of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130).