Section OC 27 — Income Tax Act 2007: FDP credits attached to dividends

OC 27 FDP credits attached to dividends Attaching FDP credits (1) When an FDPA company pays a dividend, it may attach an FDP credit to the dividend. Subsection (2) overrides this subsection. Exclusion [Repealed] (2) [Repealed] FDP ratio for dividend (3) A dividend with an FDP credit attached has an FDP ratio calculated using the formula— credit attached net dividends. Definition of items in formula (4) In the formula,— (a) credit attached is the amount of FDP credit attached to the dividend: (b) net dividends is the amount of dividends paid, excluding imputation credits and FDP credits. Maximum permitted ratio (5) A dividend with an FDP credit attached must not have an FDP ratio that is more than the maximum permitted ratio calculated under section OA 18(2) (Calculation of maximum permitted ratios). Defined in this Act: amount , company , dividend , FDP , FDP account , FDP credit , FDP ratio , FDPA company , imputation credit , maximum permitted ratio , pay , Compare: 2004 No 35 ss MG 6 , MG 8(1), (2) Section OC 27(2) heading: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, pursuant to section 98(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OC 27(2): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 98(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OC 27 list of defined terms CTR company : repealed (with effect on 1 July 2011), on 7 May 2012, by section 98(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).