Section OC 4 — Income Tax Act 2007: When company chooses to stop being FDPA company

OC 4 When company chooses to stop being FDPA company Election (1) An FDPA company may choose to stop being an FDPA company. When election made (2) An FDPA company may make an election under subsection (1) only in a tax year that is later than the tax year in which the company chooses under section OC 3 to become an FDPA company. When company’s status ends (3) The company ends its status as an FDPA company from the first day of the tax year after the tax year in which the election referred to in subsection (2) is made but only if the company— (a) files an annual FDPA return for the year of election in the time allowed by section 71 of the Tax Administration Act 1994; and (b) pays any further income tax payable under section OC 30 or OC 31 for the year of election. Defined in this Act: amount , annual FDPA return , FDP , FDPA company , further FDP , pay , tax year , Compare: 2004 No 35 s MG 2(4), (5) Section OC 4(3)(b): substituted (with effect on 30 June 2009), on 6 October 2009, by section 403(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).