Section OP 1 — Income Tax Act 2007: Memorandum accounts of consolidated groups

OP 1 Memorandum accounts of consolidated groups Single company (1) For the purposes of this Part, a consolidated group is treated as if it were a single company, and subpart FM (Consolidated groups of companies) applies to the consolidated group. Consolidated group accounts (2) A consolidated group may be— (a) required to maintain a memorandum account for a tax year; or (b) entitled to maintain a memorandum account for a tax year. Separate accounts (3) A consolidated group’s memorandum account is separate from the memorandum account of each company in the consolidated group. General rules (4) The general rules on memorandum accounts set out in sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to a memorandum account of a consolidated group. Tables (5) The credits and debits that arise in a memorandum account are listed in tables set out at the end of this subpart. The tables— (a) state the credits and the debits; and (b) state the credit dates and debit dates when the credits and debits arise; and (c) refer to the section that fully defines them, and provides the credit dates and debit dates for each credit and debit. Defined in this Act: company , consolidated group , memorandum account , tax year , Compare: 2004 No 35 ss ME 10 , ME 25 , MF 7(2) , MG 13 , MI 14