Section OP 22 — Income Tax Act 2007: Consolidated ICA group company’s credit

OP 22 Consolidated ICA group company’s credit Credit (1) A consolidated imputation group has an imputation credit for the amount of a credit that arises when— (a) an imputation credit described in a row of table O1: imputation credits, arises in the imputation credit account of a group company; and (b) an imputation debit described in a row of table O20: imputation debits of consolidated imputation groups, arises in the imputation credit account of the group; and (c) the debit is not offset by a credit arising in the group account before or on the same date on which the credit arose in the group company’s account. Table reference (2) The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 17 (group company’s credit). Offsetting debits (3) For the purposes of subsection (1)(c), to determine whether a debit has been offset by a credit in the group account,— (a) credits are treated as reducing debits in the order in which the credits arise; and (b) a credit, whether some or all, is counted only once in determining whether a debit has been offset; and (c) credits in the accounts of more than 1 group company become a credit to the group account— (i) in the order of their credit date; and (ii) as chosen by the group, if credits arise on the same credit date; and (iii) on a pro rata basis, if no election is made under subparagraph (ii). Credit date (4) The credit date is the same as the debit date for the debit to the group account. Defined in this Act: amount , company , consolidated imputation group , imputation credit , imputation credit account , imputation debit , Compare: 2004 No 35 s ME 13(2), (3) Section OP 22(2): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).