Section OP 31 — Income Tax Act 2007: Consolidated ICA amount applied to pay other taxes

OP 31 Consolidated ICA amount applied to pay other taxes Debit (1) A consolidated imputation group has an imputation debit for an amount of overpaid income tax that is applied to pay an amount due under the Inland Revenue Acts. Subsection (2) overrides this subsection. No debit (2) The debit referred to in subsection (1) does not include overpaid income tax to the extent to which it is— (a) applied to satisfy an income tax liability; or (b) for an amount paid before an imputation debit arises under section OP 42 , no more than the debit for loss of shareholder continuity. Table references (3) The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 5 (amount applied to pay other taxes). The imputation debit in subsection (2) is referred to in table O20: imputation debits of consolidated imputation groups, row 16 (debit for loss of shareholder continuity). Debit date (4) The debit date is the day the amount is applied. Relationship with section OP 35 (5) This section does not apply to an amount that gives rise to a debit under section OP 35 . Defined in this Act: amount , company , consolidated imputation group , imputation debit , income tax , income tax liability , Inland Revenue Acts , pay , shareholder , Compare: 2004 No 35 s ME 12(1)(l), (2)(k) Section OP 31(5) heading: added (with effect on 1 April 2008), on 6 October 2009, by section 453(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 31(5): added (with effect on 1 April 2008), on 6 October 2009, by section 453(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).