Section OP 35 — Income Tax Act 2007: Consolidated ICA refund of tax credit

OP 35 Consolidated ICA refund of tax credit Debit (1) A consolidated imputation group has an imputation debit for— (a) the amount of a transfer under section LA 6(2)(d) (Remaining refundable credits: PAYE, RWT, and certain other items) to the extent to which the transfer does not lead to a refund of income tax: (b) the amount of a refund under section LA 6(2)(e) : (c) an amount used under section LH 2(6) (Tax credits relating to expenditure on research and development) to pay an amount payable under an Inland Revenue Act to the extent to which the use does not lead to a refund of income tax. Exclusion (1B) Despite subsection (1), a consolidated imputation group does not have an imputation debit to the extent to which— (a) the amount transferred, refunded, or used is a tax credit for a payment of FDP relating to a dividend derived by a group company; and (b) the dividend was derived when the company— (i) had an FDP account and was not part of a consolidated group; or (ii) was part of a consolidated group with an FDP account. Table reference (2) The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 9 (refund of tax credit). Debit date (3) The debit date is— (a) for a debit referred to in subsection (1)(a), the day the amount is transferred: (b) for a debit referred to in subsection (1)(b), the day the amount is refunded: (c) for a debit referred to in subsection (1)(c), the day the amount is applied. Defined in this Act: amount , company , consolidated group , consolidated imputation group , dividend , FDP , FDP account , imputation debit , pay , tax credit Compare: 2004 No 35 s ME 12(1)(f), (2)(d) Section OP 35(1): substituted (with effect on 1 April 2008), on 6 October 2009, by section 455(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 35(1B) heading: inserted (with effect on 1 April 2008), on 6 October 2009, by section 455(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 35(1B): inserted (with effect on 1 April 2008), on 6 October 2009, by section 455(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 35(3): substituted (with effect on 1 April 2008), on 6 October 2009, by section 455(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 35 list of defined terms FDP : inserted (with effect on 1 April 2008), on 6 October 2009, by section 455(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 35 list of defined terms pay : added (with effect on 1 April 2008), on 6 October 2009, by section 455(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 35 list of defined terms tax credit : added (with effect on 1 April 2008), on 6 October 2009, by section 455(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).