Section OP 36 — Income Tax Act 2007: Consolidated ICA overpayment of FDP

OP 36 Consolidated ICA overpayment of FDP Debit (1) A consolidated imputation group has an imputation debit for the amount of an overpayment of FDP relating to a dividend derived by a group company in the following circumstances: (a) the dividend is derived by the company at a time when— (i) the company is part of a consolidated group without an FDP account; or (ii) the company does not have an FDP account and is not part of a consolidated group; and (b) the overpayment is applied to pay an amount due under the Inland Revenue Acts other than a liability for income tax or FDP; and (c) the group does not have an FDP account when the amount is applied. Table reference (2) The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 10 (overpayment of FDP). Debit date (3) The debit date is the day the amount is applied. Defined in this Act: amount , company , consolidated group , consolidated imputation group , dividend , FDP , FDP account , imputation debit , income tax , Inland Revenue Acts , pay , Compare: 2004 No 35 s ME 12(1)(m), (2)(k)