Section OP 51 — Income Tax Act 2007: FDP accounts of consolidated FDP groups

OP 51 FDP accounts of consolidated FDP groups Consolidated group account (1) A consolidated group is a consolidated FDP group for a tax year if— (a) a group company is a foreign dividend payment account (FDPA) company at a time during the tax year; or (b) the group chooses to maintain an FDP account. Effect of election (2) If a consolidated FDP group makes an election under subsection (1)(b), it must maintain the FDP account referred to in section OC 2 (FDP accounts) from the date of election. Notifying Commissioner (3) The nominated company of a consolidated FDP group must notify the Commissioner of an election under subsection (1)(b)— (a) no later than 21 days after the day of election; or (b) by a later date if the Commissioner allows. Defined in this Act: Commissioner , company , consolidated FDP group , consolidated group , FDP account , FDPA company , nominated company , notify , tax year , Compare: 2004 No 35 s MG 13(1)