Section OP 52 — Income Tax Act 2007: Choosing to stop being consolidated FDP group

OP 52 Choosing to stop being consolidated FDP group Election (1) The nominated company of a consolidated FDP group may choose that the group’s status as a consolidated FDP group is to end. When election made (2) The election referred to in subsection (1) may be made during a tax year that is later than the tax year in which the group chooses under section OP 51 to become a consolidated FDP group. When company’s status ends (3) The election referred to in subsection (1) takes effect from the first day of the tax year after the tax year in which the election referred to in subsection (2) is made, but only if,— (a) the group— (i) files an annual FDPA return for the year of election in the time allowed by section 71 of the Tax Administration Act 1994; and (ii) pays further FDP, if any, under section OC 30 (Payment of further FDP for closing debit balance) for the year of election; and (b) no group company is an FDPA company in the tax year after the year of election. Defined in this Act: annual FDPA return , company , consolidated FDP group , FDPA company , further FDP , nominated company , pay , tax year , Compare: 2004 No 35 s MG 2(4), (5)