Section OP 53 — Income Tax Act 2007: When group company emigrates

OP 53 When group company emigrates When this section applies (1) This section applies when an FDPA company in a consolidated FDP group is an emigrating company. Status ends (2) The group’s status as a consolidated FDP group ends at the time of emigration of the company. Further payments and returns (3) The consolidated FDP group must— (a) provide the annual FDPA return required for the group for the tax year in which the company becomes non-resident; and (b) for a debit balance in the consolidated FDP group’s account at the time of emigration, pay further FDP payable for the tax year of an amount equal to the debit balance. Defined in this Act: amount , annual FDPA return , consolidated FDP group , emigrating company , FDPA company , further FDP , non-resident , pay , tax year , time of emigration , Compare: 2004 No 35 s MG 13(6), (7)