Section OP 54 — Income Tax Act 2007: When credits and debits arise only in consolidated FDP group accounts

OP 54 When credits and debits arise only in consolidated FDP group accounts Credits to group accounts (1) A credit listed in subsection (2) arises only in the FDP account of a consolidated FDP group and not in the FDP account of a group company. Particular credits (2) The credit referred to in subsection (1) is a credit under section OP 58 , described in table O21, row 4. Debits only in group accounts (3) A debit listed in subsection (4) arises only in the FDP account of a consolidated FDP group and not in the FDP account of a group company. Particular debits (4) The debit referred to in subsection (3) is a debit under the following sections and described in the following rows of table O22: FDP debits of consolidated FDP groups: (a) section OP 64 , row 2 (payment of dividend): (b) section OP 66 , row 4 (refund of FDP): (c) section OP 68 , row 6 (refund of tax credit): (d) section OP 72 , row 10 (breach of FDP ratio): (e) section OP 74 , row 12 (debit for policyholder base FDP credits). Defined in this Act: company , consolidated FDP group , FDP account , Compare: 2004 No 35 s MG 16(1) Section OP 54(2): substituted (with effect on 30 June 2009), on 6 October 2009, by section 461(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 54(4)(d): amended, on 1 July 2010, by section 461(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 54(4)(e): added, on 1 July 2010, by section 461(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).