Section OP 55 — Income Tax Act 2007: Provisions applying to consolidated FDP groups

OP 55 Provisions applying to consolidated FDP groups Single company, tax liabilities (1) The provisions set out in subsection (2) apply, modified as necessary, to a consolidated FDP group and to the FDP account of the group as if— (a) the group were a single company; and (b) a reference to a section of this Act were to an equivalent provision applicable to a consolidated group; and (c) a reference to a company’s liability for further FDP, late payment penalty, or FDP penalty tax were a reference to a joint and several liability owed by group companies when the tax or penalty becomes payable. Other provisions (2) The provisions are— (a) sections OC 30 and OC 31 (which relate to further FDP); and (b) sections 103 , 104 , 139B , 140C , 140D , and 181 of the Tax Administration Act 1994. Consolidation provisions (3) Sections FM 3 and FM 4 (which relate to the liabilities of consolidated groups and group companies) overrides subsection (1)(c). Defined in this Act: company , consolidated FDP group , consolidated group , FDP account , FDP penalty tax , further FDP , pay , Compare: 2004 No 35 s MG 16A(2)