Section OP 59 — Income Tax Act 2007: Consolidated FDPA group company’s credit

OP 59 Consolidated FDPA group company’s credit Credit (1) A consolidated FDP group has an FDP credit for the amount of a credit arising as follows: (a) an FDP credit described in a row of table O3: FDP credits, arises in the FDP account of a group company; and (b) an FDP debit described in a row of table O22: FDP debits of consolidated FDP groups, arises in the group FDP account; and (c) the debit is not offset by a credit arising in the group account before or on the same date on which the credit arose in the group company’s account. Table reference (2) The FDP credit in subsection (1) is referred to in table O21: FDP credits of consolidated FDP groups, row 5 (group company’s credits). Offsetting debits (3) For the purposes of subsection (1)(c), to determine whether the debit has been offset by a credit in the group account,— (a) credits are treated as reducing debits in the order in which the credits arise; and (b) a credit, whether some or all, is counted only once in determining whether a debit has been offset; and (c) credits in the accounts of more than 1 group company become a credit to the group account— (i) in the order of their credit date; and (ii) as chosen by the group, if credits arise on the same credit date; and (iii) on a pro rata basis, if no election is made under subparagraph (ii). Credit date (4) The credit date is immediately before the debit date for the debit to the group account. Defined in this Act: amount , company , consolidated FDP group , FDP account , FDP credit , FDP debit , Compare: 2004 No 35 ss MG 14(1)(e), (2)(c) , MG 16(2), (4)