Section OP 66 — Income Tax Act 2007: Consolidated FDPA refund of FDP

OP 66 Consolidated FDPA refund of FDP Debit (1) A consolidated FDP group has an FDP debit for a refund of FDP paid to a group company that is part of the group when it derived the dividend giving rise to the payment of FDP and the refund. Subsection (2) overrides this subsection. No debit (2) A debit under subsection (1) does not arise if— (a) the payment of FDP giving rise to the refund was made before an FDP debit arises under section OP 73 ; and (b) the debit for the refund is no more than the debit for loss of shareholder continuity. Table references (3) The FDP debit in subsection (1) is referred to in table O22: FDP debits of consolidated FDP groups, row 4 (refund of FDP). The FDP debit in subsection (2)(a) is referred to in table O22: FDP debits of consolidated FDP groups, row 11 (debit for loss of shareholder continuity). Debit date (4) The debit date is the day the refund is made. Defined in this Act: company , consolidated FDP group , dividend , FDP , FDP debit , pay , shareholder , Compare: 2004 No 35 s MG 15(1)(d), (2)(d)