Section OP 67 — Income Tax Act 2007: Consolidated FDPA overpayment of FDP

OP 67 Consolidated FDPA overpayment of FDP Debit (1) A consolidated FDP group has an FDP debit for an overpayment of FDP that is— (a) paid by a group company that is part of the group at the time it derived the dividend giving rise to the overpayment of FDP; and (b) applied to pay an amount due under the Inland Revenue Acts. No debit (2) Despite subsection (1), the debit does not include an overpayment of FDP to the extent to which it is— (a) applied to satisfy a liability for FDP; or (b) for a payment of FDP before an FDP debit arises under section OP 73 , 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 5 (overpayment of FDP). The FDP debit in subsection (2)(b) 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 amount is applied. Defined in this Act: amount , company , consolidated FDP group , dividend , FDP , FDP debit , Inland Revenue Acts , pay , shareholder , Compare: 2004 No 35 s MG 15(1)(1), (2)(j)