Section OP 71 — Income Tax Act 2007: Consolidated FDPA group company’s debit

OP 71 Consolidated FDPA group company’s debit Debit (1) A consolidated FDP group has an FDP debit for an amount to the extent to which it would, in the absence of subsection (2), give rise to— (a) an FDP debit described in a row of table O4: FDP debits, in the FDP account of a group company; and (b) an FDP debit that would create or increase a debit balance in the group company’s FDP account. Table reference (2) The FDP debit in subsection (1) is referred to in table O22: FDP debits of consolidated FDP groups, row 9 (group company’s debit). No debit for group company (3) The amount referred to in subsection (1) does not give rise to an FDP debit in the group company’s account although otherwise eligible to be one. Debit date (4) The debit date is the day that would be the debit date for the amount in the absence of subsection (3). Defined in this Act: amount , company , consolidated FDP group , FDP account , FDP debit , Compare: 2004 No 35 ss MG 15(1)(k), (2)(i) , MG 16(5)