Section OZ 8 — Income Tax Act 2007: Attaching imputation credits and FDP credits: maximum permitted ratio

OZ 8 Attaching imputation credits and FDP credits: maximum permitted ratio When this section applies (1) This section applies when— (a) a company pays a dividend in the transitional period; and (b) the company has a credit balance in its imputation credit account and FDP account from income, expenditure, memorandum account debits, credits, and balances, refunds, tax, tax credits, transfers, amounts withheld, or other items dealt with, arising, or calculated using an old company tax rate. Rate applying for transitional period (2) If the amount of the imputation credit or FDP credit attached to the dividend is limited by the maximum permitted ratio set out in section OA 18 (Calculation of maximum permitted ratios), the company may choose to treat the item tax rate in the formula in section OA 18(2) as 30%. Defined in this Act: amount , company , dividend , FDP account , FDP credit , imputation credit , imputation credit account , income , maximum permitted ratio , tax credit , tax year , transitional period Section OZ 8: added, on 1 April 2008, by section 520 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section OZ 8(2): amended, on 1 October 2010, by section 15 of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section OZ 8 compare note: repealed (with effect on 1 April 2008), on 21 December 2010, by section 119 of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130).