Section RC 28 — Income Tax Act 2007: Provisional tax rules and consolidated groups

RC 28 Provisional tax rules and consolidated groups Single company (1) The provisional tax rules apply, modified as necessary, to a consolidated group of companies as if it were a single company. Joint and several liability (2) Each company in a consolidated group in a tax year is jointly and severally liable for the amount of provisional tax payable by the consolidated group to be credited against the income tax liability of the group for the tax year. The liability of a group company for income tax for the tax year is substituted by that joint and several liability to the extent to which the liability arises while the company is part of the consolidated group. Relationship with section FM 4 (3) Section FM 4(3) to (5) (Limiting joint and several liability of group companies) overrides this section. Defined in this Act: amount , company , consolidated group , income tax , income tax liability , pay , provisional tax , provisional tax rules , tax year , Compare: 2004 No 35 s MB 29