Section RM 32 — Income Tax Act 2007: Application of sections RM 13 to RM 17 to qualifying companies

RM 32 Application of sections RM 13 to RM 17 to qualifying companies Sections RM 13 to RM 17 do not apply to an overpayment of tax by a qualifying company that may be refunded to or allocated by the company unless— (a) the overpayment was made as part of or under an arrangement— (i) to obtain a tax advantage of a kind referred to in section GB 35 (Imputation arrangements to obtain tax advantage); or (ii) to avoid a tax liability of a shareholder under this Act; and (b) the arrangement, or a part of it, was based on the company’s ability to obtain a refund of tax that the company would have under those sections in the absence of this section. Defined in this Act: arrangement , pay , qualifying company , shareholder , tax advantage , Compare: 2004 No 35 s MD 2(7)