Part m-memorandum accounts
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MP 97 Consolidated BETA payment of FDWP Debit(1) A consolidated BETA group has a branch equivalent tax debit as described in table M26: branch equivalent tax debits of consolidated BETA groups, row 2 (payment of FDWP) for a payment of FDWP that— (a) is calculated before a reduction of liability under section NH 7 (Reduction in liability under conduit tax relief); and (b) must have been payable in relation to a dividend derived by a group company from an income interest in a CFC; and (c) may have been paid to reduce a net loss. Debit date(2) The debit date is the day the FDWP is paid. Defined in this Act: branch equivalent tax account, branch equivalent tax debit, CFC, consolidated BETA group, dividend, FDWP, pay, net loss Origin: 2004 No 35 s MF 8(4)(a), (5)(a)
Election(1) The nominated company of a consolidated BETA group may choose to use some or all of a credit balance in the group’s branch equivalent tax account to reduce an FDWP liability of— (a) a group company; or (b) a company that would be in the same group of companies as the group if the group were a single company.
Debit(2) The amount of the reduction is a debit arising in the group’s branch equivalent tax account as described in table M26: branch equivalent tax debits of consolidated BETA groups, row 3 (reduction of FDWP). Manner of election(3) The nominated company makes the election by recording the amount of the credit balance used as a debit in the group’s branch equivalent tax account. Debit date(4) The debit date is the due date for the payment of FDWP. Defined in this Act: amount, branch equivalent tax account, branch equivalent tax debit, company, consolidated BETA group, dividend, FDWP, nominated company Origin: 2004 No 35 ss MF 8(4)(b), (5)(b), MF 10(1)
Debit(1) A consolidated BETA group has a branch equivalent tax debit as described in table M26: branch equivalent tax debits of consolidated BETA groups, row 4 (refund of income tax) for the amount of a refund of income tax attributable to income tax paid for a tax year on attributed CFC income as if it were the only income derived by the group. Reduction(2) The amount of the debit is reduced to the extent to which— (a) a debit arises in the group’s branch equivalent tax account as described in table M26: branch equivalent tax debits of consolidated BETA groups, row 5 (debit for loss of shareholder continuity); and (b) the income tax was paid before the debit date for the debit for loss of shareholder continuity.
Debit date(3) The debit date is the day the refund is made. Defined in this Act: amount, attributed CFC income, branch equivalent tax account, branch equivalent tax debit, consolidated BETA group, income tax, income year, pay, shareholder, tax year Origin: 2004 No 35 s MF 8(4)(c), (5)(c)
Debit(1) A consolidated BETA group has a branch equivalent tax debit as described in table M26: branch equivalent tax debits of consolidated BETA groups, row 5 (debit for loss of shareholder continuity) for the amount of a branch equivalent tax account credit retained in the branch equivalent tax account and unused before the date of breach in shareholder continuity. Debit date(2) The debit date is the day of loss of continuity. Defined in this Act: amount, branch equivalent tax account, branch equivalent tax credit, branch equivalent tax debit, consolidated BETA group, shareholder Origin: 2004 No 35 s MF 8(4)(d), (5)(d) Consolidated groups and policyholder credit accounts Introductory provision MP 101 Policyholder credit accounts of consolidated groups A consolidated group has a policyholder credit account if a group company is a PCA company. Defined in this Act: consolidated group, PCA company, policyholder credit account Origin: 2004 No 35 s ME 25 Policyholder credits of consolidated groups Table M27: policyholder credits of consolidated groups
MP 102 Consolidated PCA transfer from imputation credit account Credit(1) A consolidated group has a policyholder credit as described in table M27: policyholder credits of consolidated groups, row 2 (transfer from imputation credit account) for an amount equal to the imputation debit described in table M20: imputation debits of consolidated imputation groups, row 15 (transfer to policyholder credit account). Credit date(2) The credit date is the same as the debit date recorded for the transfer in the imputation credit account. Defined in this Act: amount, consolidated group, consolidated imputation group, imputation credit account, imputation debit, policyholder credit, policyholder credit account Origin: 2004 No 35 s ME 26(2)(a), (3)(a)
Credit(1) A consolidated group has a policyholder credit as described in table M27: policyholder credits of consolidated groups, row 3 (transfer from FDWP account) for an amount equal to the amount of the FDWP debit described in table M22: FDWP debits of consolidated FDWP groups, row 11 (transfer to policyholder credit account). Credit date(2) The credit date is the day of election referred to in section MP 66. Defined in this Act: amount, consolidated group, FDWP debit, policyholder credit, policyholder credit account Origin: 2004 No 35 s ME 26(2)(b), (3)(b)
Credit(1) A consolidated group has a policyholder credit as described in table M27: policyholder credits of consolidated groups, row 4 (group company’s credit) for the amount of a credit arising as follows: (a) a policyholder credit described in a row of table M13: policyholder credits, arises in the policyholder credit account of a group company; and (b) a policyholder debit described in a row of table M28: policyholder debits of consolidated groups, arises in the policyholder credit account of the group; and (c) the debit is not offset by a credit arising in the group account before the credit arose in the group company’s account. Offsetting debits(2) For the purposes of subsection (1)(c), to determine whether a debit has been offset by a credit in the group account— (a) credits are treated as reducing debits in the order in which the credits arise; and (b) a credit, whether some or all, is counted only once in determining whether the debit has been offset; and (c) credits in the accounts of more than 1 group company become a credit to the group account— (i) in the order of their credit date; and (ii) as chosen by the group, if the credits arise on the same credit date; and (iii) on a pro rata basis, if no election is made under subparagraph (ii).
Credit date(3) The credit date is the day the debit is recorded as transferred to the group account. Defined in this Act: amount, company, consolidated group, policyholder credit, policyholder credit account, policyholder debit Origin: 2004 No 35 ss ME 26(2)(c), (3)(c), ME 27(1), (3)
Credit(1) A consolidated group has a policyholder credit for a tax year as described in table M27: policyholder credits of consolidated groups, row 5 (credit for FDWP account maximum deficit) for an amount equal to the amount of the FDWP debit— (a) that arises during the tax year in the group’s FDWP account as described in table M22: FDWP debits of consolidated FDWP groups, row 12 (breach of FDWP ratio by PCA company); and (b) whose amount is calculated under sections MC 20 and MC 33 (which relate to the maximum deficit debit).
Credit date(2) The credit date is the last day of the tax year. Defined in this Act: amount, consolidated group, FDWP account, FDWP debit, FDWP ratio, maximum deficit debit, PCA company, policyholder credit, policyholder credit account, tax year Origin: 2004 No 35 s ME 26(2)(d), (3)(d)
Credit(1) A consolidated group has a policyholder credit for a tax year as described in table M27: policyholder credits of consolidated groups, row 6 (credit for FDWP account reduced deficit) for an amount equal to the amount of the FDWP debit— (a) that arises during the tax year in the group’s FDWP account as described in table M22: FDWP debits of consolidated FDWP groups, row 12 (breach of FDWP ratio by PCA company); and (b) whose amount is calculated under sections MC 20 and MC 35 (which relate to the reduced deficit debit).
Credit date(2) The credit date is the last day of the tax year. Defined in this Act: amount, consolidated group, FDWP account, FDWP debit, FDWP ratio, PCA company, policyholder credit, policyholder credit account, tax year Origin: 2004 No 35 s ME 26(2)(e), (3)(d)
MP 107 Consolidated PCA payment of tax relating to policyholder base Election(1) The nominated company of a consolidated group may choose for a tax year to apply some or all of a credit balance in the group’s policyholder credit account to satisfy— (a) a policyholder base income tax liability of the group; or (b) a provisional tax liability of the group for its policyholder base.
Manner of election(2) The company makes an election under subsection (1) by recording as a debit in the group account the amount of the credit balance applied to satisfy the policyholder base income tax liability. Effect of election(3) As a result of the election— (a) a policyholder debit described in table M28: policyholder debits of consolidated groups, row 2 (payment of tax relating to policyholder base) arises in the account; and (b) the group’s liability for the income tax or provisional tax is satisfied.
Debit date(4) The debit date is the last day of the income year corresponding to the tax year. Defined in this Act: amount, consolidated group, income tax, income year, nominated company, pay, PCA company, policyholder base, policyholder base income tax liability, policyholder credit account, policyholder debit, provisional tax, tax year Origin: 2004 No 35 ss ME 26(4)(a), (5)(a), ME 28(1), (2)
Election(1) The nominated company of a consolidated group may choose for a tax year to transfer some or all of a credit balance in the group’s policyholder credit account to the imputation credit account of— (a) the consolidated imputation group that the company is part of; or (b) the imputation group that includes the companies in the consolidated group.
Exclusion(2) Despite subsection (1), the election must exclude an amount of the credit balance that arises in the following circumstances: (a) the group has adopted a non-standard accounting year; and (b) during the accounting year that includes the last day of the tax year, an election has been made that means that the credit balance includes a credit described in the following rows of table M27: policyholder credits of consolidated groups: (i) row 2 (transfer from imputation credit account): (ii) row 3 (transfer from FDWP account); and (c) an election under this section would result in a debit to the policyholder credit account during the tax year. Debit and credit(3) The amount of the credit balance transferred under subsection (1) is— (a) a debit described in table M28: policyholder debits of consolidated groups, row 3 (transfer to imputation credit account) in the group’s policyholder credit account; and (b) a credit described in table M19: imputation credits of consolidated imputation groups, row 14 (transfer from group’s policyholder credit account) in the imputation credit account of the relevant group.
Credit balance reduced(4) Despite subsection (2)(b) the credit balance includes a credit that is cancelled by a later debit to the account. Cancellation(5) Whether a debit cancels a credit for the purposes of subsection (3) is found by treating debits as offsetting credits in the order in which the credits arise in the account. Manner of election(6) The company makes the election by recording the amount of the credit balance transferred as— (a) a debit in the group’s policyholder credit account; and (b) a credit in the imputation credit account of— (i) the consolidated imputation group; or (ii) the imputation group.
Debit date(7) The debit date is the day of election. Defined in this Act: accounting year, amount, company, consolidated group, consolidated imputation group, imputation credit account, imputation group, nominated company, non-standard accounting year, PCA company, policyholder credit, policyholder credit account, policyholder debit, tax year Origin: 2004 No 35 ss ME 26(4)(b), (5)(b), ME 28(3), (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||