Part m-memorandum accounts
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MP 50 Consolidated FDWPA payment of FDWP Credit(1) A consolidated FDWP group has an FDWP credit as described in table M21: FDWP credits of consolidated FDWP groups, row 2 (payment of FDWP) for a payment of FDWP by a group company. Subsection (2) overrides this subsection. No credit(2) A consolidated FDWP group does not have an FDWP credit for an amount of FDWP paid— (a) by crediting an amount of further FDWP under sections MC 31 (Further FDWP paid satisfying liability for FDWP) and MP 49; or (b) by reducing a net loss under section NH 5(4) (Dividend withholding payments and consolidated groups).
Credit date(3) The credit date is the day the FDWP is paid. Defined in this Act: amount, company, consolidated FDWP group, FDWP, FDWP credit, further FDWP, net loss, pay Origin: 2004 No 35 s MG 14(1)(a), (2)(a)
Credit(1) A consolidated FDWP group has an FDWP credit as described in table M21: FDWP credits of consolidated FDWP groups, row 3 (payment of further FDWP) for a payment of further FDWP under section MC 27 or MC 28 (which relate to further FDWP). Credit date(2) The credit date is the day the further FDWP is paid. Defined in this Act: consolidated FDWP group, FDWP credit, further FDWP, pay Origin: 2004 No 35 s MG 14(1)(c), (2)(a)
Credit(1) A consolidated FDWP group has an FDWP credit as described in table M21: FDWP credits of consolidated FDWP groups, row 4 (derivation of dividend with FDWP credit) for the amount of an FDWP credit attached to a dividend derived by a group company. Credit date(2) The credit date is the day the dividend is paid. Defined in this Act: amount, company, consolidated FDWP group, dividend, FDWP credit Origin: 2004 No 35 s MG 14(1)(b), (2)(a)
Credit(1) A consolidated FDWP group has an FDWP credit as described in table M21: FDWP credits of consolidated FDWP groups, row 5 (group company’s credits) for the amount of a credit arising as follows: (a) an FDWP credit described in a row of table M3: FDWP credits, arises in the FDWP account of a group company; and (b) an FDWP debit described in a row of table M22: FDWP debits of consolidated FDWP groups arises in the group FDWP account; 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 the 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 a 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 credits arise on the same credit date; and (iii) on a pro rata basis, if no election under subparagraph (ii).
Credit date(3) The credit date is just before the debit date for the debit to the group account. Defined in this Act: amount, company, consolidated FDWP group, FDWP account, FDWP credit, FDWP debit Origin: 2004 No 35 ss MG 14(1)(e), (2)(c), MG 16(2), (4) MP 54 Consolidated FDWPA transfer from group’s conduit tax relief account Credit(1) A consolidated FDWP group has an FDWP credit for a tax year as described in table M21: FDWP credits of consolidated FDWP groups, row 6 (transfers from group’s conduit tax relief account) for an amount equal to the amount of a conduit tax relief debit described in table M24: conduit tax relief debits of consolidated groups, row 3 (transfer to group’s FDWP account) for the transfer of a closing credit balance to the FDWP account. Credit date(2) The credit date is the last day of the tax year. Defined in this Act: amount, conduit tax relief account, conduit tax relief debit, consolidated FDWP group, FDWP account, FDWP credit, tax year Origin: 2004 No 35 s MI 20(2)
Credit(1) A consolidated FDWP group has an FDWP credit as described in table M21: FDWP credits of consolidated FDWP groups, row 7 (transfer for net foreign attributed income) for an amount equal to the amount of an imputation debit described in table M20: imputation debits of consolidated imputation groups, row 12 (transfer for net foreign attributed income) for a transfer to the FDWP account on account of net foreign attributed income. Credit date(2) The credit date is the same as the debit date in the imputation credit account. Defined in this Act: amount, consolidated FDWP group, consolidated imputation group, FDWP account, FDWP credit, foreign attributed income, imputation credit account, imputation debit Origin: 2004 No 35 s MG 14(1)(f), (2)(d)
Credit(1) A consolidated FDWP group has an FDWP credit as described in table M21: FDWP credits of consolidated FDWP groups, row 8 (reversal of tax advantage arrangement) for an amount equal to a debit in the group’s FDWP account described in table M22: FDWP debits of consolidated FDWP groups, row 13 (tax advantage arrangement). Credit date(2) The credit date is the same as the debit date of the debit. Defined in this Act: amount, arrangement, consolidated FDWP group, FDWP account, FDWP credit, tax advantage Origin: 2004 No 35 s MG 14(1)(d), (2)(b) FDWP debits of consolidated FDWP groups Table M22: FDWP debits of consolidated FDWP groups
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