Part m-memorandum accounts
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MP 57 Consolidated FDWPA payment of dividend Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 2 (payment of dividend) for the amount of an FDWP credit attached to a dividend paid by a group company that is part of the group when the dividend is paid. Debit date(2) The debit date is the day the dividend is paid. Defined in this Act: amount, company, consolidated FDWP group, dividend, FDWP account, FDWP credit, FDWP debit, pay Origin: 2004 No 35 s MG 15(1)(a)
Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 3 (refund of FDWP) for a refund of FDWP paid to a group company that is part of the group when it derived the dividend giving rise to the payment of FDWP and the refund. Subsection (2) overrides this subsection. No debit(2) A debit under subsection (1) does not arise if— (a) the payment of FDWP giving rise to the refund was made before an FDWP debit described in table M22: FDWP debits of consolidated FDWP groups, row 10 (debit for loss of shareholder continuity) arises; and (b) the debit for the refund is not more than the debit for loss of shareholder continuity.
Debit date(3) The debit date is the day the refund is made. Defined in this Act: company, consolidated FDWP group, dividend, FDWP, FDWP debit, pay, shareholder Origin: 2004 No 35 s MG 15(1)(d), (2)(d)
Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 4 (overpayment of FDWP) for an overpayment of FDWP that is— (a) paid by a group company that is part of the group at the time it derived the dividend giving rise to the overpayment of FDWP; and (b) applied to satisfy an amount owing under the Inland Revenue Acts.
No debit(2) Despite subsection (1), the debit does not include an overpayment of FDWP to the extent to which it is— (a) applied to satisfy a liability for FDWP; or (b) for a payment of FDWP before an FDWP debit arises as described in table M22: FDWP debits of consolidated FDWP groups, row 10 (debit for loss of shareholder continuity), not more than the debit for loss of shareholder continuity.
Debit date(3) The debit date is the day the amount is applied. Defined in this Act: amount, company, consolidated FDWP group, dividend, FDWP, FDWP account, FDWP debit, Inland Revenue Acts, pay, shareholder Origin: 2004 No 35 s MG 15(1)(1), (2)(j)
Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 5 (refund of tax credit) for a refund of a credit of tax under section LD 8(1)(c) (Credit of tax for dividend withholding payment credit in hands of shareholder) relating to a dividend derived by a group company that is part of the group at the time it derived the dividend. Debit date(2) The debit date is the day the refund is made. Defined in this Act: company, consolidated FDWP group, dividend, FDWP account Origin: 2004 No 35 s MG 1(1)(e), (2)(d)
Debit(1) A consolidated FDWP group has an FDWP debit for a tax year as described in table M22: FDWP debits of consolidated FDWP groups, row 6 (transfer to imputation credit account) for an amount equal to a closing credit balance transferred under section NH 6(6) (Application of specific dividend withholding payment provisions to consolidated groups) to the group’s imputation credit account. Debit date(2) The debit date is the last day of the tax year. Defined in this Act: amount, consolidated FDWP group, FDWP account, FDWP debit, imputation credit account, tax year Origin: 2004 No 35 s MG 15(1)(c), (2)(c)
Debit(1) A consolidated FDWP group has an FDWP debit for a tax year as described in table M22: FDWP debits of consolidated FDWP groups, row 7 (transfer to group’s conduit tax relief account) for an amount equal to a conduit tax relief credit described in table M23: conduit tax relief credits of consolidated groups, row 6 (transfer from group’s FDWP account) for the transfer of a credit balance to the group’s conduit tax relief account. Debit date(2) The debit date is the last day of the tax year. Defined in this Act: amount, conduit tax relief account, conduit tax relief credit, consolidated FDWP group, FDWP account, FDWP debit, tax year Origin: 2004 No 35 s MI 20(1)
Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 8 (group company’s debit) for an amount to the extent to which it would, if subsection (2) did not exist, give rise to— (a) an FDWP debit described in a row of table M4: FDWP debits, in the FDWP account of a group company; and (b) an FDWP debit that would create or increase a debit balance in the group company’s FDWP account.
No debit for group company(2) The amount referred to in subsection (1) does not give rise to an FDWP debit in the group company’s account although otherwise eligible to be one. Debit date(3) The debit date is the day that would be the debit date for the amount if subsection (2) did not exist. Defined in this Act: amount, company, consolidated FDWP group, FDWP account, FDWP debit Origin: 2004 No 35 ss MG 15(1)(k), (2)(i), MG 16(5)
Debit(1) A consolidated FDWP group has an FDWP debit for a tax year as described in table M22: FDWP debits of consolidated FDWP groups, row 9 (breach of FDWP ratio) for the amount of a debit described in table M4: FDWP debits, row 10 (breach of FDWP ratio) in the FDWP account of a group company, if section MP 48(3) did not exist. Debit date(2) The debit date is the last day of the tax year. Defined in this Act: amount, company, consolidated FDWP group, FDWP account, FDWP debit, FDWP ratio, tax year Origin: 2004 No 35 s MG 15(1)(f), (2)(e)
Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 10 (debit for loss of shareholder continuity) for the amount of an FDWP credit retained in the group’s FDWP account and unused before the date of breach in shareholder continuity. Debit date(2) The debit date is the day of loss of shareholder continuity. Defined in this Act: amount, consolidated FDWP group, FDWP account, FDWP credit, FDWP debit, shareholder Origin: 2004 No 35 s MG 15(1)(i), (2)(g)
Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 11 (transfer to policyholder credit account) for the amount equal to a credit balance transferred under section NH 6(2) (Application of specific dividend withholding payment provisions to consolidated groups) to the group’s policyholder credit account. Debit date(2) The debit date is the day of election under section NH 6(2). Defined in this Act: amount, consolidated FDWP group, FDWP account, FDWP debit, policyholder credit account Origin: 2004 No 35 s MG 15(1)(b), (2)(b)
Debit(1) A consolidated FDWP group has an FDWP debit for a tax year as described in table M22: FDWP debits of consolidated FDWP groups, row 12 (breach of FDWP ratio by PCA company) for the amount of a debit that would arise as described in table M4: FDWP debits, row 11 (breach of FDWP ratio by PCA company) in the FDWP account of a group company, if section MP 48(4)(d) did not exist. Debit date(2) The debit date is the last day of the tax year. Defined in this Act: amount, company, consolidated FDWP group, FDWP account, FDWP debit, FDWP ratio, PCA company, tax year Origin: 2004 No 35 s MG 15(1)(g), (2)(e)
Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 13 (tax advantage arrangement) for the amount of a debit for a tax advantage arrangement determined under section GC 22 (Imputation: arrangement to obtain tax advantage). Debit date(2) The debit date is the last day of the tax year in which the arrangement began. Defined in this Act: amount, arrangement, consolidated FDWP group, FDWP account, FDWP debit, tax advantage, tax year Origin: 2004 No 35 s MG 15(1)(h), (2)(f)
Debit(1) A consolidated FDWP group has an FDWP debit as described in table M22: FDWP debits of consolidated FDWP groups, row 14 (final balance) for a credit balance in the FDWP account when the group stops being a consolidated FDWP group. Debit date(2) The debit date is the day the group stops being a consolidated FDWP group. Defined in this Act: consolidated FDWP group, FDWP account, FDWP debit Origin: 2004 No 35 s MG 15(1)(j), (2)(h)
Consolidated group accounts(1) A consolidated group has a group conduit tax relief account for a tax year if a group company is a conduit tax relief company at a time during the tax year. Group company’s status(2) Every company that is part of a consolidated group with a conduit tax relief account is a conduit tax relief company, despite the absence of an election under section MD 1(1) (General rules for conduit tax relief companies) by a group company. Defined in this Act: company, conduit tax relief account, conduit tax relief company, consolidated group, tax year Origin: 2004 No 35 ss MI 14, MI 16 MP 71 When credits and debits arise only in conduit tax relief group accounts Credits only in the group accounts(1) A credit listed in subsection (2) arises only in the conduit tax relief account of a consolidated group and not in the conduit tax relief account of a group company. Particular credits(2) The credit referred to in subsection (1) is a credit described in the following rows of table M5: conduit tax relief credits: (a) row 2 (rebate for conduit tax relief): (b) row 4 (derivation of dividend with conduit tax relief credit): (c) row 5 (reduction of FDWP). Debits only in the group accounts(3) A debit listed in subsection (4) arises only in the conduit tax relief account of a consolidated group and not in the conduit tax relief account of a group company. Particular debits(4) The debit referred to in subsection (3) is a debit described in following rows of table M6: conduit tax relief debits: (a) row 2 (payment of dividend): (b) row 5 (adjustment for conduit tax relief): (c) row 9 (breach of conduit tax relief ratio). Defined in this Act: company, conduit tax relief, conduit tax relief account, conduit tax relief credit, conduit tax relief debit, conduit tax relief ratio, consolidated group, dividend, FDWP Origin: 2004 No 35 s MI 19(1), (2) MP 72 Provisions applying to consolidated groups with conduit tax relief accounts Single company, tax liabilities(1) The provisions set out in subsection (2) apply, modified as necessary, to a consolidated group and to the conduit tax relief account of the group as if— (a) the group were a single company; and (b) a reference to a section of this Act were to an equivalent provision applicable to a consolidated group; and (c) a reference to a company’s liability for further FDWP, late payment penalty, or FDWP penalty tax were a reference to a joint and several liability owed by group companies when the tax or penalty becomes payable. Other provisions(2) The provisions are— (a) sections MD 22 and MD 23 which relate to credits attached to dividends and FDWP payable); and (b) sections 103, 104, 139B, 140C, 140D, and 181 of the Tax Administration Act 1994.
Consolidation provisions(3) Section HB 1(2) to (5) (Returns, assessments, and liability of consolidated group) overrides subsection (1)(c). Defined in this Act: company, conduit tax relief account, consolidated group, FDWP penalty tax, further FDWP Origin: 2004 No 35 s MI 22(1) Conduit tax relief credits of consolidated groups Table M23: conduit tax relief credits of consolidated groups
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