Part m-memorandum accounts

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Opening credit balance	1 April	section MA 7
2	Rebate for conduit tax relief
	Income tax rebate for conduit tax relief	set out in section MP 73	section MP 73
3	Reduction of FDWP
	A reduction of FDWP for a dividend derived	due date for payment of the FDWP	section MP 74
4	Derivation of dividend with conduit tax relief credit
	A conduit tax relief credit attached to a dividend derived	day the dividend is paid	section MP 75

5	Group company’s credit
	A credit from a group company’s conduit tax relief account	set out in section MP 76	section MP 76
6	Transfer from group’s FDWP account
	A transfer from a group’s FDWP account	31 March	section MP 77
7	Reversal of tax advantage arrangement
	The reversal of the debit for a tax advantage arrangement	debit date for the debit	section MP 78
How to use this table Each row in the table describes— (a) the conduit tax relief credits that may arise in the conduit tax relief account of a consolidated group during a tax year; and (b) the credit date when the credit arises. A more detailed description of the conduit tax relief credits and, as necessary, credit dates is contained in the section noted in the last column.

MP 73 Consolidated CTRA rebate for conduit tax relief

Credit

(1) A consolidated group has a conduit tax relief credit for a tax year as described in table M23: conduit tax relief credits of consolidated groups, row 2 (rebate for conduit tax relief) for the amount of a rebate of income tax allowed to the group under section KH 1 (Conduit tax relief) for an income year corresponding to the tax year. The amount of the credit is calculated under subsection (2).

Calculating amount of credit

(2) Having determined the amount of its rebate for a tax year, a consolidated group must apportion the amount to calculate the amount of the credit using the formula—

FDWP last day credit	x	amount of rebate
total FDWP credit