Recharacterisation of certain transactions - Consolidated groups of companies - Treatment of foreign dividends
FM 26: Using tax losses to pay FDP
You could also call this:
“Tax losses can no longer be used to pay foreign dividend taxes”
You can no longer use tax losses to pay FDP. This rule was removed on 6 October 2009, but it applied to tax years starting from 1 April 2009. FDP stands for Foreign Dividend Payment, which is a type of tax that used to apply to some dividends from overseas companies. The government changed the law, so this option is not available anymore.
“This section about refunds of foreign dividend payments no longer applies”
Part F
Recharacterisation of certain transactions
Consolidated groups of companies:
Treatment of foreign dividends
FM 26Using tax losses to pay FDP (Repealed)
Notes
Section FM 26: repealed (with effect on 1 April 2009), on , by section 231(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
