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FM 28: Refund when consolidated group has loss
or “Refunds for losses in consolidated groups (no longer applicable)”
You could also call this:

“How a group of companies used to handle foreign dividend payments (no longer applies)”

This part of the law used to talk about how to handle money in a special account for a group of companies. The account was called an FDP account, which stands for foreign dividend payment. However, this rule doesn’t apply anymore. The government removed it on 1 April 2017. If you want to know more about why this changed, you can look at another part of the law that explains it.

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Next up: FM 30: Application of certain provisions to consolidated groups

or “Rules for tax refunds when company groups merge”
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Part F Recharacterisation of certain transactions
Consolidated groups of companies: Treatment of foreign dividends

FM 29Treatment of credit balance in consolidated group’s FDP account (Repealed)

    Notes
    • Section FM 29: repealed, on , by section 111 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).