Recharacterisation of certain transactions - Consolidated groups of companies - Treatment of foreign dividends
FM 29: Treatment of credit balance in consolidated group’s FDP account
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.
FM 30: Application of certain provisions to consolidated groups, or
“Rules for tax refunds when company groups merge”
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FM 29Treatment of credit balance in consolidated group’s FDP account (Repealed)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Section FM 29: repealed, on , by section 111 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
