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OB 54: ICA tax advantage arrangement
or “Imputation debit for tax advantage schemes”
You could also call this:

“Adding a credit to a non-cash dividend after it's paid out”

If you have an ICA company, you might need to know about something called a retrospective imputation credit. This is when you add an imputation credit to a non-cash dividend after it has already been given out. When this happens, your company gets an imputation debit.

You can find more information about this in section OB 62. It’s also mentioned in a special table called “table O2: imputation debits” under row 28.

The important thing to remember is that the date of this debit is the same day that the dividend is paid out. This means that even though you’re adding the credit later, the debit is counted from when you first gave out the dividend.

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Next up: OB 56: ICA final balance

or “Recording the final credit balance when a company stops being an ICA company”
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Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 55ICA retrospective imputation credit

  1. An ICA company has an imputation debit for an imputation credit that is retrospectively attached to a non-cash dividend under section OB 62.

  2. The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 28 (retrospective imputation credit).

  3. The debit date is the day the dividend is paid.

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