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OP 100: Consolidated BETA payment of income tax on foreign income
or “Old rule about tax on overseas income for company groups no longer applies”
You could also call this:

“Payment of income tax using Branch Equivalent Tax Account for company groups is no longer allowed”

This part of the law used to talk about how a group of companies could use something called a Branch Equivalent Tax Account (BETA) to pay income tax. However, this rule doesn’t exist anymore. It was removed on 1 July 2012. This means that from that date, companies can’t use this method to pay their income tax. If you want to know more about how companies pay their taxes now, you might need to look at other parts of the tax law.

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Next up: OP 102: Consolidated BETA remaining debit balances

or “Outdated rule about tax credits for company groups' overseas branches”
Next

Part O Memorandum accounts
Memorandum accounts of consolidated groups: Branch equivalent tax credits of consolidated BETA groups

OP 101Consolidated BETA payment of income tax (Repealed)

    Notes
    • Section OP 101: repealed, on (applying for income years beginning on or after that date), by section 120(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
    • Section OP 101(4B): amended (with effect on 1 April 2008), on , by section 136(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
    • Section OP 101(4C)(b): amended (with effect on 1 April 2008), on , by section 136(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).