Section DB 53 — Income Tax Act 2007: Attributed PIE losses of certain investors

DB 53 Attributed PIE losses of certain investors When this section applies (1) This section applies to an investor in a multi-rate PIE when— (a) an amount of attributed PIE loss is attributed under section HM 36 (Calculating amounts attributed to investors) to an investor for an attribution period in a tax year; and (b) either the investor is— (i) a zero-rated investor; or (ii) treated under section HM 61 (Certain exiting investors zero-rated) as zero-rated. Deduction (2) The investor is allowed a deduction for the amount allocated to the investor's income year in which the PIE's tax year ends. Link with subpart DA (3) This section supplements the general permission. The general limitations still apply. Defined in this Act: amount , attributed PIE loss , attribution period , deduction , exit period , general limitation , general permission , income tax liability , income year , investor , multi-rate PIE , PIE , quarter , tax year , zero-rated portfolio investor , Compare: 2007 No 97 s DB 53 Section DB 53: substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 77(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).