Section DB 54 — Income Tax Act 2007: Treatment of credits for investment fees

DB 54 Treatment of credits for investment fees When this section applies (1) This section applies when an investor in an investor class of a multi-rate PIE incurs expenses in relation to their investor interest, and the entity includes the amount in the calculation of its tax liability under section HM 47 (Calculation of tax liability or tax credit of multi-rate PIEs) in relation to the investor. No deduction (2) The investor is denied a deduction for the amount. Link with subpart DA (3) This section overrides the general permission. Defined in this Act: amount , deduction , general permission , investor , investor class , investor interest , multi-rate PIE , Compare: 2007 No 97 s DB 54 Section DB 54: substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 78(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).