Section HM 17 — Income Tax Act 2007: Same rights to all investment proceeds

HM 17 Same rights to all investment proceeds What this section does (1) This section is an additional entry rule for a PIE that is not a life fund PIE. Same rights in relation to proceeds of investments (2) All investor interests in the entity that give rights in relation to proceeds from a portfolio investment must give the same rights in relation to all types of proceeds from the investment. Exclusions (3) This section does not apply if— (a) the proceeds are category B income: (b) for a single investor class, the only income that the class derives is income under section CC 3 (Financial arrangements). Defined in this Act: category B income , income , investor class , investor interest , life fund PIE , notified foreign investor , PIE , portfolio investment , supplementary dividend Compare: 2007 No 97 s HL 5C Section HM 17: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HM 17(3) heading: replaced, on 2 November 2012, by section 93(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 17(3): replaced, on 2 November 2012, by section 93(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 17 list of defined terms income : inserted, on 2 November 2012, by section 93(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 17 list of defined terms investor class : inserted, on 2 November 2012, by section 93(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 17 list of defined terms notified foreign investor : inserted, on 2 November 2012, by section 93(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 17 list of defined terms supplementary dividend : inserted, on 2 November 2012, by section 93(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).