Section HM 19B — Income Tax Act 2007: Modified rules for foreign investment zero-rate PIEs

HM 19B Modified rules for foreign investment zero-rate PIEs Income (1) Despite section HM 12 , the income derived by a foreign investment zero-rate PIE must consist of no amount other than— (a) a foreign-sourced amount: (b) an amount allowable under section HM 55G , as measured under section HM 55H . Residence (2) A foreign investment zero-rate PIE is resident in New Zealand for the purposes of section HM 8 if it— (a) is a unit trust to which the Unit Trusts Act 1960 applies; and (b) has a trustee who is resident in New Zealand. Defined in this Act: amount , foreign investment zero-rate PIE , foreign- sourced amount , income , resident in New Zealand , trustee , unit trust Section HM 19B: inserted, on 29 August 2011, by section 62 of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).