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

HM 19C Modified rules for foreign investment variable-rate PIEs Investment types (1) Despite section HM 11(1)(a) and (d) , no investment of a foreign investment variable-rate PIE may include an interest in land in New Zealand or a right or option in relation to land in New Zealand. Income sources (2) Despite section HM 12(1)(a) and (b)(iv) and (v) , the income derived by a foreign investment variable-rate PIE must not include an amount derived from— (a) an interest in land in New Zealand: (b) the disposal of an interest in land in New Zealand. Defined in this Act: amount , foreign investment variable-rate PIE , interest , land , New Zealand Section HM 19C: inserted, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 63(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 19C(1): amended (with effect on 1 April 2012), on 2 November 2012 (applying for the 2012–13 and later income years), by section 94(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 19C(2): amended (with effect on 1 April 2012), on 2 November 2012 (applying for the 2012–13 and later income years), by section 94(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).