Section HM 21 — Income Tax Act 2007: Exceptions for certain investors

HM 21 Exceptions for certain investors Investor classes (1) The rule for a minimum number of investors in section HM 14(1) does not apply if— (a) an investor class of the entity includes at least 1 investor listed in schedule 29 , part A (Portfolio investment entities: listed investors): (b) the only income that the investor derives is exempt income under section CW 41 or CW 42 (which relate to charities). Certain investors (2) The rule for maximum investor interests in section HM 15(1) does not apply if the investor is— (a) listed in schedule 29 , part A or B: (b) a person whose only income is exempt income under section CW 41 or CW 42 . Certain investors in listed PIEs [Repealed] (3) [Repealed] Transitional provision for investors in listed PIEs (4) Section HM 15 does not apply in the case of an investor in a listed PIE, other than an investor listed in schedule 29 , parts A and B, that holds more than 20% but less than 40% of the total interests in the investor class and held more than 20% and less than 40% of the total interests at all times from 17 May 2006 to the relevant time. Not combined associates (5) Section HM 16 does not apply if either the associated person or the investor is an investor listed in schedule 29 , parts A and B. Defined in this Act: associated person , exempt income , income , investor , investor class , listed PIE , PIE Compare: 2007 No 97 ss HL 6(4), HL 9 Section HM 21: 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 21(1): substituted, on 29 August 2011, by section 64(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 21(2) heading: amended (with effect on 1 April 2010), on 21 December 2010 (applying for the 2010–11 and later income years), by section 90(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section HM 21(2): substituted, on 29 August 2011, by section 64(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 21(3) heading: repealed (with effect on 1 April 2010), on 21 December 2010 (applying for the 2010–11 and later income years), pursuant to section 90(3) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section HM 21(3): repealed (with effect on 1 April 2010), on 21 December 2010 (applying for the 2010–11 and later income years), by section 90(3) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section HM 21 list of defined terms exempt income : inserted, on 29 August 2011, by section 64(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 21 list of defined terms income : inserted, on 29 August 2011, by section 64(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).