Section HM 23 — Income Tax Act 2007: Exceptions for foreign PIE equivalents

HM 23 Exceptions for foreign PIE equivalents Investor classes and investors' interests (1) If an investor in a PIE is a foreign PIE equivalent,— (a) the requirement for investor classes under section HM 14(1) is treated as met: (b) no limitation on investor interests under section HM 15 applies in the case of that investor. Shareholding in investments (2) If a PIE holds an investment in a foreign PIE equivalent, no maximum limit on shareholding in investments under section HM 13 applies to that investment. Defined in this Act: foreign PIE equivalent , investor , investor class , investor interest , PIE Compare: 2004 No 35 ss HL 9(4), HL 10(4) Section HM 23: 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 23(1)(b): amended (with effect on 1 April 2010), on 21 December 2010, by section 92 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).