Section HM 32 — Income Tax Act 2007: Rules for and treatment of investors in multi-rate PIEs

HM 32 Rules for and treatment of investors in multi-rate PIEs Tax rates (1) An investor in a multi-rate PIE must notify the PIE of a tax rate applying to their investment income or have a default rate apply, see sections HM 56 to HM 61 . Attributed income (2) An amount of income attributed by a multi-rate PIE to an investor in the PIE is— (a) income of the investor under section CP 1 (Attributed income of investors in multi-rate PIEs): (b) for certain investors, excluded income of the investor under section CX 56 (Attributed income of certain investors in multi-rate PIEs). Notified foreign investors (3) An investor in a foreign investment PIE who notifies the PIE under section HM 55D(2) of their wish to become a notified foreign investor is treated as having notified the PIE of a tax rate under subsection (1). Defined in this Act: amount , excluded income , foreign investment PIE , income , investor , multi-rate PIE , notified foreign investor , notify Section HM 32: 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 32(3) heading: added, on 29 August 2011, by section 67(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 32(3): replaced (with effect on 29 August 2011), on 2 November 2012, by section 97 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 32 list of defined terms foreign investment PIE : inserted, on 29 August 2011, by section 67(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 32 list of defined terms notified foreign investor : inserted, on 29 August 2011, by section 67(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).