Section HM 33 — Income Tax Act 2007: Proxies for PIE investors

HM 33 Proxies for PIE investors Proxies (1) An entity may become a proxy for an investor in a multi-rate PIE for an attribution period if the entity— (a) holds an investor interest for the investor; and (b) notifies the PIE that it holds the interest as proxy. Role (2) The proxy must perform the duties set out in subsection (3) in relation to amounts attributed to them for the period as holder of the interest as if— (a) the proxy were a multi-rate PIE; and (b) the investor interest were an interest of the investor in the income of the proxy; and (bb) for a foreign investment PIE and a notified foreign investor, the investor were a notified foreign investor in the proxy; and (c) the amounts attributed and distributions received by the proxy were amounts of the proxy to which the investor is entitled as holder of the interest. Duties (3) The proxy’s duties are to— (a) attribute amounts to the investor for the period; and (b) distribute amounts and credits to the investor for the period; and (c) pay income tax on the investment income for the period; and (d) adjust the investor interest of the investor or distributions to the investor under section HM 48 ; and (db) for a foreign investment PIE, collect information required from the notified foreign investors and act generally on behalf of the PIE in relation to its notified foreign investors; and (e) provide returns as required under section 57B of the Tax Administration Act 1994 to the Commissioner and any other information required by the Commissioner; and (f) provide the investor with a notice under section 31C of that Act; and (g) provide the PIE with information about the investor and investor interest that may be relevant to any eligibility requirements of the PIE. Defined in this Act: amount , attribution period , Commissioner , foreign investment PIE , income , income tax , investor , investor interest , multi-rate PIE , notified foreign investor , notify , PIE Section HM 33: 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 33(2)(bb): 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 68(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 33(3)(db): 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 68(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 33 list of defined terms foreign investment PIE : inserted, on 29 August 2011, by section 68(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 33 list of defined terms notified foreign investor : inserted, on 29 August 2011, by section 68(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).