Section HM 35C — Income Tax Act 2007: Determining amounts for notified foreign investors

HM 35C Determining amounts for notified foreign investors When this section applies (1) This section applies for the purposes of sections HM 35 to HM 47 when a foreign investment PIE determines its income tax liability and calculates an amount of attributed PIE income for a notified foreign investor in the PIE. Single class of investors (2) For the purposes of the calculations, the PIE must treat its notified foreign investors as a single notional investor class. Taxable amounts (3) In section HM 35(5) , in relation to an investor class that is made up of notified foreign investors, the taxable amount for an attribution period is equal to the assessable income of the PIE for the period for each particular income source and investment type of income of the class. Attributed amounts (4) For the purposes of section HM 36 , in the calculation of an amount attributed to a notified foreign investor,— (a) the item loss in the formula in subsection (2) is treated as zero: (b) the item expenses in the formula in subsection (2) is treated as zero: (c) the item credits for fees in the formula in subsection (2) is treated as zero: (d) if the result given by the formula is negative, the result is treated as zero. Defined in this Act: amount , assessable income , attributed PIE income , attribution period , foreign investment PIE , income tax liability , investor class , notified foreign investor , taxable amount Section HM 35C: 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 69(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).