Section HM 39 — Income Tax Act 2007: New investors in existing investor classes

HM 39 New investors in existing investor classes When this section applies (1) This section applies when a person is a new investor in an existing investor class of a multi-rate PIE but, at the time of investing, the PIE holds insufficient investments for the person to qualify as an investor in the class. Person treated as investor (2) The PIE may treat the person as an investor in the class if the PIE acquires sufficient investments as described in section HM 11 as soon after the investor’s acquisition of the interests as is practicable. Defined in this Act: investor , investor class , multi-rate PIE , PIE Compare: 2007 No 97 s HL 18 Section HM 39: 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).