Section HM 40 — Income Tax Act 2007: Deductions for attributed PIE losses for zero-rated and exiting investors

HM 40 Deductions for attributed PIE losses for zero-rated and exiting investors When this section applies (1) This section applies to an investor in a multi-rate PIE when— (a) an amount of attributed PIE loss is attributed under section HM 36 to the investor for an attribution period in a tax year; and (b) either— (i) the investor is a zero-rated investor; or (ii) the PIE calculates its tax liability using the quarterly calculation option under section HM 43 and the amount is attributed to an exiting investor to whom section HM 61 applies. Deduction (2) In the investor's income year in which the end of the PIE's income year falls, the investor is allowed a deduction under section DB 53 (Attributed PIE losses of certain investors). The amount of the deduction is equal to the amount attributed for the income year or exit period. Defined in this Act: amount , attributed PIE loss , attribution period , deduction , exit period , income year , investor , multi-rate PIE , PIE , tax year , zero-rated investor Compare: 2007 No 97 s HL 27 Section HM 40: 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).