Section HM 43 — Income Tax Act 2007: Quarterly calculation option

HM 43 Quarterly calculation option Quarterly calculation (1) A multi-rate PIE that does not choose to calculate and pay its income tax liability under the exit calculation or provisional tax calculation options, must calculate its tax liability for each quarter of the tax year using the formula set out in section HM 47 . The notice requirements are set out in section 31B of the Tax Administration Act 1994. Quarterly payment (2) The PIE must pay to the Commissioner the amount of its income tax liability for the quarter within 1 month of the end of the quarter. Exiting investors: zero-rated (3) If the investor interest of an investor in the PIE has reached the exit level, they are treated under section HM 61 as zero-rated for the exit period which includes a grace period of 5 working days after the end of the quarter. This subsection does not apply if the PIE voluntarily chooses to pay an amount under section HM 45 . Exiting investors: remaining value to Commissioner (4) If the investor interest of an investor at the end of an exit period is more than zero, the PIE must pay an amount equal to the value of the interest to the Commissioner at the same time as the payment referred to in subsection (2). Provisional tax rules (5) The PIE is not required to pay provisional tax under subpart RC (Provisional tax) for the tax year. Defined in this Act: amount , Commissioner , exit level , exit period , income tax liability , investor interest , multi-rate PIE , notice , pay , PIE , provisional tax , quarter , tax year , working day Compare: 2007 No 97 s HL 22 Section HM 43: 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 43(3): amended, on 2 November 2012, by section 102(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 43(3): amended (with effect on 1 April 2010), on 21 December 2010 (applying for the 2010–11 and later income years), by section 97(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section HM 43(4): amended (with effect on 1 April 2010), on 21 December 2010 (applying for the 2010–11 and later income years), by section 97(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section HM 43 list of defined terms zero-rated investor : amended, on 2 November 2012, by section 102(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).