Section HM 49 — Income Tax Act 2007: Tax credits: when sections HM 50 to HM 55 apply

HM 49 Tax credits: when sections HM 50 to HM 55 apply When sections apply (1) Sections HM 50 to HM 55 apply in relation to the tax credits of a multi-rate PIE or proxy for an investor in a multi-rate PIE that has not chosen to calculate its income tax liability under section HM 44 using the provisional tax calculation option. Limitation (2) The entity must not, other than under sections HM 51 to HM 55 ,— (a) use the tax credit to reduce the liability of the entity for income tax or to obtain a refund of income tax: (b) attach the tax credit to a distribution or transfer the tax credit to another person. Relationship with Part L (3) Sections HM 51 to HM 55 override Part L (Tax credits and other credits) other than subpart LS (Tax credits for multi-rate PIEs and investors). Defined in this Act: income tax , income tax liability , investor , multi-rate PIE , provisional tax , tax credit Compare: 2007 No 97 s HL 29(1), (2) Section HM 49: 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).