Section HM 54 — Income Tax Act 2007: Use of tax credits other than foreign tax credits by investors

HM 54 Use of tax credits other than foreign tax credits by investors When this section applies (1) This section applies when a multi-rate PIE has a tax credit under Part L (Tax credits and other credits) other than a tax credit under subpart LJ (Tax credits for foreign income tax), that is attributable in a tax year to an investor who is— (a) a zero-rated investor: (b) an exiting investor who is treated under section HM 61 as zero-rated. Using tax credit to satisfy income tax liability (2) The investor may use the tax credit under section LS 3 or LS 4 (which relate to the use of tax credits) to satisfy their income tax liability for the tax year. Amount (3) The amount of the tax credit is the amount attributed. Defined in this Act: amount , income tax liability , investor , multi-rate PIE , tax credit , tax year , zero-rated investor Compare: 2007 No 97 s HL 29(7)(b) Section HM 54: 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).