Section HM 55 — Income Tax Act 2007: Tax credits for losses

HM 55 Tax credits for losses A multi-rate PIE that has a negative amount arising under section HM 47(5) and has not chosen to calculate its tax liability using the provisional tax calculation option under section HM 44 has a tax credit for a tax year under section LS 1 (Tax credits for multi-rate PIEs). Defined in this Act: amount , multi-rate PIE , provisional tax , tax credit , tax year Compare: 2007 No 97 s HL 28 Section HM 55: 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).