Section HM 55E — Income Tax Act 2007: Changes in status of investors in foreign investment PIEs

HM 55E Changes in status of investors in foreign investment PIEs When this section applies (1) This section applies when— (a) a person who is a notified foreign investor in a foreign investment PIE— (i) becomes resident in New Zealand in a tax year; or (ii) cancels their notified foreign investor status in a tax year under section HM 55D(8) : (b) a person who is an investor in a foreign investment PIE and who is resident in New Zealand becomes non-resident in a tax year and chooses under section HM 55D(2) to have notified foreign investor status. Time for changing treatment (2) The PIE must change the treatment of the person as soon as reasonably practicable. But, at the latest, the change must be made from the start of the following tax year. Defined in this Act: foreign investment PIE , non-resident , notified foreign investor , resident in New Zealand , tax year Section HM 55E: inserted, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 79(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).