Section HM 55F — Income Tax Act 2007: Treatment of income attributed to notified foreign investors

HM 55F Treatment of income attributed to notified foreign investors What this section does (1) This section applies for a foreign investment PIE for the purposes of the calculations that must be made under sections HM 36 and HM 47 in relation to the income attributed to a notified foreign investor in the PIE or the income tax liability of the PIE. Foreign investment zero-rate PIEs (2) A foreign investment zero-rate PIE must apply a prescribed investor rate of 0% under schedule 6 , table 1, row 9 (Prescribed rates: PIE investments and retirement scheme contributions) to all amounts attributed to the investor. Foreign investment variable-rate PIEs (3) A foreign investment variable-rate PIE must, for all amounts attributed to the investor,— (a) identify the income source of each amount; and (b) identify the investment type of each amount that is not a foreign-sourced amount; and (c) apply the relevant prescribed investor rate set out in schedule 6 , table 1B to the amount. Defined in this Act: amount , foreign investment PIE , foreign investment variable rate PIE , foreign investment zero-rate PIE , income , income tax liability , notified foreign investor , prescribed investor rate Section HM 55F: 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).