Section HM 56 — Income Tax Act 2007: Prescribed investor rates: schedular rates

HM 56 Prescribed investor rates: schedular rates Rates set out in schedule (1) The prescribed investor rate of an investor in a multi-rate PIE is determined under schedule 6 , tables 1 and 1B (Prescribed rates: PIE investments and retirement scheme contributions). When amount not included in taxable income (2) In the determination of a person's prescribed investor rate under subsection (1), the person's taxable income does not include an amount that— (a) arises because their notified investor rate is lower than their prescribed investor rate; and (b) is treated as taxable income because section CX 56 (Attributed income of certain investors in multi-rate PIEs) does not apply. Defined in this Act: amount , investor , multi-rate PIE , notified investor rate , prescribed investor rate , taxable income Section HM 56: substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 49(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section HM 56(1) heading: inserted (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 80(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 56(1): amended, on 29 August 2011, by section 80(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 56(2) heading: added (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 80(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 56(2): added (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 80(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 56 list of defined terms amount : inserted (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 80(4) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 56 list of defined terms notified investor rate : inserted (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 80(4) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 56 list of defined terms taxable income : added (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 80(4) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).