Section HM 58 — Income Tax Act 2007: Transition of rate for certain investors

HM 58 Transition of rate for certain investors When this section applies (1) This section applies to a multi-rate PIE in relation to a person who is an investor in the PIE, and the person has, on 30 September 2010, a notified investor rate of 12.5%, 19.5%, 21%, or 30%. Rate applying on and after 1 October 2010 (2) On and after 1 October 2010, the person's notified investor rate is–– (a) 10.5%, if it was 12.5% on 30 September 2010: (b) 17.5%, if it was 19.5% or 21% on 30 September 2010: (c) 28%, if it was 30% on 30 September 2010. Exception: new notified rate (3) Subsection (2) does not apply if the person advises the PIE of a different notified investor rate. Defined in this Act: multi-rate PIE , notified investor rate , notify Section HM 58: substituted, on 1 October 2010, by section 8 of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section HM 58(1): amended, on 1 October 2010, by section 71(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section HM 58(2)(b): amended, on 1 October 2010, by section 71(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).