Section HM 63 — Income Tax Act 2007: Exit periods

HM 63 Exit periods When this section applies (1) This section applies when an investor in a multi-rate PIE reaches the exit level during a tax year. Exit period: exit calculation (2) For a PIE that calculates its tax liability using the exit calculation option under section HM 42 , the investor’s exit period— (a) begins with the day that is the later of the start of the tax year and the day on which the investor last became an investor; and (b) ends on the day in the tax year when the exit level is reached. Exit period: quarterly calculation (3) For a PIE that calculates its tax liability using the quarterly calculation option under section HM 43 , the investor’s exit period is the quarter in which the exit level is reached plus a grace period of 5 working days after the end of the quarter. Voluntary payments of tax (4) Subsection (3) does not apply if the PIE voluntarily pays tax under section HM 45 . Defined in this Act: exit level , investor , multi-rate PIE , pay , PIE , quarter , tax year , working day Compare: 2007 No 97 s YA 1 “ portfolio investor exit period ” Section HM 63: 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).