Section HM 64 — Income Tax Act 2007: Use of investor classes’ losses

HM 64 Use of investor classes’ losses When this section applies (1) This section applies when an investor class of a PIE that calculates and pays tax using the exit calculation or quarterly calculation options under section HM 42 and HM 43 has a tax loss under section HM 35(7) for a calculation period. But this section does not apply to a land loss as defined in section HM 65(3) . Amount not carried forward (2) The amount is not included in a loss balance carried forward under Part I (Losses) to a later calculation period. Tax credits (3) To the extent to which the amount relates to an investor other than a zero-rated investor or an investor treated under section HM 61 as zero-rated, the PIE has a tax credit under section LS 1 (Tax credits for multi-rate PIEs). The amount of the credit is calculated under section HM 47(5) . Foreign investment PIEs (4) For a notified foreign investor in a foreign investment PIE, the amount is disregarded. Defined in this Act: amount , calculation period , foreign investment PIE , investor class , land loss , loss balance , notified foreign investor , pay , PIE , tax credit , zero-rated investor Compare: 2007 No 97 s HL 32(1) Section HM 64: 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). Section HM 64(3): amended, on 2 November 2012, by section 109(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 64(4) heading: added, on 29 August 2011, by section 84(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 64(4): replaced, on 2 November 2012, by section 109(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 64 list of defined terms foreign investment PIE : inserted, on 29 August 2011, by section 84(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 64 list of defined terms notified foreign investor : inserted, on 29 August 2011, by section 84(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).