Section HM 68 — Income Tax Act 2007: When formation losses carried forward are less than 5% of formation investment value

HM 68 When formation losses carried forward are less than 5% of formation investment value If the total amount of formation loss carried forward under section HM 67 is less than 5% of the total market value of the PIE’s investments at the time it becomes a PIE, it may allocate to an attribution period the amount not already allocated, when calculating under section HM 35(5) the taxable amount of an investor class for the attribution period. Defined in this Act: amount , attribution period , formation loss , investor class , market value , PIE , taxable amount Compare: 2007 No 97 s HL 30(3) Section HM 68: 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).