Section HM 7 — Income Tax Act 2007: Requirements

HM 7 Requirements For an entity to be a PIE, it must— (a) meet the requirements of the entry rules in sections HM 8 to HM 10 , HM 17 , HM 18 , and HM 20 , as applicable; and (b) be 1 of the types of entity referred to in section HM 2(2) ; and (c) choose under section HM 71 or HM 71B to become a PIE; and (d) maintain the requirements of the rules in sections HM 8 to HM 20 , as applicable; and (e) not lose PIE status under the exit rules in sections HM 24 to HM 30 . Defined in this Act: PIE Compare: 2007 No 97 ss HL 2(2), HL 15(1), (2) Section HM 7: 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 7(c): amended, on 29 August 2011, by section 56 of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).