Section HM 72 — Income Tax Act 2007: When elections take effect

HM 72 When elections take effect Notice of election (1) An election under section HM 71 or HM 71B to become a PIE or a foreign investment PIE, as applicable takes effect on the latest of the following dates: (a) the date the entity is formed: (b) the date set out in the notice: (c) 30 days before the Commissioner receives the notice. When entity does not meet basic requirements (2) Despite subsection (1), an entity's election to become a PIE does not take effect if, in the period ending 12 months after the date on which the election would be effective,— (a) the entity cancels the election: (b) an event or situation arises that means the entity would lose PIE status under any of sections HM 24 to HM 28 because the requirements of sections HM 11 to HM 16 were not met in each quarter of the 12-month period. Notice of cancellation (3) An election under section HM 29 to cancel PIE status takes effect on the latest of the following dates: (a) the date the entity became a PIE: (b) the date set out in the notice: (c) the date on which the Commissioner receives the notice. Defined in this Act: Commissioner , foreign investment PIE , notice , PIE , quarter Compare: 2007 No 97 ss HL 11(2), (2B), (4), HL 13(1), (4), HL 15(2) Section HM 72: 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 72(1): amended, on 29 August 2011, by section 87(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 72(2)(b): substituted, on 1 April 2010 (applying for income years beginning on or after 1 April 2010), by section 52(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section HM 72 list of defined terms foreign investment PIE : inserted, on 29 August 2011, by section 87(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 72 list of defined terms quarter : inserted (with effect on 1 April 2008), on 7 December 2009, by section 126 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).