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HL 6: Investor membership requirement
or “This rule about investor membership no longer applies”
You could also call this:

“This rule about adjusting investor returns for certain companies no longer applies”

This part of the law used to talk about something called the “Investor return adjustment requirement” for a type of company called a “portfolio tax rate entity”. However, this part of the law no longer exists. It was removed on 1 April 2010. This means that from the 2010-11 tax year onwards, this rule doesn’t apply anymore.

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Next up: HL 8: Imputation credit distribution requirement: portfolio listed company

or “Removed rule about sharing tax credits for certain listed companies”
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Part H Taxation of certain entities
Portfolio investment entities

HL 7Investor return adjustment requirement: portfolio tax rate entity (Repealed)

    Notes
    • Section HL 7: repealed, on (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act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).