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HL 21: Portfolio entity tax liability and tax credits of portfolio tax rate entity for period
or “This provision, which detailed tax obligations for portfolio tax rate entities, is no longer in effect”
You could also call this:

“Old rules for tax payments by certain investment entities no longer apply”

This part of the law used to talk about how a portfolio tax rate entity that didn’t make an election had to pay taxes. However, this rule doesn’t exist anymore. It was removed on 1 April 2010, which means it doesn’t apply to any tax years from 2010-11 onwards. If you want to know more about why this change happened, you can look at section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009.

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Next up: HL 23: Payments of tax by portfolio tax rate entity choosing to pay provisional tax

or “Outdated rule: How certain investment groups used to pay taxes”
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Part H Taxation of certain entities
Portfolio investment entities

HL 22Payments of tax by portfolio tax rate entity making no election (Repealed)

    Notes
    • Section HL 22: repealed, on (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act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).