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HM 19C: Modified rules for foreign investment variable-rate PIEs
or “Special rules limit land investments for certain foreign investment funds”
You could also call this:

“You must wait 5 years to become a PIE again after losing PIE status”

If you are an entity that loses its status as a PIE (Portfolio Investment Entity), you have to wait 5 years before you can become a PIE again. This 5-year period starts from the day you lose your PIE status and ends on the day your new choice to become a PIE takes effect. The loss of PIE status happens when sections HM 24 to HM 29 apply to you.

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Next up: HM 21: Exceptions for certain investors

or “Special rules allow certain investors to exceed investment limits”
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Part H Taxation of certain entities
Portfolio investment entities: Requirements

HM 20Re-entering as PIE: 5-year rule

  1. If an entity loses PIE status through the application of sections HM 24 to HM 29, it cannot choose to become a PIE again until 5 years have passed from the date of loss of status to the date on which a new election takes effect.

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  • s HL 3(11)
Notes
  • Section HM 20: inserted, 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).