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HM 23: Exceptions for foreign PIE equivalents
or “Special rules for foreign PIE equivalents investing in PIEs and PIEs investing in foreign PIE equivalents”
You could also call this:

“When a PIE immediately loses its status for not following certain rules”

You will immediately lose your PIE (Portfolio Investment Entity) status if you don’t meet certain rules. These rules are:

You must follow the rules about where you live, as set out in section HM 8.

You need to meet the requirements about what kind of entity you are, which are explained in section HM 9.

You have to follow the rules about rights to investment proceeds, which are described in section HM 17.

If you fail to meet any of these rules, you will lose your PIE status straight away.

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Next up: HM 25: When entity no longer meets investment or investor requirements

or “Rules for keeping your PIE status and what happens if you break them”
Next

Part H Taxation of certain entities
Portfolio investment entities: Exit rules

HM 24Immediate loss of PIE status

  1. An entity loses PIE status immediately if it does not meet—

  2. the residence requirements of section HM 8:
    1. the requirements of section HM 9 about the nature of the entity:
      1. the requirements of section HM 17 concerning rights to investment proceeds.

        Notes
        • Section HM 24: replaced, on , by section 95 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).