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HM 33: Proxies for PIE investors
or “How to represent a PIE investor and manage their investment”
You could also call this:

“Choosing how often a multi-rate PIE assigns amounts to investors”

If you’re a multi-rate PIE, you need to choose a period for attributing amounts to investors and investor classes for a tax year or income year. You have three options:

  1. If you use the quarterly calculation option under section HM 43, you can choose a day, a month, or a quarter as your attribution period. You need to tell the Commissioner about your choice before the tax year starts or when you become a PIE.

  2. If you choose to pay provisional tax under section HM 44, you can pick a day, a month, a quarter, or an income year as your attribution period. You need to inform the Commissioner about your choice before the income year begins or when you become a PIE.

  3. If you don’t make a choice under the first two options, your attribution period will be a day.

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Next up: HM 35: Determining net amounts and taxable amounts

or “How to work out net and taxable amounts for investor classes in multi-rate PIEs”
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Part H Taxation of certain entities
Portfolio investment entities: Attributing income to investors

HM 34Attribution periods

  1. A multi-rate PIE must use 1 of the following periods for attributing an amount for a tax year or an income year, as applicable, to an investor and an investor class:

  2. for an entity that uses the quarterly calculation option under section HM 43, but chooses the attribution period by notifying the Commissioner before the start of the tax year or on choosing to become a PIE, a day, a month, or a quarter; or
    1. for an entity that chooses under section HM 44 to pay provisional tax and chooses the attribution period by notifying the Commissioner before the start of the income year or on choosing to become a PIE, a day, a month, a quarter, or an income year; or
      1. for an entity that does not make a choice under paragraphs (a) and (b), a day.

        Compare
        • s HL 16(2)
        Notes
        • Section HM 34: 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).
        • Section HM 34: amended (with effect on 1 April 2010), on (applying for the 2010–11 and later income years), by section 98(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
        • Section HM 34(b): amended (with effect on 1 April 2010), on (applying for the 2010–11 and later income years), by section 98(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
        • Section HM 34 list of defined terms income year: inserted (with effect on 1 April 2010), on , by section 98(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
        • Section HM 34 list of defined terms notify: inserted, on , by section 74 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).