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HM 44B: NRWT calculation option
or “How foreign investment PIEs can choose to calculate tax on certain dividends paid to overseas investors”
You could also call this:

“Explaining when multi-rate PIEs can make voluntary tax payments for investors”

This section talks about when a special type of investment company, called a multi-rate PIE, can make extra tax payments.

If a multi-rate PIE has already paid some tax under section HM 42 or HM 43, it can choose to pay more tax to the government. This extra payment is for the tax that an investor in the PIE might owe for the tax year.

The PIE has to make this payment within certain time limits:

If the PIE calculates its tax every three months, it needs to pay within one month after the end of that three-month period.

If the PIE calculates tax when an investor leaves, it needs to pay within one month after it works out how much tax that investor owes.

But if the month when the payment is due is November, the PIE has until 15 January of the next year to pay.

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Next up: HM 46: Calculation process

or “How to calculate tax for multi-rate PIEs”
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Part H Taxation of certain entities
Portfolio investment entities: Calculating and paying tax liability

HM 45Voluntary payments

  1. This section applies when a multi-rate PIE pays an amount of tax under section HM 42 or HM 43.

  2. The PIE may pay an amount of income tax to the Commissioner that represents an amount of its tax liability for the investor as a member of an investor class for the tax year.

  3. The payment must be made—

  4. within 1 month after, as applicable,—
    1. for calculation and payment of tax under the quarterly calculation option, the end of the quarter; or
      1. for the calculation and payment of tax under the exit calculation option, the month in which the tax liability for the investor referred to in subsection (2) is calculated; or
      2. if the month is November, by the following 15 January.

        Compare
        • s HL 25
        Notes
        • Section HM 45: 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 45(1): amended, on , by section 75(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
        • Section HM 45(3)(a)(ii): amended, on , by section 75(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
        • Section HM 45 list of defined terms tax year: added, on , by section 75(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).