Part C
Income
Excluded income:
Definitions
CX 56BDistributions to investors in multi-rate PIEs
An amount of income derived by an investor in a multi-rate PIE as a distribution of or dividend of the PIE is excluded income of the investor.
Despite subsection (1), an amount paid by a foreign investment PIE to a notified foreign investor in the PIE is not excluded income under this section to the extent to which it is treated under section HM 44B (NRWT calculation option) as non-resident passive income.
Notes
- Section CX 56B: inserted, on (applying for the 2010–11 and later income years), by section 65(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section CX 56B(1) heading: inserted, on , by section 10(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
- Section CX 56B(2) heading: inserted, on (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 10(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
- Section CX 56B(2): inserted, on (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 10(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
- Section CX 56B list of defined terms foreign investment PIE: inserted, on , by section 10(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
- Section CX 56B list of defined terms non-resident passive income: inserted, on , by section 10(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
- Section CX 56B list of defined terms notified foreign investor: inserted, on , by section 10(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).