57BRequirements for multi-rate PIEs

1. This section sets out the responsibilities for a multi-rate PIE or a proxy for an investor in the PIE. Section 25J sets out how and when investment income information on attributed PIE income must be delivered to the Commissioner.

2. The responsibilities for each period are—

3. to file a return in the prescribed form—
   1. showing the amount of the tax liability of the entity for the period; and
   2. providing the investment income information required under section 25J; and
   3. providing further information that the Commissioner considers relevant; and
4. to pay an amount of tax equal to the PIE’s tax liability for the investor for the period.

5. If the PIE does not calculate and pay its tax liability using the exit calculation or provisional tax calculation option in section HM 42 or HM 44 of the Income Tax Act 2007 for a tax year, the PIE must carry out their responsibilities for a calculation period in the tax year by the end of the month that follows the month in which the calculation period ends.

6. If the PIE calculates and pays its income tax liability using the provisional tax calculation option under section HM 44 of that Act for a tax year, the PIE must carry out their responsibilities for the tax year as a person with a provisional tax liability under the provisional tax rules.

7. If the PIE calculates and pays its income tax liability using the exit calculation option under section HM 42 of that Act for a tax year, the PIE must carry out their responsibilities—

8. for an exiting investor whose exit period falls in the tax year, for the exit period by—
   1. the end of the month that follows the month in which the exit period ends:
   2. 15 January after the end of the exit period, if the period ends in November; and
9. for an investor who holds an investor interest at the end of the tax year, for the tax year by the end of the month after the end of the tax year.

10. Despite subsection (5), a foreign investment zero-rate PIE is not required to carry out the responsibilities in relation to exiting investors as described in subsection (5) for a tax year if the only exiting investors of the PIE in the tax year are notified foreign investors. Instead, the PIE must provide the required information in its return for the tax year.

11. If the PIE voluntarily makes a payment of income tax under section HM 45 of that Act for a period in a tax year that is not included in a return required under subsection (5), the PIE must file a return in the prescribed form as described in subsection (2)—

12. the end of the month that follows the month in which the period ends:
13. 15 January after the end of the period, if the period ends in November.

14. Repealed

15. The Commissioner must prescribe 1 or more electronic forms and means of electronic communication in which or by which a return must be provided under this section. The Commissioner may specify conditions relating to the format, either general or in a particular case.