Variation in relation to ss HM 25(3)(a) and HM 72(2)(b) of the Income Tax Act 2007 (PIE exit rules)
This variation provides extra time under s HM 25(3)(a) of the Income Tax Act 2007 for a Portfolio Investment Entity (PIE) to remedy a failure to satisfy the requirements of sections HM 14 (minimum number of investors) and HM 15 (maximum investor interests) before it will lose PIE status, where that failure is due to COVID-19 response measures or as a consequence of COVID-19.
Tax Administration Act 1994: ss 6H and 6I
Income Tax Act 2007: ss HM 25(3)(a) and HM 72(2)(b)