Regulation 7 Qualifying investments for a stocks and shares component

F1subject to paragraphs (2B) and (2C), shares, not being shares in an investment trustF2—

F9subject to paragraphs (2G) and (2H), securities (“qualifying securities")—

gilt-edged securitiesF15...;

any securities issued by or on behalf of F16the government of the United Kingdom or a government of any EEA StateF17...;

any securities which, in relation to a security mentioned in sub-paragraph (ca), would be a strip of that security if “strip” had the same meaning as in section 47 of the Finance Act 1942, with the omission of the words “issued under the National Loans Act 1968”;

securities issued by a multilateral institution, contributions to which may be reported as official development assistance, listed in Part I of Annex 2 to the DAC Statistical Reporting Directive (approved by the Development Assistance Committee of the Organisation for Economic Co-operation and Development), where the securities satisfy the F20condition in paragraph (5)(b)F21...;

subject to paragraph (3), F23and subject to paragraphs (2B) and (2C), shares in an investment trust listed or admitted to trading on a recognised stock exchange;

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

units in, or shares of, a F25UK UCITS or recognised UCITSF26...;

qualifying units in or shares of a non-UCITS retail schemeF28...;

subject to paragraphs (2B) and (2C), shares of a UK UCITS, a recognised UCITS or a non-UCITS retail scheme that are listed on or admitted to trading on a recognised stock exchange;

subject to the conditions specified in paragraph (10)F30—

and such shares shall be treated as fulfilling the condition as to payment of cash in F35regulation 4(1B)(d);

a depositary interest;

cash deposited in accordance with regulation 6(4) to (6)F37... ;

investments which—

investments which—

units in a relevant collective investment scheme specified as a stakeholder product by regulation 5 of the Stakeholder Products RegulationsF43...;

policies of life insurance falling within regulation 9, issued in respect of an insurance made on or after 6th April 2005F44...;

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

in the case of a personal equity plan which is treated on and from 6^th April 2008 as a stocks and shares account, investments which, immediately before that date, were qualifying investments for the plan under regulation 6(2)(m) of the Personal Equity Plan Regulations 1989F47;

core capital deferred shares within the meaning of regulation 2 of the Building Societies (Core Capital Deferred Shares) Regulations 2013, provided that such shares are listed on the official list of a recognised stock exchange.

an interest in a fraction of a share where the account investor holds the beneficial interest in a fraction that is less than one whole share under the terms which are contained in a contractual arrangement between the account investor and the account manager (“fractional interest”);

investments in a long-term asset fund.

are held by an account investor under a stocks and shares component on the coming into force of this paragraph; and

immediately beforehand fell within paragraph (2)(f) by virtue of being units in, or shares of, a recognised UCITS,

immediately before 1st October 2024 fell within paragraph (2)(f) by virtue of being units in, or shares of, a recognised UCITS, or

qualify under paragraph (2)(f) by virtue of being part of an umbrella scheme that immediately before 1st October 2024 fell within that paragraph by virtue of being units in, or shares of, a recognised UCITS,

were held under an innovative finance account, and

were qualifying investments for an innovative finance component falling under regulation 8A(2)(cc) as in force at that time,

immediately before 6th April 2026—

ceased to be qualifying securities for the purposes of paragraph (2)(b) on the coming into force of paragraph (2G),

in pursuance of a public offer, the account manager applies for the allotment or allocation to him of shares in a company F57or trust F58... which are due to be admitted to such listing F59or admitted to such trading within 30 days of the allocation or allotment, and which, when admitted to such listing F60or trading, would be qualifying investments for a stocks and shares component, and

the shares are not allotted or allocated to the account manager in the circumstances specified in paragraph (4).

the allotment or allocation of the shares was connected with the allotment or allocation of—

to the account manager, the account investor or any other person; and

the terms on which the first-mentioned shares in this paragraph were offered were significantly more favourable to the account manager or account investor than they would have been if their allotment or allocation had not been connected as described in sub-paragraph (a).

that the shares in the company issuing the securities are listed on the official list of a recognised stock exchange;

that the securities are so listed;

that the company issuing the securities is a F6375% subsidiary of a company whose shares are so listedF64;

that the shares in the company issuing the securities are admitted to trading on a recognised stock exchange in F66the United Kingdom or the European Economic Area;

that the securities are so admitted to trading;

that the company issuing the securities is a 75% subsidiary of a company whose shares are so admitted to trading.

in relation to shares which the individual has exercised his right to acquire in accordance with the provisions of F71F72a Schedule 3 SAYE option scheme, that the shares are transferred to the account manager or his nominee before the expiry of the period of 90 days following the exercise of that right;

in relation to shares appropriated to the individual in accordance with the provisions of an approved profit-sharing scheme, that the shares are transferred to the account manager or his nominee before the expiry of the period of 90 days following the date when the individual directed the trustees to transfer the ownership of the shares to him or, if earlier, the release date in relation to the shares;

in relation to plan shares mentioned in paragraph (2)(h)(iii), that the shares are transferred to the account manager or his nominee before the expiry of the period of 90 days following the date when the plan shares ceased to be subject to the plan;

that the aggregate market value at the date of transfer of any shares transferred to the account manager or his nominee in accordance with sub-paragraphs F74(a), (b) or (ba) in any year, and the individual’s cash subscriptions in that year F75to that account, do not together exceed the overall subscription limit in F76regulation 4ZA(1) in that year, reduced by the subscriptions by the individual in that year to a cash account.