{
  "url": "https://openlegislation.uk/personal-equity-plan-amendment-no-2-regulations-1997/regulation-3",
  "json_url": "https://openlegislation.uk/personal-equity-plan-amendment-no-2-regulations-1997/regulation-3.json",
  "legislation": "uksi/1997/1716",
  "legislation_title": "The Personal Equity Plan (Amendment No. 2) Regulations 1997",
  "legislation_url": "https://openlegislation.uk/personal-equity-plan-amendment-no-2-regulations-1997",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Amendments to the principal Regulations",
  "text": "(1) In sub-paragraph (a) of regulation 2(1) in the definition of “company” there shall be inserted before paragraph (a)—\n“(aa) an open-ended investment company,”.\n(2) For sub-paragraph (b) of regulation 2(1) there shall be substituted—\n“(b) “authorised unit trust” means a unit trust scheme in the case of which an authorisation order made by the Securities and Investments Board under section 78 of the Financial Services Act 1986 is in force;\n“fund of funds” means—\n(i) an authorised unit trust which according to the terms of the scheme is a fund of funds belonging to the category under that name established by the Securities and Investments Board, and\n(ii) a part of an umbrella scheme which the terms of the scheme identify as a part that would belong to that category if it were itself an authorised unit trust, where, in either case, the terms of the scheme do not permit any of the investments subject to the trusts of the scheme to consist of units in authorised unit trusts or parts of umbrella schemes which are not securities funds or of shares in open-ended investment companies or parts of umbrella companies which are not securities companies;\n“securities fund” means—\n(i) an authorised unit trust which according to the terms of the scheme is a securities fund belonging to the category under that name established by the Securities and Investments Board, and\n(ii) a part of an umbrella scheme which the terms of the scheme identify as a part that would belong to that category if it were itself an authorised unit trust;\n“umbrella scheme” and references to a part of an umbrella scheme shall be construed in accordance with subsection (8) of section 468 of the Taxes Act and, in relation to a part of an umbrella scheme, references to investments subject to the trusts of an authorised unit trust and to a unit holder shall be construed in accordance with subsection (9) of that section;\n“unit holder”, except in relation to a part of an umbrella scheme, has the meaning given by subsection (6) of section 468 of the Taxes Act;\n“unit trust scheme” has the meaning given by subsection (6) of section 468 of the Taxes Act;\n“units”, in relation to an authorised unit trust, means the rights or interests (however described) of the unit holders in that authorised unit trust and, in relation to a part of an umbrella scheme, means the rights or interests for the time being of the unit holders in that part;”.\n(3) After sub-paragraph (b) of regulation 2(1) there shall be added—\n“(c) “open-ended investment company” has the meaning given by subsection (10) of section 468 of the Taxes Act as that subsection is added in relation to open-ended investment companies by regulation 10(4) of the 1997 Regulations;\n“securities company” means—\n(i) an open-ended investment company which according to its instrument of incorporation is a securities company belonging to the category under that name established by the Securities and Investments Board and in respect of which an authorisation order made by that Board is in force, and\n(ii) a part of an umbrella company which according to the instrument of incorporation of the company is a part which would belong to that category if it were itself an open-ended investment company in respect of which an authorisation order made by the Securities and Investments Board is in force;\n“shares”, in relation to an open-ended investment company, includes shares of any class and of any denomination of a given class and, in relation to a part of an umbrella company, means shares in the company which confer for the time being rights in that part;\n“umbrella company” and references to a part of an umbrella company shall be construed in accordance with subsection (18) of section 468 of the Taxes Act as that subsection is added in relation to open-ended investment companies by regulation 10(4) of the 1997 Regulations and, in relation to a part of an umbrella company, references to investments of the company shall be construed in accordance with subsection (12) of that section as so added;\n“the 1997 Regulations” means the Open-ended Investment Companies (Tax) Regulations 1997.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Amended by S.I. 1990/678, 1991/733, 2774, 1995/1539, 3287, 1996/846."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Amended by S.I. 1990/678, 1993/756, 1996/846."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1986 c. 60."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Subsections (8) and (9) were added by section 113(2) of the Finance Act 1994 (c. 9)."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Subsection (6) was amended by section 113(1) of, and paragraph 3(5) of Schedule 14 to, the Finance Act 1994."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "S.I. 1997/1154."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1997/1716/regulation/3",
    "retrieved_at": "2026-10-29T12:05:41.656519+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}