{
  "url": "https://openlegislation.uk/personal-equity-plan-amendment-no-2-regulations-2005/note",
  "json_url": "https://openlegislation.uk/personal-equity-plan-amendment-no-2-regulations-2005/note.json",
  "legislation": "uksi/2005/3348",
  "legislation_title": "The Personal Equity Plan (Amendment No. 2) Regulations 2005",
  "legislation_url": "https://openlegislation.uk/personal-equity-plan-amendment-no-2-regulations-2005",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "These Regulations amend the Personal Equity Plan Regulations 1989 (S.I. 1989/469). The principal effects of the amendments are (1) to provide that shares or units in non-UCITS retail schemes (a new type of collective investment scheme recognised by the Financial Services Authority) are qualifying investments for PEPs, provided that the shares or units can be redeemed at least twice monthly and (2) to clarify the wording of the “5% test” (which a number of investments must satisfy in order to qualify for PEPs).\nRegulation 1 provides for citation and commencement and regulation 2 for amendment of the principal Regulations.\nRegulation 3(a) makes a technical amendment to the definition of “fund of funds scheme”.\nRegulation 3(b) and 4(f) provide for shares and units in non-UCITS retail schemes to be qualifying investments for PEPs, subject to redemption conditions. Regulations 4(b) and (c) and 5 remove securities (temporarily) from the “5% test.” Regulation 6 clarifies the wording of the 5% test for other investments.\nA Regulatory Impact Assessment has not been prepared for this instrument as it has no impact (exceeding the de minimis limit) on business, charities or voluntary bodies.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/3348/note",
    "retrieved_at": "2026-10-29T04:41:30.627682+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."
}