# The Personal Equity Plan (Amendment) Regulations 1991, Regulation 11: Amendments to the principal Regulations


After regulation 17 there shall be inserted—
“Interest on cash deposits paid to plan investor
17A (1) When in any year an amount of interest paid or creditedin respect of a cash deposit which is a plan investment—
(a) is paid by the plan manager to or at the direction of the planinvestor or otherwise applied for his benefit, and
(b) the aggregate of that amount and of all other amounts so paid in theyear exceeds £180,
paragraph (2) shall apply.
(2) Where this paragraph applies—
(a) the plan manager shall pay to the Board a sum representing incometax at the basic rate in force for the year on—
(i) all amounts paid in that year before this paragraph first applies,and
(ii) the amount referred to in paragraph (1) and each further amount paidin that year;
(b) any sum so payable shall be treated as an amount of tax due under anassessment which is final and conclusive and payable, in the case of thesum payable in respect of the amounts referred to in sub-paragraph(a)(i), not later than 30 days after the date on which this paragraphfirst applies in any year and, in any other case, not later than 30 daysafter payment of the amount referred to in paragraph (1);
(c) the interest referred to in paragraph (1) shall be treated in allother respectsas interest of money within the meaning of paragraph (a)of Case III ofSchedule D in section 18(3) of the Taxes Act andchargeable to tax under that Case for the year in which it arises.
(3) The reference to interest in paragraph (1) includes a reference toany bonus and to a dividend paid or credited in respect of a shareaccount with a building society.”

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Source: https://www.legislation.gov.uk/uksi/1991/733/regulation/11 (the official version)
Page: https://openlegislation.uk/personal-equity-plan-amendment-regulations-1991/regulation-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.