Explanatory note

These Regulations, which come into force on 6th April 1992, further amend the Personal Equity Plan Regulations 1989 (“the principal Regulations”). The main effect of the Regulations is to enable the whole of the cash subscription to a general plan in any year to be invested in authorised unit trusts, funds of funds and investment trusts which themselves hold at least 50 per cent. of their investments in United Kingdom equities and broadly comparable shares in companies incorporated in other EC member States. They also prevent plan investors from subscribing to new issues of investment trusts which do not satisfy that requirement in an amount exceeding one quarter of the subscription limit in any year and make a number of other minor amendments to the principal Regulations.

Regulation 1 provides for citation and commencement.

Regulation 2 contains definitions.

Regulation 3 amends the general conditions for subscriptions to plans.

Regulation 4 amends the special conditions for single company plans.

Regulation 5 amends the general investment rules.

Regulation 6 amends the specification of the kinds of investments that can be held under a general plan.

Regulation 7 makes a consequential amendment to regulation 6B of the principal Regulations.

Regulation 8 amends the conditions for application to subscribe to a plan.