Explanatory note
(This note is not part of the Regulations)
These Regulations, which come into force on 6th April 1993, further amend the Personal Equity Plan Regulations 1989 (“the principal Regulations”). The principal changes are to the definition of “authorised unit trust”, to the rules which enable a plan investor to hold units in unit trust schemes and funds of funds, and shares in investment trusts, which do not satisfy the requirement that 50 per cent. of their holdings should be in ordinary shares and qualifying EC shares, to the rules about application forms when arrangements are made to subscribe on an annual basis, and to the information which must be given to the transferee plan manager when a plan is transferred from one plan manager to another.
The Regulations also introduce requirements for plan managers to submit monthly statistical returns when making interim claims for repayment of tax and to make annual information returns.
Regulation 1 provides for citation and commencement.
Regulation 2 contains definitions.
Regulation 3 amends definitions and inserts new definitions in the principal Regulations.
Regulation 4 amends the general conditions for 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 the exception for non-qualifying investments held on 5th April 1990.
Regulation 8 amends the conditions for application to subscribe to a plan.
Regulation 9 introduces a new regulation 10 of the principal Regulations setting out the conditions for application to subscribe to a continuing plan.
Regulation 10 substitutes a new regulation 16 for regulation 16 of the principal Regulations specifying the information to be given when a plan is transferred to another plan manager.
Regulation 11 amends the provisions relating to interim claims for repayments in respect of tax to plan managers.
Regulation 12 amends the requirements for information to be given to plan investors by plan managers.
Regulation 13 inserts a new regulation 24A in the principal Regulations requiring returns of information by plan managers.