Explanatory note

These Regulations amend the Personal Equity Plan Regulations 1989 (S.I. 1989/469). The effects of the Regulations are (1) to apply the “cash like test” in regulation 6(13) to shares and securities and (2) to make a small change to the annual information returns required from account managers.

Regulation 1 provides for citation and commencement and regulation 2 for amendment of the 1989 Regulations. Regulation 3 amends the definition of “the Board” to refer to the Commissioners for Her Majesty’s Revenue and Customs.

Regulation 4 applies the “cash like test” to shares and securities.

Regulation 7 makes a change to the annual information return to require the reporting of U.K. or foreign government securities.

These Regulations impose no new costs (exceeding the minimum threshold) on business.