# The Personal Equity Plan Regulations 1989, Regulation 2: Interpretation


(1) In these Regulations unless the context otherwise requires:–
(a) “the Board” means the Commissioners of Inland Revenue;
“gains” means“chargeable gains” within the meaning of the Capital Gains Tax Act 1979;
“investment trust” has the same meaning as in section 842 of the Taxes Act;
“the Management Act” means the Taxes Management Act 1970;
“market value” shall be construed in accordance with section 150 of the Capital Gains Tax Act 1979;
“notice” means notice in writing and“notify” shall be construed accordingly;
“ordinary share” means a share which forms part of a company’s ordinary share capital (within the meaning of section 832(1) of the Taxes Act);
a“ plan investment” is an investment under a plan which is a qualifying investment within the meaning of regulation 6;
a“ plan investor” is an individual who subscribes to a plan and who is a qualifying individual within the meaning of regulation 7;
a“ plan manager” is a person who fulfils the conditions of these Regulations and is approved by the Board for the purposes of these Regulations as a plan manager;
a“ portfolio” is a portfolio of plan investments which are held under a plan;
“recognised stock exchange” has the same meaning as in section 841 of the Taxes Act;
“share” includes stock;
“tax” where neither income tax nor capital gains tax is specified means either of those taxes;
“tax credit” means a credit under section 231 of the Taxes Act;
“year” means a year beginning with 6th April in any year and ending with 5th April in the following year;
“the Taxes Act” means the Income and Corporation Taxes Act 1988;
“the 1986 Regulations” means the Personal Equity Plan Regulations 1986.
(b) “authorised unit trust” means a unit trust scheme in the case of which an order under section 78 of the Financial Services Act 1986 is in force and which is an authorised securities scheme within the meaning of the Authorised Unit Trust Scheme (Investment and Borrowing Powers) Regulations 1988;
“unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme;
“unit trust scheme” has the same meaning as in section 469 of the Taxes Act;
and references to a“ unit” include references to a fraction of a unit.
(2) The Table below indexes other definitions in these Regulations:
Term defined
Regulation
Annual claim
20
Interim claim
19
Plan
4(1)
Qualifying individual
7
Qualifying investments
6
Subscription limit
4(4)

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Source: https://www.legislation.gov.uk/uksi/1989/469/regulation/2 (the official version)
Page: https://openlegislation.uk/personal-equity-plan-regulations-1989/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.