Personal Equity Plan (Amendment) Regulations 1987
| Jurisdiction | UK Non-devolved |
| Citation | SI 1987/2128 |
| Year | 1987 |
1987No. 2128
INCOME TAX
The Personal Equity Plan (Amendment) Regulations 1987
Made
9thDecember1987
Laid before the House of Commons
10thDecember1987
Coming into force
1stJanuary1988
The Treasury, in exercise of the powers conferred on them by Schedule 8 to the Finance Act 1986 ( a) , hereby make the following regulations:
Citation and commencement
1. These Regulations may be cited as the Personal Equity Plan (Amendment) Regulations 1987 and shall come into force on 1st January 1988.
Interpretation
2. In these Regulations, "the Principal Regulations" means the Personal Equity Plan Regulations 1986 ( b) (b) and "Regulation" means a Regulation of the Principal Regulations.
Amendments to the Principal Regulations
3. In Regulation 4(3)(d) after the words "the plan manager shall" there shall be inserted ", if the plan investor so elects," .
4. In Regulation 5 for paragraph (2) there shall be substituted-
" (2) Investments, or rights in respect of investments, may not at any time-
(a) be purchased or made otherwise than out of cash which a plan manager holds (and is entitled under the provisions of these Regulations to hold) under a plan at that time; or
(b) be purchased from-
(i) a plan investor, or
(ii) the spouse of a plan investor,
so as to become plan investments under a plan to which the plan investor subscribes or has subscribed. " .
5. In Regulation 7(3) for the words "28 days" there shall be substituted "31 days" .
(a) 1986 c.41.
(b) S.I. 1986/1948.
6.-(1) In Regulation 4(1)(c) before the words "the individual's cash subscription" there shall be inserted "subject to regulation 13A," .
(2) In Regulation 4(1)(d) before the words "the individual may not subscribe" there shall be inserted "subject to Regulation 13A," .
(3) In Regulation 7(1) after the words "the provisions of this Regulation" there shall be inserted "and of Regulation 13A" .
(4) In Regulation 12(1) for the words "This Regulation" there shall be substituted "Subject to Regulation 13A, this Regulation" .
(5) In Regulation 13(1) for the words "This Regulation" there shall be substituted "Subject to Regulation 13A, this Regulation" .
(6) After Regulation 13 there shall be inserted-
"Rights issues-relaxation of provisions of Regulations 4, 12, 7 and 13 and disappli- cation of Regulation 14
13A.(1) This Regulation prescribes the circumstances in which-
(a) notwithstanding Regulation 4(1) (c) an individual's cash subscription may exceed £2,400 in any...
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