The Personal Equity Plan (Amendment) Regulations 1990

Amendments to the Principal Regulations

5.—(1) In regulation 4(1) for sub-paragraphs (a) and (b) there shall be substituted–

“(a)that it is the only plan to which the qualifying individual subscribes in any year;

(b)that it is a plan to which only one qualifying individual subscribes;

(c)that, subject to paragraph (2), it is a plan to which the qualifying individual subscribes only by payment directly to the plan manager of a sum or sums of the individual’s cash which do not in the aggregate exceed the subscription limit in any year.”

(2) For regulation 4(2) there shall be substituted–

“(2) Subject to the conditions prescribed by paragraph (3), a plan fulfils the condition in paragraph (1)(c) if the qualifying individual subscribes to it by transferring, or renouncing his rights to, any shares allotted or allocated to him in the circumstances specified in paragraph (2A) to the plan manager or a nominee for the plan manager.

(2A) The circumstances specified in this paragraph are where–

(a)in pursuance of a public offer, an application is made by the qualifying individual for the allotment or allocation to him of shares in a company which are qualifying shares and shares are allotted or allocated to him in consequence of that application; or

(b)in connection with the transfer of the whole of the business of a building society to a company (“the successor company”) in accor dance with section 97 and the other applicable provisions of the Building Societies Act 1986(1) shares in the successor company which are qualifying shares are allotted or allocated to the qualifying individual by virtue of his membership of, or employment by, the society–

(i)in priority to other persons, or

(ii)for consideration of an amount or value lower than the market price of the shares, or

(iii)free,

but not so as to include shares which are acquired by, or appropriated to, an individual who is an employee of the society in accordance with the provisions of an approved share option scheme or an approved profit sharing scheme.”

(3) In regulation 4(3)–

(a)in sub-paragraph (a) after the words “their allotment” there shall be inserted the words “or allocation”;

(b)in sub-paragraph (b) after the words “such an application” there shall be inserted the words “as is referred to in paragraph (2A)(a), any sum payable for such an allotment or allocation as is referred to in paragraph (2A)(b)”.

(4) In regulation 4(4) for “£4,800” there shall be substituted “£6,000”.