The Personal Equity Plan (Amendment) Regulations 1990

Amendments to the Principal Regulations

7.—(1) In regulation 6(2)–

(a)in sub-paragraph (b)–

(i)after the word “subject” there shall be inserted the word “either” and after the words “paragraph (3)” there shall be inserted the words “or to the condition specified in paragraph (4)”;

(ii)for paragraph (ii) there shall be substituted–

“(ii)a fund of funds, or

(iii)an investment trust;”;

(b)for sub-paragraph (c) there shall be substituted–

“(c)cash deposited in accordance with regulation 5(3) which a plan manager holds for the purpose of investment in investments which are qualifying investments within sub-paragraph (a) or (b)”.

(2) In regulation 6(3)–

(a)in sub-paragraph (a) after the words “authorised unit trusts” there shall be inserted the words “, funds of funds”;

(b)for sub-paragraph (b) there shall be substituted–

“(b)that either–

(i)at least 50 per cent. in value of the investments subject to the trusts of a unit trust scheme which is an authorised unit trust, or held by an investment trust, are ordinary shares (not being shares in an investment trust) issued by companies which are incorporated in the United Kingdom, or are shares in an investment trust where at least 50 per cent. in value of the investments held by that trust are such ordinary shares, or

(ii)in the case of a unit trust scheme which is a fund of funds, at least 50 per cent. in value of the investments subject to the trusts of the unit trust schemes, the units in which are subject to the trusts of the scheme, are ordinary shares (not being shares in an investment trust) issued by companies which are incorporated in the United Kingdom;”.

(3) After regulation 6(3) there shall be added–

“(4) The condition specified in this paragraph is that the total amount of the cash subscription to the plan invested in authorised unit trusts, funds of funds and investment trusts in any year does not exceed £900.”