Statutory Instrument 2000 No. 3109

The Personal Equity Plan (Amendment)Regulations 2000

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© Crown Copyright 2000

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" "depositary interest" means the rights of the person mentioned in paragraph (b), under a certificate or other record (whether or not in the form of a document) acknowledging - 
(a) that a person holds relevant investments or evidence of the right to them, and

(b) that another person is entitled to rights in or in relation to those or identical relevant investments, including the right to receive such investments, or evidence of the right to them or the proceeds from such investments, from the person mentioned in paragraph (a).


In this definition "relevant investments" means investments which - 
(i) in the case of investment under a general plan, are exclusively qualifying investments for general plans falling within any of regulation 6(2)(a) to (ba), or

(ii) in the case of investment under a single company plan are exclusively shares which are either qualifying investments for single company plans, or shares transferred in accordance with regulation 4A(2) or shares purchased in accordance with regulation 5(6)(b),



and the reference to rights in paragraph (b) of this definition is a reference to rights which are exclusively rights in or in relation to relevant investments;".

     4. In regulation 4A[5] after paragraph (3) there shall be inserted the following paragraph - 

    " (3A) The references to "shares" in paragraphs (2) and (3) shall include references to a depositary interest where the relevant investments in question (referred to in paragraphs (a) and (b) of the definition of "depositary interest") are shares falling within both paragraphs (2) and (3), (and the reference to "shares" in regulation 6B(3) shall be construed accordingly)."

     5. In regulation 6(2)[6] after sub-paragraph (ba) there shall be inserted the following sub-paragraph - 

" (bb) a depositary interest;".

     6. In regulation 6B(2)[7] - 

(a) after sub-paragraph (c) there shall be inserted the following sub-paragraph - 


" (ca) a depositary interest;";



(b) in sub-paragraph (d) for the words from "such" to the end there shall be substituted the words "qualifying investments for single company plans falling within any of sub-paragraphs (a) to (ca)".

Greg Pope

Jim Dowd
Two of the Lords Commissioners of Her Majesty's Treasury

22nd November 2000

[2] 1992 c. 12; section 151 was amended by section 85 of the Finance Act 1993 (c. 34), by section 64(2) of the Finance Act 1995 (c. 4) and by section 75(6) of the Finance Act 1998, and was extended by section 123(7) of the Finance Act 1998.back

[3] S.I. 1989/469. the relevant amendments were made by S.I. 1991/2774, 1992/623, 1993/756, 1995/1539, 1996/846 and 1997/511, 1716.back

[4] Regulation 2(1)(b) was substituted by regulation 3(2) of S.I. 1997/1716.back

[5] Regulation 4A was inserted by S.I. 1991/2774, and amended by S.I. 1992/623 and 1997/511.back

[6] Regulation 6(2) was amended by S.I. 1991/2774, 1993/756, 1995/1539, 1996/846, 1997/1716.back

[7] Regulation 6B was inserted by S.I. 1991/2774, and paragraph (2) was amended by S.I. 1996/846 and 1997/1716.back