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6.—(1) This regulation specifies the kind of investments (“qualifying investments”) which may be purchased, made or held under a plan.
(2) Qualifying investments to which paragraph (1) refers are–
(a)ordinary shares, not being shares in an investment trust, issued by a company which is incorporated in the United Kingdom and quoted in the official list of a recognised stock exchange in the United Kingdom or dealt in on the Unlisted Securities Market;
(b)subject to the conditions specified in paragraph (3), investments in–
(i)an authorised unit trust, or
(ii)an investment trust;
(c)cash which the plan manager is entitled to hold for investment under a plan.
(3) The conditions specified in this paragraph are–
(a)that the total amount of the cash subscription to the plan invested in authorised unit trusts and investment trusts in any year does not exceed one half of the subscription limit; and
(b)that on and after 6th April 1990 at least 75 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 qualifying investments within paragraph (2)(a).
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