The Personal Equity Plan Regulations 1989

Conditions for application to subscribe to a plan

9.—(1) An application by an individual to subscribe to a plan must be made to a plan manager in a statement in writing and fulfil the conditions specified in paragraphs (2), (3) and (4).

(2) An application must specify the year for which the applicant is to subscribe to a plan.

(3) An application shall provide for a declaration by the applicant that the applicant–

(a) is 18 years of age or over;

(b) fulfils the conditions of regulation 7(2)(b) and (c);

(c) has made no other application to subscribe to another plan in the year to which paragraph (2) refers;

(d) authorises the plan manager in writing–

(i) to hold the applicant’s cash subscription, plan investments, interest, dividends and any other rights or proceeds in respect of those investments and any other cash;

(ii) to make on his behalf any claims to relief from tax in respect of plan investments;

(iii) on the applicant’s written request to transfer or pay to him, as the case may be, plan investments, interest, dividends, rights or other proceeds in respect of such investments or any cash.

(4) An application must contain–

(a) the applicant’s full name,

(b) his permanent address,

(c) his national insurance number, and

(d) where he knows it, his tax office reference.

(5) A plan manager may not accept as a plan investor any individual if he has reason to believe that–

(a) he is not or might not be a qualifying individual, or

(b) he has given untrue information in his application.

(6) Section 95 of the Management Act shall have effect as if–

(a) the statement and declaration to which paragraphs (1) and (3) refer were a statement or declaration, as the case may be, within the meaning of subsection (1)(b), and

(b) there were substituted for subsection (3) the following words–

“(3) The relevant years of assessment for the purposes of this section are the year of assessment in respect of which any claim to relief from tax, in connection with which the statement or declaration is relevant, is made, the next following, and any preceding year of assessment.”