The Personal Equity Plan (Amendment) Regulations 1991

Amendments to the principal Regulations

6.   In regulation 6—

(a) in paragraph (2)(1) after sub-paragraph (b) there shall be inserted—

“(ba) subject to the condition specified in paragraph (3)(a),investments in units comprising shares issued by a body corporateincorporated in the United Kingdom which are paired with shares issuedby a body corporate which is not so incorporated (“paired shares”);”.

(b) in paragraph (3)(a)(2) for the words“and investment trusts” there shall be substituted the words“, investment trusts and paired shares”;

(c) in paragraph (4)(3) for“£900” there shall be substituted the words“one quarter of the subscription limit”.

(d) after paragraph (4) there shall be added—

“(5) For the purposes of this regulation, shares issued by a bodycorporate incorporated in the United Kingdom (“the UK company”) are paired with shares in a body corporate which is not soincorporated (“the foreign company”) where—

(a) the articles of association of the UK company and the equivalentinstruments governing the foreign company each provide that no share inthe company to which they relate may be transferred otherwise than aspart of a unit comprising one share in that company and one share in theother; and

(b) such units have been offered for sale to the public in the UnitedKingdom and, at the same time, other such units have been offered forsale to the public at a broadly equivalent price in the country in whichthe foreign company is incorporated.”

(1)

Amended by S.I. 1990/678

(2)

Amended by S.I. 1990/678

(3)

Added by S.I. 1990/678.