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These Regulations further amend the Personal Equity Plan Regulations 1989 (S.I. 1989/469). The principal effect of the amendments is to allow shares or units of UCITS schemes operating under the widened investment powers in the UCITS Amending Directive (2001/108/EC) within Personal Equity Plans. This is subject to a 5 year test that the investor is not certain (or near certain) of the return of 95% of his initial investment (the “95% test”).
Regulation 1 provides for citation, commencement and effect.
Regulations 2 to 7 amend S.I. 1989/469. Regulations 3 and 4 deal with definitions in those Regulations. Regulation 5(a) and (b) provide for the replacement of an existing test for securities schemes, warrant schemes, fund of funds schemes and foreign UCITS, by the 95% test, with effect from 6th April 2004 (the position for existing investments on that date is preserved by regulation 5(d)). Regulations 5(c) and 6 allow shares or units in UCITS schemes operating under Chapter 5 of the Financial Services Authority CIS Handbook (containing the widened UCITS investment powers referred to above) within a PEP, subject to the 95% test introduced by regulation 6.
Regulation 7 makes a consequential amendment to the reporting requirements for PEP managers.
A Regulatory Impact Assessment for these Regulations is available on the Inland Revenue website www.inlandrevenue.gov.uk.or by post from Room 135, New Wing, Somerset House, Strand, London WC2R 1LB.
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