Part 6

Exempt income
Chapter 3

Income from individual investment plans

Deceased investors
694A
1
In section 694(1) “
income of an individual from investments under a plan
” includes—
a
income (of any person) from administration-period investments under a plan, and
b
income (of any person) from the estate of a deceased person (“D”) where the whole or any part of the income of D's personal representatives is income from administration-period investments under a plan.
2
For the purposes of sections 694(3)(a) and (4) and 695(1) “
individual
”, in relation to investments that are administration-period investments, includes—
a
the personal representatives of the deceased individual concerned, and
b
any other person on whose directions plan managers agree to act in relation to the investments.
3
In sections 699 and 701 “
investor
” includes a person entitled to an exemption given by investment plan regulations by virtue of subsection (1) of this section.
4
Investments are “administration-period investments” if—
a
an individual dies, and
b
immediately before the individual's death—
i
the investments were held under a plan,
ii
the individual was entitled to the income from the investments, and
iii
as a result of investment plan regulations, the individual's income from investments under the plan was exempt from income tax (either wholly or to an extent specified in the regulations).
5
Investments are also “administration-period investments” if (directly or indirectly) they represent investments that are administration-period investments as a result of subsection (4).
6
Investment plan regulations may provide that investments are administration-period investments as a result of subsection (4) or (5) only at times specified in, or ascertained in accordance with, the regulations.
7
Provision under subsection (6) may (in particular) be framed by reference to the completion of the administration of a deceased individual's estate.
8
In the application of subsection (7) in relation to Scotland, the reference to the completion of the administration is to be read in accordance with section 653(2).
S. 694A inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 27(1)