The Personal Equity Plan (Amendment) Regulations 1988

• Citation: S.I. 1988/657
• Sections: 7

Section 1 Citation and commencement

(1) These Regulations may be cited as the Personal Equity Plan (Amendment) Regulations 1988 and, subject to paragraph (2) below, shall come into force on 22nd April 1988.

(2) Regulations 3 and 7 shall come into force on 29th April 1988.

Section 2 Interpretation

In these Regulations, “the Principal Regulations ” means the Personal Equity Plan Regulations 1986 and “regulation” means a regulation of the Principal Regulations.

Section 3 Amendment to the Principal Regulations — definitions

In regulation 2(1) for sub-paragraph ( b ) there shall be substituted —

(b) “authorised unit trust” means a unit trust scheme in the case of which an order under section 78 of the Financial Services Act 1986 is in force and which is an authorised securities scheme within the meaning of the Authorised Unit Trust Scheme (Investment and Borrowing Powers) Regulations 1988 ;

“unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme;

“unit trust scheme” has the same meaning as in section 469 of the Income and Corporation Taxes Act 1988 ;

and references to a “unit” include references to a fraction of a unit.

Section 4 Amendments to the Principal Regulations — monetary limits

In regulations 4(1)( c ), 13(2)( a ) and 13A(1)( a ) (a) for “£2,400” there shall be substituted “£3,000”.

Section 5 Amendments to the Principal Regulations — monetary limits

In regulation 6(2)( b ) for “£420” there shall be substituted “£540”.

Section 6 Amendments to the Principal Regulations — monetary limits

In regulation 7(2)( a ) for “£240” there shall be substituted “£300”.

Section 7 Revocations

Sub-paragraphs (i), (ii) and (iii) of regulation 16(2)( b ) are hereby revoked.