(1)The Treasury may by regulations provide that income of an individual from investments under a plan—
(a)is exempt from income tax, or
(b)is exempt from income tax to such extent as is specified in the regulations.
[F1(1A)In subsection (1) “income of an individual from investments under a plan” includes income from investments which is treated as the individual's income by virtue of section 629 (income paid to relevant children of settlor).]
(2)In this Chapter such regulations are referred to as “investment plan regulations”.
(3)Investment plan regulations may, in particular, specify—
(a)the description of individuals who may invest, and
(b)maximum investment limits.
(4)They may provide for investment by an individual under more than one plan in the same tax year.
(5)They must set out conditions subject to which plans are to operate.
(6)The following provisions of this Chapter contain more particular provisions about the scope of investment plan regulations.
Textual Amendments
F1S. 694(1A) inserted (19.7.2011) by Finance Act 2011 (c. 11), s. 40(2)