Part 6Exempt income
Chapter 3Income from individual investment plans
694Income from individual investment plans
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.
F11A
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.