Income Tax (Trading and Other Income) Act 2005

695 Investment plans U.K.

(1) Investment plan regulations may specify the kind of investments which may be made under a plan or which may be made by particular descriptions of individuals under a plan.

(2) They may—

(a) provide for a plan in the form of an account, and

(b) authorise the ways in which the subscriptions to an account are to be invested.

(3) They may—

(a) provide that plans are to be such as are approved by the [F1 the Commissioners for Her Majesty’s Revenue and Customs], and

(b) specify the circumstances in which approval may be granted and withdrawn.

(4) They may—

(a) provide for plans to be treated as being of different kinds, according to criteria set out in the regulations,

(b) provide for the [F2 Commissioners] to register a plan as being of a particular kind, and

(c) make different provision about different kinds of plan.

Textual Amendments

F1 Words in s. 695(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), ss. 50, 53(1), Sch. 4 para. 132(2); S.I. 2005/1126, art. 2(2)(h)

F2 Word in s. 695(4) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), ss. 50, 53(1), Sch. 4 para. 132(3)(b); S.I. 2005/1126, art. 2(2)(h)