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The Personal Equity Plan (Amendment) Regulations 2005
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- UK Statutory Instruments
- 2005 No. 2562
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Personal Equity Plan Regulations 1989 (S.I. 1989/469). The effects of the Regulations are (1) to apply the “cash like test” in regulation 6(13) to shares and securities and (2) to make a small change to the annual information returns required from account managers.
Regulation 1 provides for citation and commencement and regulation 2 for amendment of the 1989 Regulations. Regulation 3 amends the definition of “the Board” to refer to the Commissioners for Her Majesty’s Revenue and Customs.
Regulation 4 applies the “cash like test” to shares and securities.
Regulation 7 makes a change to the annual information return to require the reporting of U.K. or foreign government securities.
These Regulations impose no new costs (exceeding the minimum threshold) on business.
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