Citation and commencement

1. These Regulations may be cited as the Personal Equity Plan (Amendment) Regulations 2005 and shall come into force on 6th October 2005.

Amendment of the Personal Equity Plan Regulations 1989

2.The Personal Equity Plan Regulations 1989( 3 ) are amended as follows.

3. In regulation 2(1)(a) for the definition of “the Board” substitute—

“ “the Board” means the Commissioners for Her Majesty’s Revenue and Customs; ” .

4. In regulation 6( 4 )—

(a) in paragraph (2)(a) for the words from “, issued” to the end substitute—

“ (i) issued by a company wherever incorporated,

(ii) subject to paragraph (3), officially listed on a recognised stock exchange, and

(iii) in circumstances where the shares in question satisfy the condition specified in paragraph (13), or were held under the component on 6th October 2005; ” ;

(b) for paragraph (2)(b)(ii) substitute—

“ (ii) where the securities in question satisfy—

(a) at least one of the conditions specified in paragraph (5),

(b) the condition specified in paragraph (6), and

(c) the condition specified in paragraph (13), or the condition that they were held under the component on 6th October 2005, and ” ;

(c) in paragraph (12) after “sub-paragraphs” insert “(a), (b),”.

5. In regulation 24A(3)(a)( 5 ) after paragraph (ii) insert—

“ (iia) government securities falling within regulation 6(2)(c), (d) or (e); ” .