The Personal Equity Plan (Amendment) Regulations 2003
These Regulations further amend the Personal Equity Plan Regulations 1989 (S.I. 1989/469). The principal effect of the amendments is to allow shares or units of UCITS schemes operating under the widened investment powers in the UCITS Amending Directive (2001/108/EC) within Personal Equity Plans. This is subject to a 5 year test that the investor is not certain (or near certain) of the return of 95% of his initial investment (the “95% test”).