Income Tax (Trading and Other Income) Act 2005 section 695

Investment plans

Section 695 sets out the powers under which regulations may be made governing the form of investment plans, the types of investments that may be held within them, and the approval and registration requirements administered by HMRC.

• Regulations may specify which types of investments can be held in a plan and may restrict certain investments to particular categories of individual.
• A plan may take the form of an account, with regulations setting out how subscriptions to that account are to be invested.
• Plans may require approval from HMRC, with the regulations defining the circumstances in which approval may be granted or withdrawn.
• Plans may be classified into different kinds based on criteria in the regulations, with HMRC able to register a plan as being of a particular kind and apply different rules to different kinds of plan.