Income Tax (Trading and Other Income) Act 2005 section 696

Plan managers

Section 696 sets out the framework for who may hold investments on behalf of investors under individual investment plans, and how those persons — known as plan managers — are approved and regulated.

• Investment plan regulations may require that investments are held by designated persons (plan managers) on behalf of investors
• Plan managers include the managers of accounts specified under section 695(2), and the term carries the same meaning wherever it appears in other legislation
• Regulations may require plan managers to be approved by HMRC before they can act in that capacity
• The regulations may set out the specific circumstances under which HMRC approval can be granted or withdrawn