Income Tax (Trading and Other Income) Act 2005 section 701

General and supplementary powers

Section 701 sets out the general and supplementary powers under which investment plan regulations may be made, covering the establishment and administration of plans, the administration of income tax relating to them, and how tax exemptions are to be claimed and granted.

• Investment plan regulations may adapt or modify any income tax enactment to ensure that investors are entitled to exemption from income tax on their investments.
• The regulations may specify how exemption from tax is to be claimed by investors themselves, or by plan managers acting on behalf of investors.
• Regulations may include provisions that take effect retrospectively, provided they do not impose or increase any tax liability.
• Different provision may be made for different cases or circumstances, and references to an investor include individuals entitled to an exemption under section 694(1A).