CG57600 - PEPs and ISAs schemes: general

PEPs, ISAs and Investment trusts: general

TCGA92/S151

The Personal Equity Plan (PEP) was introduced with effect from 1 January 1987 to encourage wider share ownership. No new subscriptions may be made to a PEP after 5 April 1999. The Individual Savings Account (ISA) succeeds the PEP and subscriptions may be made to an ISA from 6 April 1999 onwards.

Provided certain conditions are satisfied qualifying investments held in a PEP and in an ISA are exempt from Income Tax and Capital Gains Tax.

Additional guidance is available in SAIM 2310

Investment trusts

This guidance deals with the position of shareholders in an investment trust. For guidance on the treatment of investment trusts themselves, see CG41400+.

An investment trust is a company. The normal Capital Gains Tax rules apply to shareholders in the company.

Further guidance on investment trusts can be found in SAIM6000+