40 Individual investment plans for children
Finance Act 2011 (2011 c 11) | Legislation

40  Individual investment plans for children

(1)     Chapter 3 of Part 6 of ITTOIA 2005 (income from individual investment plans) is amended in accordance with subsections (2) to (5).

(2)     In section 694 (income from individual investment plans), after subsection (1) insert—

“(1A)     In subsection (1) “income of an individual from investments under a plan” includes income from investments which is treated as the individual's income by virtue of section 629 (income paid to relevant children of settlor).”

(3)     After section 695 insert—

“695A Investment plans for children

(1)     This section applies where investment plan regulations provide that income of a child from investments under a plan (a “child plan”) is exempt from income tax (either wholly or to such extent as is specified in the regulations).

(2)     In addition to any provision which may be made by virtue of any other provision of this Chapter, investment plan regulations may—

(a)     specify descriptions of persons by whom investments may be made for a child,

(b)

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