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Growth in a PEP was free from capital gains tax within the fund and on encashment. [1] Income was free from income tax.When introduced in 1986, the fund was limited to £2,400 (annual allowance), [2] but later increased to two types of PEP: the "general PEP" with an annual allowance of £6,000 and the "single company PEP" with an annual allowance of £3,000.
As well as a cut in the basic rate of income tax from 30% to 29%, there were other changes to taxation. 1986 was also the year the chancellor announced the launch of the Personal equity plan (PEP), a tax-exempt plan that would allow ordinary members of the public to invest up to £2,400 a year in equities.
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Personal equity plan; Personal financial management; Personal income in the United States; Personal pension scheme; Petition mill; Portfolio (finance) Pre-approval; Pre-qualification; Precautionary savings; Premium Bonds; Prestige Bulletin; Proof of funds
An individual aged 18 or over was able to open a TESSA with a bank, building society or other financial institution from 1 January 1991 [2] to 5 April 1999. A specific requirement was the presentation of the applicant's National Insurance number, to ensure only one TESSA (tax free) account investment could be operated by the individual per year.
Many companies use employee stock options plans to retain, reward, and attract employees, [3] the objective being to give employees an incentive to behave in ways that will boost the company's stock price. The employee could exercise the option, pay the exercise price and would be issued with ordinary shares in the company.
Virgin Money UK was launched as Virgin Direct Personal Financial Services in partnership with Norwich Union on 3 March 1995 offering personal equity plans and launched Virgin One, in a partnership with the Royal Bank of Scotland (RBS), in 1997. That year, Australia's AMP bought Norwich Union's 50% stake in Virgin Direct. [9]
In the UK, similar tax advantages have been available in personal equity plans and individual savings accounts since 1986. [32] In South Africa, Tax Free Investment accounts were launched on March 1, 2015. [33]