699 Non-entitlement to exemption
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

699  Non-entitlement to exemption

(1)     Investment plan regulations may—

(a)     provide that in circumstances specified in the regulations an investor ceases to be entitled to the exemption given by regulations made under section 694(1) and is treated as not having been entitled to it,

(b)     adapt or modify the effect of any enactment relating to income tax for that purpose, and

(c)     provide that in those circumstances the investor or the plan manager (depending on the terms of the regulations) is to account to [the Commissioners for Her Majesty's Revenue and Customs] for income tax from which exemption has already been given on the basis that the investor was entitled to the exemption.

(2)     They may provide that an investor or the plan manager (depending on the terms of

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