§ Mr. Matthew BanksTo ask the Chancellor of the Exchequer what progress has been made on his Budget proposal to extend personal equity plans to corporate bonds, preference shares and convertibles. [16474]
§ Sir George YoungMy right hon. and learned Friend's Budget proposal to admit corporate bonds, preference shares and convertibles to PEPs has been widely welcomed. The Inland Revenue will be issuing draft regulations, for consultation, on 31 March. Comments will be invited as soon as possible, but, in any event, by no later than 12 May. In the light of the consultation, the regulations will be finalised by the end of May, laid before the House in June and, subject to the negative resolution procedure, will come into force three weeks later.