§ Sir David SteelTo ask the Chancellor of the Exchequer if he will make a statement on the error in the drafting of the recent changes to personal equity plans; and what representations he has received concerning the retrospective application of regulations to existing portfolios and the time scale of these changes.
§ Mr. LamontI assume the right hon. Member has in mind the change announced on 17 December requiring "non-qualifying" unit and investment trusts in personal equity plans to hold at least half their investments in shares. This change corrects an error in regulations made in 1990. It is not retrospective but will take effect from 6 April 1993. We have received a very small number of representations about this change.