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PEPs Guide

PEPs Overview

PEPs (Personal Equity Plan) were first introduced by the government in 1986 as a tax efficient way of saving.

PEPs are tax efficient savings vehicles that invest in unit trusts or investment trusts.

In 2001, the rules governing PEPs were changed to bring them more in line with Maxi ISAs.

Although it is not possible to take out a new PEP, people who already have PEPs are able to keep them and to transfer them according to their investment requirements.

Transferring PEPs

By transferring their PEPs people can change the fund that they initially invested in when they set up their PEP.

In other words, PEPs transfers allow those with existing PEPs to get rid of their existing investments and replace them with new ones, whilst keeping their tax free status.

PEP transfers can be worth considering for a number of reasons including:

• If you want to choose new PEP funds to invest in

• New funds have become available that didn’t exist when you set up your PEP

• You want to diversify your investment portfolio

• You’re unhappy with the performance of your current PEP fund

If you would like to arrange a PEP transfer or want further information about the process and benefits, please:

Call us on 01489 505 186

Or

Email us at u-manage@lawrenceclarke.co.uk

Or

Complete the call me back form on the right hand side of this page and we’ll contact you at a time that’s convenient to you.

The Advantage Of PEPs

• You are not obliged to declare income and capital gains from PEPs or even to inform the Inland Revenue that you have a PEP.

• You don’t have to pay tax on the income from your PEP.

• You can withdraw money from PEPs at any time without losing tax relief

• You don’t have to pay capital gains tax on PEPs.

Taking Money Out Of PEPs

You can take money out of PEPS, receive income from them or close PEPs at any time without forfeiting the tax relief that you have built up.

However, do note that you can’t put back in money once you’ve taken it out.

PEPs and Cash

You can only hold cash in PEPs for the purpose of investing. Any interest on the cash held in PEPS is credited without the deduction of tax.

You don’t need to pay tax on interest withdrawn from the cash in PEPs unless more than £180 is taken out in a tax year. Amounts withdrawn over £180 are subject to taxation.

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