personal equity plan

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A UK system, established in 1986, by which individuals could invest a limited sum each tax year in shares and unit trusts, through a financial intermediary. PEP investments were then free from both income and capital gains tax, subject to a minimum holding period. The financial intermediaries charged for their services in managing PEPs. PEPs were introduced to encourage savings, and to promote individual involvement in the company sector. They were replaced by Individual Savings Accounts in 1999.

Subjects: Economics.

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