PEPs and ISAs schemes: general
The Personal Equity Plan (PEP) was introduced with effect from 1 January 1987 to encourage wider share ownership. No new subscriptions may be made to a PEP after 5 April 1999. The Individual Savings Account (ISA) succeeds the PEP and subscriptions may be made to an ISA from 6 April 1999 onwards.
Provided certain conditions are satisfied qualifying investments held in a PEP and in an ISA are exempt from Income Tax and Capital Gains Tax.
Additional guidance is available in SAIM 2310