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The National Savings Bank (Amendment) Regulations 2008

S.I. 2008/734 · Made 13 March 2008 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 6 April 2008.

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Savings Banks

Made 13th March 2008

Laid before Parliament 14th March 2008

Coming into force 6th April 2008

The Treasury, in exercise of the powers conferred upon them by section 2(1) of the National Savings Bank Act 1971f1, as extended by sections 3(2) and 4(4) of that Act, make the following Regulations:

Annotations to the whole text

Footnotes

f1

1971 c.29.

Contents

  1. 1Citation and commencement
  2. 2Citation and commencement
  3. 3Amendment of the National Savings Bank Regulations 1972
  4. 4Amendment of the National Savings Bank (Investment Deposits) (Limits) Order 1977
  5. Signature
  6. Explanatory note

1Citation and commencementI1

These Regulations may be cited as the National Savings Bank (Amendment) Regulations 2008.

2Citation and commencementI1

These Regulations shall come into force on 6th April 2008.

3Amendment of the National Savings Bank Regulations 1972I1

(1)

The National Savings Bank Regulations 1972f1 are amended as follows.

(2)

In regulation 2(1)f2 (Interpretation)—

(a)

omit the definition of “mini-account”; and

(b)

omit the definition of “TESSA only account”.

(3)

After regulation 2A(e)f3 (Disapplication of particular regulations to certain accounts) insert—

“(ee)

regulation 29L(4);”.

(4)

In regulation 29L(5)f4 (Deposits to individual savings accounts) omit from “unless he is opening” to the end.

4Amendment of the National Savings Bank (Investment Deposits) (Limits) Order 1977I1

(1)

The National Savings Bank (Investment Deposits) (Limits) Order 1977f1 is amended as follows.

(2)

In article 2Cf2—

(a)

omit “the expression “follow-up account” has the same meaning as in section 326BB of the Income Taxes Act 1988,”; and

(b)

omit from “and the expressions” to the end.

(3)

In article 3Bf3 for the words from “: (a) in any year” to the end substitute “, £3,600 in any year beginning on 6th April”.

(4)

Omit article 3Cf4.

Signature

Dave Watts

Steve McCabe

Two of the Lords Commissioners

of Her Majesty’s Treasury

13th March 2008

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the National Savings Bank Regulations 1972 (“the 1972 Regulations”) and the National Savings Bank (Investment Deposits) (Limits) Order 1977 (“the Order”).

The 1972 Regulations are amended to reflect the new rules for the structure of Individual Savings Accounts (“ISAs”) provided for in the Individual Savings Account Regulations 1998, with effect from 6th April 2008. The 1972 Regulations are also amended so that the minimum deposit limit for ISAs in the 1972 Regulations will not apply to an ISA for which terms and conditions may be set pursuant to section 9A(1) of the National Savings Bank Act 1971.

The Order is amended so as to make provision for the new subscription limits to ISAs introduced by the Individual Savings Account Regulations 1998, with effect from 6th April 2008. The Regulations also remove a number of provisions in the Order that are no longer extant.

A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.