Explanatory note

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.