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The National Savings Stock Register (Amendment) Regulations 1996

S.I. 1996/156 · Made 29 January 1996

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

NATIONAL DEBT

Made 29th January 1996

Laid before Parliament 30th January 1996

Coming into force 1st March 1996

The Treasury, in exercise of the powers conferred on them by section 3 of the National Debt Act 1972f1, and of all other powers enabling them in that behalf, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1972 c. 65.

Contents

  1. 1Regulation 1
  2. 2Regulation 2
  3. Signature
  4. Schedule Schedule
  5. Explanatory note

1

These Regulations may be cited as the National Savings Stock Register (Amendment) Regulations 1996 and shall come into force on 1st March 1996.

2

The National Savings Stock Register Regulations 1976f1 shall be amended by substituting for Schedule 1 thereto, the text contained in the Schedule to these Regulations.

Signature

Simon Burns

Liam Fox

Two of the Lords Commissioners of Her Majesty’s Treasury

29th January 1996

SCHEDULE 1

AMOUNT OF COMMISSION ON PURCHASE AND SALE OF STOCK

Regulation 12

Purchases

Amount of ConsiderationRate of Commission

Where the consideration for the transaction—

  1. (a)

    does not exceed £5,000

£12.50 or 0.7% of the consideration,, whichever is greater
(b)

exceeds £5,000

£35 and 0.375% of the amount by which the consideration exceeds £5,000

Sales

Amount of ProceedsRate of Commission

Where the proceeds of the transaction—

  1. (a)

    do not exceed £5,000

0.7% of the proceeds
(b)

exceed £5,000

£35 and 0.375% of the amount by which the proceeds exceed £5,000

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the National Savings Stock Register Regulations 1976. Regulation 12 of those Regulations provides for commission to be payable to the Director of Savings when stock on the National Savings Stock Register is purchased or sold through him. The rates of commission are set out in Schedule 1 to the Regulations. These Regulations alter the rates of commission due.

The old rates of commission on purchases were as follows; £5 or 0.6%, whichever was greater, where the consideration for the transaction did not exceed £5,000; in all other cases £30 plus 0.35% of the amount by which the consideration exceeded £5,000.

The old rates of commission on sales were as follows; 0.6% of the proceeds where the transaction did not exceed £5,000; in all other cases £30 plus 0.35% of the amount by which the proceeds exceeded £5,000.

The effect of the amendments is illustrated in the examples provided in the tables below:

Purchases

Value of transactions
£250£1,000£5,000£10,000£20,000
Old rate of commission£5.00£6.00£30.00£47.50£82.50
New rate of commission£12.50£12.50£35.00£53.75£91.25

Sales

Value of transactions
£250£1,000£5,000£10,000£20,000
Old rate of commission£1.50£6.00£30.00£47.50£82.50
New rate of commission£1.75£7.00£35.00£53.75£91.25