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The Premium Savings Bonds (Amendment) Regulations 1999

S.I. 1999/3305 · Made 9 December 1999

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 9th December 1999

Laid before Parliament 13th December 1999

Coming into force 3rd January 2000

The Treasury, in exercise of the powers conferred on them by section 11 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. Explanatory note

1

These Regulations may be cited as the Premium Savings Bonds (Amendment) Regulations 1999 and shall come into force on 3rd January 2000.

2

Regulation 4 of the Premium Savings Bonds Regulations 1972f1 (persons entitled to purchase and hold bonds) shall be amended—

(a)

in paragraph (3)—

(i)

by omitting the word “and” at the end of sub-paragraph (a) and inserting it at the end of sub-paragraph (b), and

(ii)

by inserting after sub-paragraph (b) the following new sub-paragraph—

“(c)

subject to the approval of the Director of Savings, on behalf of and in the name of an eligible person, by any other person acting in pursuance of a power of attorney created by that eligible person;”; and

(b)

by inserting after paragraph (4) the following new paragraph—

“(5)

In this Regulation, “eligible person” means any person who—

(a)

may purchase a bond under paragraph (1) of this Regulation, or

(b)

is a mentally disordered person.”.

Signature

David Jamieson

Bob Ainsworth

Two of the Lords Commissioners of Her Majesty’s Treasury

9th December 1999

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Premium Savings Bonds Regulations 1972 to permit bonds to be purchased pursuant to powers of attorney. Regulation 4(2A) of the 1972 Regulations prohibits the purchase of bonds by any person on behalf of another person, subject to certain exceptions set out in Regulation 4(3). These Regulations create an additional exception under which, subject to the approval of the Director of Savings, bonds may be purchased on behalf of an eligible person by any other person acting in pursuance of a power of attorney created by the eligible person. For this purpose, “eligible person” is defined to mean two classes of person: first, anyone who may purchase bonds under Regulation 4(1) (ie any person who has attained the age of sixteen years and who is not under any legal disability otherwise than by reason of his age); secondly, any mentally disordered person (in whose name bonds could hitherto be purchased only by a receiver under the existing Regulation 4(3)(b)). The purchase of bonds in the name of a person under the age of sixteen years will continue to be possible only by a parent or other person acting in accordance with the existing Regulation 4(3)(a).