# The Savings Certificates (Amendment) Regulations 1991, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Savings Certificates Regulations 1972. They provide that for the purpose of determining the amount payable in respect of a certificate, repayment is deemed to be effected on the date appearing on the warrant (regulation 2(c)); previously the Regulations provided that repayment was deemed to be effected on the date on which the warrant is issued. The date on the warrant is to be within 21 days of the date the application for repayment is received, unless the holder has requested a later date or the Director of Savings is satisfied that it is not practicable to dispatch the warrant in time for payment to be made during that period. The changes apply to certificates purchased before the new provisions came into force (in accordance with the power contained in section 11(2)(b) of the National Debt Act 1972), but the date on the warrant may not be a date that will result in the amount repayable being less than it would have been if the changes had not been made.
Provision is made in relation to the dispatch of cash warrants to the place at which they are payable (regulation 2(b)) and in relation to the posting of warrants and certain notices (regulation 2(d)). The Regulations also provide that unless the Director of Savings otherwise directs or agrees applications for repayment are to be made to the Savings Certificate and SAYE Office in Durham and that where an application is made for repayment on a specified date it may not unless the Director of Savings otherwise directs or agrees be made more than two months before that date (regulation 2(a)).

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Source: https://www.legislation.gov.uk/uksi/1991/74/note (the official version)
Page: https://openlegislation.uk/savings-certificates-amendment-regulations-1991/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.