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The Savings Certificates (Yearly Plan) (Amendment) Regulations 1988

S.I. 1988/1357 · Made 29 July 1988

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 July 1988

Laid before Parliament 1st August 1988

Coming into force 22nd August 1988

The Treasury, in exercise of the powers conferred on them by section 11 of the National Debt Act 1972f1 and all other powers enabling them in that behalf, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1972 c. 65, to which there are amendments not relevant to these Regulations.

Contents

  1. 1Citation and commencement
  2. 2Amendment of principal Regulations
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Savings Certificates (Yearly Plan) (Amendment) Regulations 1988 and shall come into force on 22nd August 1988.

2Amendment of principal Regulations

The Savings Certificates (Yearly Plan) Regulations 1984f1 shall be amended as follows:

(a)

in regulation 5(1) for the words “£200 in any month” there shall be substituted the words “in any month the amount specified by or in accordance with the prospectus relating to that agreement as the maximum aggregate payment which may be made by him or on his behalf in any month under such agreements”;

(b)

in regulation 5(2) for the words “£200 in any month” there shall be substituted the words “in any month the amount specified by or in accordance with the prospectus relating to that agreement as the maximum aggregate payment which may be made on behalf of and in the name of such a person under such agreements”;

(c)

in regulation 8(3) the words “the whole or any part of” shall be omitted;

(d)

regulation 25 is hereby revoked;

(e)

in regulation 31(2) there shall be inserted at the end the words “nor shall it prevent the Director of Savings from complying with a notice served on him under section 20(4)(b) of the Taxes Management Act 1970f2 (persons who may be required to produce documents relating to liability of taxpayer arising from business)”.

Signature

Mark Lennox-Boyd

David Lightbown

Two of the Lords Commissioners of Her Majesty’s Treasury

29th July 1988

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Savings Certificates (Yearly Plan) Regulations 1984.

First, they provide for the maximum payment which may be made by or on behalf of any one person in any month to be specified in the prospectus instead of in the Regulations. Regulation 5 presently specifies a maximum of £200. Secondly, they delete a reference in regulation 8(3) to repayment of part of the amount due under an agreement. Thirdly, they revoke regulation 25, which provided that certain powers of attorney should be exempt from stamp duty, as those documents are no longer liable to stamp duty. Fourthly, they amend regulation 31, which imposes an obligation of secrecy, to make it subject to section 20(4)(b) of the Taxes Management Act 1970 (persons who may be required to produce documents relating to liability of taxpayer arising from business) which was extended to cover the Director of Savings by section 126 of the Finance Act 1988.