# The Savings Certificates (Yearly Plan) (Amendment) Regulations 1988, Note: 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.

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Source: https://www.legislation.gov.uk/uksi/1988/1357/note (the official version)
Page: https://openlegislation.uk/savings-certificates-yearly-plan-amendment-regulations-1988/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.