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The Government Stock (Consequential and Transitional Provision) (No.3) Order 2004

As Enacted Cited authorities 21 Cited in Amendments 10 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2004/2744

2004 No. 2744

NATIONAL DEBT

The Government Stock (Consequential and Transitional Provision) (No.3) Order 2004

Made 21th October 2004

Laid before the House of Commons 25th October 2004

Coming into force 15th November 2004

The Treasury, in exercise of the powers conferred upon them by section 140(2) of the Finance Act 20021, hereby make the following Order:

S-1 Citation and commencement

Citation and commencement

1. This Order may be cited as the Government Stock (Consequential and Transitional Provision) (No.3) Order 2004 and shall come into force on 15th November 2004.

S-2 Consequential amendments

Consequential amendments

2. The Schedule (which makes provision in consequence of the amendments made by section 140(1) of the Finance Act 2002) has effect.

S-3 Transitional provision

Transitional provision

3.—(1) Anything done, or treated as done, by or in relation to the Bank of England, or any officer of the Bank of England, under any transferred function before the commencement day shall continue to have effect on and after that day, but as if it had been done by or in relation to the Registrar of Government Stock.

(2) Paragraph (1) is without prejudice to the application of the Interpretation Act 19782and is subject to paragraph (3).

(3) Nothing in this article shall have the effect of transferring any liability from the Bank of England, or an officer of the Bank of England, to the Registrar of Government Stock.

(4) In this article—

“commencement day” means the day on which this Order comes into force;

“Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 19423(see regulation 3 of the Government Stock Regulations 20044);

“transferred function” means any function which—

(a) before the commencement day was a function of the Bank of England or of an officer of the Bank of England, but

(b) on that day becomes a function of the Registrar of Government Stock by virtue of any amendment made by the Schedule.

(5) Where the effect of any amendment made by the Schedule is to replace, with modifications, a function of the Bank of England, or of an officer of the Bank of England, with a function of the Registrar of Government Stock, the functions shall be regarded for the purposes of this article as one and the same function and that function shall accordingly be regarded for these purposes as a transferred function.

Jim Murphy

Joan Ryan

Two of the Lords Commissioners of Her Majesty’s Treasury

21st October 2004

SCHEDULE

Article 2

CONSEQUENTIAL AMENDMENTS OF PRIMARY LEGISLATION

SCH-1.1

1. National Debt Act 1870

(1) The National Debt Act 18705is amended as follows.

(2) In section 36(interpretation of terms) after the definition of “person” there is inserted—

““the Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004):””.

(3) For section 147(issue by Treasury) there is substituted—

SCH-1.14

“Issue by Treasury

14.—(1) The money from time to time and at any time—

(a)

(a) issuable out of the National Loans Fund, and

(b)

(b) by this Act made applicable to the payment of the dividends on stock,

shall, by order of the Treasury, without other warrant, from time to time be issued and made available for the payment of those dividends.

(2) The Registrar of Government Stock shall from time to time notify the Treasury of the amount of the money to be so issued which he requires to be made available to him for the making of payments in respect of those dividends.

(3) The Treasury shall make that amount available to the Registrar of Government Stock for the making of such payments.”.

(4) For section 158(application of issues by Registrar of Government Stock) there is substituted—

SCH-1.15

“Application of money by Registrar of Government Stock

15. The Registrar of Government Stock shall without delay apply in payment of the dividends on stock the money from time to time so made available to him.”.

(5) In section 169(accounting by Registrar of Government Stock) for “issued” there is substituted “made available”.

SCH-1.2

2. Income and Corporation Taxes Act 1988

(1) The Income and Corporation Taxes Act 198810is amended as follows.

(2) In section 4911(stock and dividends in the name of the Treasury etc)—

(a)

(a) for subsection (1) there is substituted—

SCH-1.1

“1 No tax shall be chargeable in respect of the stock or dividends—

(a) transferred, in pursuance of any Act of Parliament, to accounts in the books of the Bank of England in the name of the Treasury or the National Debt Commissioners, or

(b) transferred, in pursuance of any Act of Parliament, to the Treasury or the National Debt Commissioners and in respect of which the Treasury or those Commissioners are entered as holder in the registers kept by the Registrar of Government Stock,

but the Bank of England and the Registrar of Government Stock shall each transmit to the Board an account of the total amount thereof in those books or registers as the case may be.”;

(b)

(b) in subsection (2) after “Bank of England” there is inserted “or in the registers kept by the Registrar of Government Stock”;

(c)

(c) after subsection (3) there is inserted –

SCH-1.4

“4 In this section “Registrar of Government Stock” means the person or persons appointed in...

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