The National Savings Stock Register (Amendment) Regulations 2013
| Jurisdiction | UK Non-devolved |
| Citation | SI 2013/416 |
| Year | 2013 |
2013 No. 416
National Debt
The National Savings Stock Register (Amendment) Regulations 2013
Made 25th February 2013
Laid before Parliament 26th February 2013
Coming into force 6th April 2013
The Treasury make the following Regulations in exercise of the powers conferred by section 3 of the National Debt Act 19721.
Citation and commencement
1. These Regulations may be cited as the National Savings Stock Register (Amendment) Regulations 2013 and come into force on 6th April 2013.
Amendments to the National Savings Stock Register Regulations 1976
2. The National Savings Stock Register Regulations 19762are amended as follows.
Amendment to regulation 2
3. In regulation 2 (interpretation), in paragraph (1)—
(a) in the definition of “new stock”, after “begun;”, insert—
“and
(c)
(c) variable interest stock;”;
(b) at the end, insert—
““variable interest stock” means stock issued without a term”.
Amendment to regulation 5
4. In regulation 5 (subscription for stock), after paragraph (1), insert—
“1A The conditions referred to in paragraph (1) must include, for variable interest stock, provision that the Treasury may amend the authorised conditions at any time after stock has been subscribed for.
1B Any amendment of conditions that is to the detriment of a stock holder may only be made after at least 30 days’ notice of the amendment has been given to the stock holder.
1C Paragraphs (1A) and (1B) apply in respect of variable interest stock issued before 6th April 2013 as they apply to variable interest stock issued on or after 6th April 2013.”.
Amendment to regulation 10
5. In paragraph (5) of regulation 10 (certificates, subscription books and records)—
(a) in sub-paragraph (a)—
(i) at the start of sub-paragraph (ii), insert “where the new stock is fixed interest stock,”;
(ii) at the start of sub-paragraph (iii), insert “where the new stock is fixed interest stock,”;
(b) in sub-paragraph (b)—
(i) at the start of sub-paragraph (iii), insert “where the new stock is fixed interest stock,”;
(ii) at the start of sub-paragraph (iv), insert “where the new stock is fixed interest stock,”.
Amendment to regulation 21
6. In paragraph (5)(a) of regulation 21 (payment of dividends), after “regulation 21B”, insert “or regulation 21C”.
Insertion of regulation 21C
7. After regulation 21B (accrual of interest), insert—
“Accrual of interest on variable interest stock
21C.—(1) This regulation applies to all variable interest stock.
(2) The amount of any interest accruing on a particular day in respect of stock to which this regulation applies must be calculated using the following formula—
where—
A is the amount of interest accruing in respect of stock on the particular day,
V is the capital value of the stock on that day, and
I% is the annual rate of interest applying to the stock on that day.”.
Amendment to regulation 22
8. In regulation 22 (payments by the Director of Savings), omit paragraphs (3) and (4).
Amendment to regulation 25
9. In regulation 25 (authority for payment to third party)—
(a) omit paragraph (1);
(b) in paragraph (3) for “seven years” substitute “sixteen years”;
(c) in paragraph (4), sub-paragraph (a), for “Paragraphs (1) and (2) do not apply”, substitute “Paragraph (2) does not apply”;
(d) after paragraph (4), insert—
“5 If the conditions specified in paragraph (6) are satisfied in relation to the holder of a National Savings Income Bond, paragraph (3) has effect as if the reference to “sixteen years” was a reference to “seven years”.
6 The conditions are that—
(a) an application to subscribe for National Savings Income Bonds was received by the Director of Savings in the approved form before 6th April 2013; and
(b) the holder attained the age of seven years before 6th April 2013.”.
Revocation of regulation 30
10. Regulation 30 (minors) is revoked.
Insertion of regulation 30A
11. Before regulation 31 (persons under disability), insert—
“Minors
30A.—(1) From 6th April 2013 no stock may be subscribed for by, or on behalf of, a minor under the age of sixteen years.
(2) National Savings Income bonds which are held by minors under the age of sixteen years on 5th April 2013 may continue to be held subject to the following provisions—
(a)
(a) applications for repayment may only be made by a minor who has not attained the age of sixteen years if the minor had attained the age of seven years before 6th...
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