Statutory Instruments
National Debt
Made
4th December 2014
Laid before Parliament
5th December 2014
Coming into force
26th December 2014
The Treasury make the following Regulations in exercise of the powers conferred by section 3 of the National Debt Act 1972(1):
1. These Regulations may be cited as the National Savings Stock Register (Amendment) Regulations 2014 and come into force on 26th December 2014.
2. (1) Regulation 28 (application by holders of stock to be described in register as trustees) of the National Savings Stock Register Regulations 1976(2) is amended as follows.
(2) At the beginning of paragraph (1) insert "Subject to paragraph (1A),"
(3) After paragraph (1) insert-
"(1A) But the Director need not make any such entry where the stock in question is not stock of a kind that may be held on trust."
David Evennett
Alun Cairns
Two of the Lords Commissioners of Her Majesty's Treasury
4th December 2014
(This note is not part of the Regulations)
These Regulations amend the National Savings Stock Register Regulations 1976 to make clear that there is no obligation on the Director of Savings to describe a person holding stock in the register as a trustee where the stock in question is not stock that is capable of being held on trust.
An impact assessment has not been produced for this instrument as no significant impact on the costs of business or the voluntary sector is foreseen.
1972 c. 65; section 3 was amended by the Trustee Savings Bank Act 1976 (c. 4), Schedule 5, paragraph 19(1)(a)(i), the Finance Act 1989 (c. 26), section 183(2) and S.I. 1998/1446.
S.I. 1976/2012; relevant amending instruments are S.I. 1989/2046, 2001/3649, 2007/1898, 2012/1877 and 2013/416.