Statutory Instrument 1993 No. 3130

The National Savings Bank (Amendment) Regulations 1993

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© Crown Copyright 1993

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1993 No. 3130

SAVINGS BANKS

The National Savings Bank (Amendment) Regulations 1993

The Treasury, in exercise of the powers conferred on them by section 2(1) of the National Savings Bank Act 1971^[1], and of all other powers enabling them in that behalf, hereby make the following Regulations:

    1.    These Regulations may be cited as the National Savings Bank (Amendment) Regulations 1993 and shall come into force on 5th January 1994.

    2.    The National Savings Bank Regulations 1972^[2] shall be amended in regulation 41(1) by substituting for the figure "£25,000" the figure "£50,000".

Tim Wood

Timothy Kirkhope

Two of the Lords Commissioners of Her Majesty's Treasury

14th December 1993

Regulation 41 of the National Savings Bank Regulations 1972 makes provision in respect of inheritance tax (and its predecessor taxes) chargeable on the death of a depositor.Before any payment or transfer of any of the deposits in the National Savings Bank standing to the credit of such a depositor may be made regulation 41 requires the production of a statement from the Commissioners of the Inland Revenue that such tax is not payable in respect of the deposits or has been paid where the aggregate value of the deceased's deposits and certain other assets of the deceased exceeds £25,000.These Regulations increase that amount to £50,000.

[1] 1971 c. 29. back

[2] S.I. 1972/764; the relevant amending instruments are S.I. 1978/888, 1982/487. back