The National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 2000

Draft Order laid before Parliament under section 26(3) of the National Savings Bank Act 1971 on 5th April 2000; draft to lie for forty days, pursuant to section 6(1) of the Statutory Instruments Act 1946, during which period either House of Parliament may resolve that the Order be not made.

Draft Statutory Instruments

2000 No.

SAVINGS BANKS

The National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 2000

Made

2000

Coming into force

27th May 2000

Whereas a draft of this Order has been laid before Parliament and a period of 40 days beginning with the day of laying has expired and neither House of Parliament has resolved that the Order be not made;

Now, therefore, the Treasury in exercise of the powers conferred on them by section 4 of the National Savings Bank Act 1971(1), and of all other powers enabling them in that behalf, hereby make the following Order:—

1.  This Order may be cited as the National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 2000 and shall come into force on 27th May 2000.

2.  The National Savings Bank (Investment Deposits) (Limits) Order 1977(2) shall be amended in accordance with the following provisions of this Order.

3.  After Article 2C there shall be inserted the following—

“2D.   In this Order, the expression “account manager” has the same meaning as in the Individual Savings Account Regulations 1998”.(3).

4.  In Article 3B(a) after “6th April 1999” there shall be inserted “ or 6th April 2000”.

5.  After Article 4(1)(e) there shall be inserted the following—

“(f) the receipt or crediting of any amount to an individual savings account of a sum transferred by an account manager pursuant to the Individual Savings Account Regulations 1998”.

Two of the Lords Commissioners of Her Majesty’s Treasury

2000

Explanatory Note

(This note is not part of the Order)

This Order further amends the National Savings Bank (Investment Deposits) (Limits) Order 1977 to increase the limit on the amount which may be paid into an individual savings account managed by the Director of Savings in the tax year 2000–1 and to enable the Director of Savings to accept deposits in respect of individual savings accounts transferred by account holders from other account managers pursuant to the Individual Savings Account Regulations 1998. An individual savings account managed by the Director of Savings is a type of investment deposit account which was introduced on 6th April 1999 by the National Savings Bank (Amendment) Regulations 1999. No more than £3,000 may be paid into an individual savings account in the tax year 2000–1. No more than £1,000 may be paid into such an account in subsequent years.

(1)

1971 c. 29; section 4 was amended by paragraph 3 of Schedule 20 to the Finance Act 1982 (c. 39).

(2)

S.I. 1977/1210; relevant amending instruments are S.I. 1987/329, 1993/1239, 1996/1854, 1999/1056.

(3)

S.I. 1998/1870