Statutory Instruments
NATIONAL DEBT
Made
6th June 1991
Laid before Parliament
10th June 1991
Coming into force
1st July 1991
The Treasury, in exercise of the powers conferred on them by section 11 of the National Debt Act 1972(1) and of all other powers enabling them in that behalf, hereby make the following Regulations:
1. These Regulations may be cited as the Premium Savings Bonds (Amendment No.2) Regulations 1991 and shall come into force on 1st July 1991.
2. The Premium Savings Bonds Regulations 1972(2) shall be amended:
(a)by the insertion of the following new paragraph after regulation 4(2)—
“(2A) Subject to paragraph (3) below, a bond may not be purchased or held by any person on behalf of another person.”;
(b)by the substitution of the following paragraphs for regulation 6(1)—
“(1) Bonds may not be purchased except in multiples of ten bond units and, except in the case of bonds purchased as described in paragraphs (1A) and (3) below, not less than one hundred bond units may be purchased in the name of any person at any time.
(1A) In the case of bonds purchased under regulation 4(3)(a) of these Regulations (bonds purchased on behalf of a person under the age of sixteen years), not less than ten bond units may be purchased in the name of any person at any time.”;
(c)by the substitution in regulation 6(2) of “paragraphs” for “paragraph” in both places where the word appears;
(d)by the insertion of the following new paragraph after regulation 6(2)—
“(3) Fifty bond units may be purchased by and in the name of any person who is already the holder of a bond or by a person acting on his behalf under these Regulations following the return unpaid to the Director of Savings by any such person of a warrant for the sum of £50 issued in respect of the bond, not being the sum repayable thereunder, to enable a further bond to be purchased.”;
(e)by the substitution of the following paragraph for regulation 10(2)—
“(2) Where it is shown to the satisfaction of the Director of Savings that the holder of a bond is a mentally disordered person for whose estate no receiver has been appointed, the Director of Savings may, where it is shown to his satisfaction that it is expedient that the whole or any part of the sum repayable, or of any other sum payable, should be applied for the maintenance or otherwise for the benefit of the holder, if he thinks fit pay that sum or that part thereof to any person who satisfies him that he will apply it for such purposes as aforesaid.”;
(f)by the substitution in regulation 30(2) of the words “20(3) of the Taxes Management Act 1970(3) (requirement to deliver or make available documents relating to liability of a taxpayer)” for the words “20(4)(b) of the Taxes Management Act 1970 (persons who may be required to produce documents relating to liability of taxpayer arising from business)”.
Gregory Knight
Irvine Patnick
Two of the Lords Commissioners of Her Majesty’s Treasury
6th June 1991
(This note is not part of the Regulations)
These Regulations make a number of minor amendments to the Premium Savings Bonds Regulations 1972. They amend regulation 4 (persons entitled to purchase and hold bonds) by inserting a new paragraph (2A) to make it clear that, except in the circumstances set out in paragraph (3), a bond may not be purchased or held by any person on behalf of another.
The Regulations amend regulation 6 (minimum purchase of bonds) to provide that the holder of a premium bond or a person acting on his behalf may purchase fifty additional bond units by returning unpaid to the Director of Savings a £50 warrant representing payment in respect of the bond other than the sum repayable thereunder, thereby providing a further exception to the general prohibition on purchase of less than one hundred bond units.
The Regulations amend regulation 10(2) (payment in case of mentally disordered persons). The Director of Savings' discretion to make payments in the case of a mentally disordered person for whom no receiver has been appointed is now exercisable only where the Director is satisfied that it is expedient that the sum should be applied for the maintenance or otherwise for the benefit of the holder.
Finally, the Regulations make a minor amendment to regulation 30(2) (obligation of secrecy) consequent on the amendment of section 20 of the Taxes Management Act 1970 (power to call for documents of taxpayers and others) by section 142 of the Finance Act 1989.
1970 c. 9; section 20 was substituted by Schedule 6 to the Finance Act 1976 (c. 40), amended by section 142 of the Finance Act 1989 (c. 26) and extended by section 125 of the Finance Act 1990 (c. 29).