The Premium Savings Bonds (Amendment No.2) Regulations 1991

Amendment of principal Regulations

2.  The Premium Savings Bonds Regulations 1972(1) 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(2) (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)”.

(1)

S.I. 1972/765; relevant amending instruments are S.I. 1988/1356 and 1989/639.

(2)

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).