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The National Savings Stock Register (Amendment) Regulations 2012

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Insertion of regulations 21A and 21B

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12.  After regulation 21, insert—

Payment of interest on certain Fixed Rate Savings Bonds

21A.(1) In this regulation—

“Fixed Rate Savings Bond” means stock issued under the name of a Fixed Rate Savings Bond; and

“relevant election” means an election, made in accordance with the terms and conditions of a Fixed Rate Savings Bond, either—

(a)

to receive dividends, or

(b)

to have any interest accruing on that Fixed Rate Savings Bond added to its capital value.

(2) A relevant election in force in respect of a Fixed Rate Savings Bond at the end of the term that is current on 19th September 2012, shall, in respect of any subsequent terms, be irrevocable.

(3) Where a relevant election to receive dividends in respect of a Fixed Rate Savings Bond is irrevocable, the dividends shall be paid monthly, in accordance with the procedure for payment of monthly dividends set out in the terms and conditions applying to that Fixed Rate Savings Bond.

(4) Where a relevant election to have interest added to the capital value of a Fixed Rate Savings Bond is irrevocable, the interest shall be added to the capital value annually, in accordance with the procedure for such annual additions of interest set out in the terms and conditions applying to that Fixed Rate Savings Bond.

Accrual of interest

21B.(1) This regulation applies to—

(a)fixed interest stock issued after 19th September 2012; and

(b)any other fixed interest stock from and including the anniversary of its date of issue that falls after 19th September 2012 and before 20th September 2013.

(2) The amount of any interest accruing on a particular day in respect of stock to which this regulation applies shall be calculated using the following formula—

  • where—

  • A is the amount of interest accruing in respect of stock on the particular day,

  • V is the capital value of the stock on that day, and

  • I% is the annual rate of interest fixed for the current term of the stock..

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