Finance Act 1991

120 National savings: date of issue of repayment warrants etc. U.K.

(1) Where—

(a) a payment in respect of certificates to which subsection (2) below applies has been made by means of a repayment warrant,

(b) the warrant was posted before 11th February 1991,

(c) the amount of the payment depended to any extent on the date of issue of the warrant, and

(d) that date was taken to be the expected date of receipt of the warrant or of a notice advising of the warrant’s availability,

the amount shall to that extent be deemed to have been properly calculated.

(2) This subsection applies to—

(a) war savings certificates issued under section 1 of the M1 War Loan Act 1915 or section 58 of the M2 Finance Act 1916, or

(b) national savings certificates issued under section 59 of the M3 Finance Act 1920, section 7 of the M4 National Debt Act 1958 or section 12 of the M5 National Loans Act 1968

(3) Subsection (1) above shall not apply where the amount of the payment would have been greater had it been calculated on the basis that the date of issue of the warrant was the date on which it was posted.

(4) Where—

(a) an amount has been reinvested in certificates to which subsection (2) above applies,

(b) the new certificates were posted before 11th February 1991,

(c) the amount reinvested depended to any extent on the date of issue of the new certificates, and

(d) that date was taken to be the expected date of receipt of the certificates,

the amount shall to that extent be deemed to have been properly calculated.

(5) Subsection (4) above shall not apply where the amount reinvested would have been greater had it been calculated on the basis that the date of issue of the new certificates was the date on which they were posted.

(6) Where for any month before December 1989 the amount of the prize fund for a premium savings bond draw depended to any extent on the date of issue of a repayment warrant, the amount shall to that extent be deemed to have been properly calculated if calculated on the basis that the date of issue of the warrant was the expected date of its receipt.

(7) Where the amount of a payment made, before the day on which this Act is passed, in respect of interest on—

(a) a deposit (other than an investment deposit) made in a post office savings bank, or

(b) an ordinary deposit with the National Savings Bank,

depended to any extent on the date of issue of a repayment warrant posted before 11th February 1991, the amount shall to that extent be deemed to have been properly calculated if calculated on the basis that the date of issue of the warrant was the expected date of its receipt.

(8) Where the amount of a payment made, on or after the day on which this Act is passed, in respect of interest on an ordinary deposit with the National Savings Bank depends to any extent on the date of issue of a repayment warrant posted before 11th February 1991, the amount shall to that extent be deemed to be properly calculated if calculated on the basis that the date of issue of the warrant was the expected date of its receipt.

Marginal Citations

M1 1915 c. 55.

M2 1916 c. 24.

M3 1920 c. 18.

M4 1958 c. 6.

M5 1968 c. 13.