SCHEDULECONSEQUENTIAL AMENDMENTS OF PRIMARY LEGISLATION
National Debt Act 18701
1
The National Debt Act 18705 is amended as follows.
2
In section 36 (interpretation of terms) after the definition of “person” there is inserted—
“the Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004):”
3
For section 147 (issue by Treasury) there is substituted—
Issue by Treasury14
1
The money from time to time and at any time—
a
issuable out of the National Loans Fund, and
b
by this Act made applicable to the payment of the dividends on stock,
shall, by order of the Treasury, without other warrant, from time to time be issued and made available for the payment of those dividends.
2
The Registrar of Government Stock shall from time to time notify the Treasury of the amount of the money to be so issued which he requires to be made available to him for the making of payments in respect of those dividends.
3
The Treasury shall make that amount available to the Registrar of Government Stock for the making of such payments.
4
For section 158 (application of issues by Registrar of Government Stock) there is substituted—
Application of money by Registrar of Government Stock15
The Registrar of Government Stock shall without delay apply in payment of the dividends on stock the money from time to time so made available to him.
5
In section 169 (accounting by Registrar of Government Stock) for “issued” there is substituted “made available”.
Income and Corporation Taxes Act 19882
1
The Income and Corporation Taxes Act 198810 is amended as follows.
2
In section 4911 (stock and dividends in the name of the Treasury etc)—
a
for subsection (1) there is substituted—
1
No tax shall be chargeable in respect of the stock or dividends—
a
transferred, in pursuance of any Act of Parliament, to accounts in the books of the Bank of England in the name of the Treasury or the National Debt Commissioners, or
b
transferred, in pursuance of any Act of Parliament, to the Treasury or the National Debt Commissioners and in respect of which the Treasury or those Commissioners are entered as holder in the registers kept by the Registrar of Government Stock,
but the Bank of England and the Registrar of Government Stock shall each transmit to the Board an account of the total amount thereof in those books or registers as the case may be.
b
in subsection (2) after “Bank of England” there is inserted “or in the registers kept by the Registrar of Government Stock”;
c
after subsection (3) there is inserted –
4
In this section “Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004).
3
In section 5012 —
a
for “Bank”, wherever occurring, other than in subsection (7), there is substituted “Registrar”;
b
in subsection (5) for “received at” there is substituted “received by”;
c
in subsection (7) —
i
omit the definition of “the Bank”;
ii
omit the word “and” at the end of the definition of “gilt-edged securities”;
iii
in the definition of “registered”, for “Bank.” there is substituted “Registrar;”;
iv
the following definition is inserted at the appropriate place –
“the Registrar” means the Registrar of Government Stock, as defined in section 49(4).
4
In section 51(1)(b) for ““the Bank”” there is substituted ““the Registrar””.
Taxation of Chargeable Gains Act 19923
1
The Taxation of Chargeable Gains Act 199213 is amended as follows.
2
In section 271(1)(a)14—
a
for sub-paragraph (i) there is substituted –
i
transferred, in pursuance of any Act of Parliament, to accounts in the books of the Bank of England in the name of the Treasury or the National Debt Commissioners;
ia
transferred, in pursuance of any Act of Parliament, to the Treasury or the National Debt Commissioners and in respect of which the Treasury or those Commissioners are entered as holder in the registers kept by the Registrar of Government Stock; or
b
in sub-paragraph (ii) after “Bank of England” there is inserted “or in the registers kept by the Registrar of Government Stock”.
3
In section 288(1)15 the following definition is inserted at the appropriate place —
“Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004);