The National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1999

Made: 31st March 1999

Coming into force: 6th April 1999

Now, therefore, the Treasury in exercise of the powers conferred on them by section 4 of the National Savings Bank Act 1971¹, and of all other powers enabling them in that behalf, hereby make the following Order:–

1

This Order may be cited as the National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1999 and shall come into force on 6th April 1999.

2

The National Savings Bank (Investment Deposits) (Limits) Order 1977² shall be amended in accordance with the following provisions of this Order.

3

After Article 2A, there shall be inserted the following–

(2B) In this Order, the expression “individual savings account” has the same meaning as in the National Savings Bank Regulations 1972.

³.

4

In article 3, after each reference to “a treasurer’s account”⁴ there shall be inserted the words “or an individual savings account”.

5

After article 3A, there shall be inserted the following–

(3B) Subject to the provisions of this Order, it shall not be lawful for the Director of Savings to receive a deposit for crediting to an individual savings account, or make a credit to such an account, in any case where the amount paid into that account in any one year exceeds, or would as a result of the receipt of the said deposit or the making of the said credit exceed: (a) in the year beginning on 6th April 1999, £3,000; (b) in any subsequent year, £1,000 .

6

Article 4 (1) shall be amended by substituting for the words “3 or 3A” the words “3, 3A or 3B”.

Signed

Jane Kennedy — Bob Ainsworth — Two of the Lords Commissioners of Her Majesty’s Treasury — 31st March 1999

Explanatory note

(This note is not part of the Order)

This Order further amends the National Savings Bank (Investment Deposits) (Limits) Order 1977 to limit the amount which may be paid into an individual savings account in any one year. An individual savings account is a new type of investment deposit account being introduced on 6th April 1999 by the National Savings Bank (Amendment) Regulations 1999. No more than £3,000 may be paid into an individual savings account in the tax year 1999–2000. No more than £1,000 may be paid into such an account in subsequent years.

Footnotes