Statutory Instruments
2004 No. 1486
NATIONAL DEBT
The Government Stock (Consequential and Transitional Provision) Order 2004
Made
8th June 2004
Laid before the House of Commons
8th June 2004
Coming into force
For the purposes stated in Article 1(2)
29th June 2004
For all other purposes
1st July 2004
The Treasury, in exercise of the powers conferred upon them by section 140(2) of the Finance Act 2002( 1 ), hereby make the following Order:
Citation and commencement
1. —(1) This Order may be cited as the Government Stock (Consequential and Transitional Provision) Order 2004.
(2) This Order shall, for the purposes of making the first regulations under section 47 of the Finance Act 1942( 2 ) as amended by section 140(1) of the Finance Act 2002, come into force on 29 June 2004.
(3) This Order shall come into force for all other purposes on 1st July 2004.
Consequential amendment
2. —(1) The Finance Act 1942 is amended as follows.
(2) In section 47 (transfer and registration of Government Stock)—
(a) in subsection (1ZA)( 3 ), for “the Bank of England” there is substituted “the person or persons appointed in accordance with regulations under subsection (1)(b)”;
(b) in subsection (1A)( 4 )—
(i) for “the Bank of England” there is substituted “the person or persons appointed in accordance with regulations under subsection (1)(b)”;
(ii) the words “standing in their books” are omitted.
Transitional provision: continuation of Bank of England as administrator of Government stock and bonds
3. With effect from the coming into force of the first regulations under section 47 of the Finance Act 1942 as amended by section 140(1) of the Finance Act 2002, the Bank of England is deemed to be the person appointed by the Treasury in accordance with those regulations.
Joan Ryan
John Heppell
Two of the Lords Commissioners of Her Majesty’s Treasury
8th June 2004
1942 c. 21 .
Subsection (1ZA) was inserted by the Bank of England Act 1998 (c. 11) , section 34.
Subsection (1A) was inserted by the Finance Act 1989 (c. 26) , section 183(1).