Finance Act 1968
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Change 1
SCHEDULE 18 Premium Savings Bonds: New Terms
1 Premium Savings Bonds are a Government Security and are eligible for inclusion in draws for cash prizes. These prizes are free from United Kingdom Income Tax, Surtax and Capital Gains Tax. 2 Premium Saving Bonds, (Series B) (hereinafter called Bonds) will be issued in units of £1 by the Treasury and will be subject to regulations made from time to time by the Treasury under section 12 of the National Debt Act 1958, or having effect by virtue of that Act. The principal of the Bonds and the prizes allotted will be a charge on the National Loans Fund with recourse to the Consolidated Fund. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Bonds are not transferable either during the lifetime or on the death of the registered holder. No responsibility can be accepted in respect of their use as security for a loan. 5 There will be a monthly prize fund which will be determined by calculating one month’s interest on each bond eligible for the draws in that month. The rate of interest will be 45/8% per annum or such other rate as may be prescribed under the provisions of paragraph 15 below. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 ... After a Bond has qualified for its first draw it will be included in each succeeding draw, unless it has been repaid before the first day of the month in which the draw is held or (subject to the provisions of paragraph 15 below) the registered holder has died before the first day of a period of twelve consecutive calendar months preceding the month in which the draw is held. 8 Each £1 unit Bond will have one chance in each draw for which it is eligible. Each £1 unit Bond may win not more than one prize in each draw for which it is eligible and in draws producing more that one prize will be allotted the highest prize for which it is drawn. 9 Notwithstanding the provisions of paragraph 7 above any Bond purchased in contravention of any regulation limiting the number of unit Bonds which may held by any person shall not be eligible for inclusion in any draw until the holding has been reduced to not more than the maximum number permitted by such regulation. 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 The serial numbers of Bonds which are allotted prizes will be published ... ... 12 All matters relating to the method and conduct of the draw and allotment of prizes shall be at the sole discretion of the Postmaster General, whose decision as to which Bonds have drawn prizes shall be final. 13 The purchase price of a Bond is repayable in full on application to the Bonds and Stock Office. 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 The Treasury reserve the right ...:— (a) to vary the rate of interest specified in paragraph 5 above for determining the amount of the prize fund; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) to vary the provisions of paragraph 7 above insofar as they relate to the eligibility of a Bond for inclusion in a draw after the death of the registered holder; (d) to declare any Bonds purchased on or before a date specified ... to be ineligible for further draws. 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 18 Premium Savings Bonds: New Terms
1 Premium Savings Bonds are a Government Security and are eligible for inclusion in draws for cash prizes. These prizes are free from United Kingdom Income Tax, Surtax and Capital Gains Tax. 2 Premium Saving Bonds, (Series B) (hereinafter called Bonds) will be issued in units of £1 by the Treasury and will be subject to regulations made from time to time by the Treasury under section 12 of the National Debt Act 1958, or having effect by virtue of that Act. The principal of the Bonds and the prizes allotted will be a charge on the National Loans Fund with recourse to the Consolidated Fund. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Bonds are not transferable either during the lifetime or on the death of the registered holder. No responsibility can be accepted in respect of their use as security for a loan. 5 There will be a monthly prize fund which will be determined by calculating one month’s interest on each bond eligible for the draws in that month. The rate of interest will be 45/8% per annum or such other rate as may be prescribed under the provisions of paragraph 15 below. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 ... After a Bond has qualified for its first draw it will be included in each succeeding draw, unless it has been repaid before the first day of the month in which the draw is held or (subject to the provisions of paragraph 15 below) the registered holder has died before the first day of a period of twelve consecutive calendar months preceding the month in which the draw is held. 8 Each £1 unit Bond will have one chance in each draw for which it is eligible. Each £1 unit Bond may win not more than one prize in each draw for which it is eligible and in draws producing more that one prize will be allotted the highest prize for which it is drawn. 9 Notwithstanding the provisions of paragraph 7 above any Bond purchased in contravention of any regulation limiting the number of unit Bonds which may held by any person shall not be eligible for inclusion in any draw until the holding has been reduced to not more than the maximum number permitted by such regulation. 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 The serial numbers of Bonds which are allotted prizes will be published ... ... 12 All matters relating to the method and conduct of the draw and allotment of prizes shall be at the sole discretion of the Postmaster General, whose decision as to which Bonds have drawn prizes shall be final. 13 The purchase price of a Bond is repayable in full on application to the Bonds and Stock Office. 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 The Treasury reserve the right ...:— (a) to vary the rate of interest specified in paragraph 5 above for determining the amount of the prize fund; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) to vary the provisions of paragraph 7 above insofar as they relate to the eligibility of a Bond for inclusion in a draw after the death of the registered holder; (d) to declare any Bonds purchased on or before a date specified ... to be ineligible for further draws. 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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