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The National Savings Stock Register (Amendment) Regulations 1996
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- UK Statutory Instruments
- 1996 No. 156
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the National Savings Stock Register Regulations 1976. Regulation 12 of those Regulations provides for commission to be payable to the Director of Savings when stock on the National Savings Stock Register is purchased or sold through him. The rates of commission are set out in Schedule 1 to the Regulations. These Regulations alter the rates of commission due.
The old rates of commission on purchases were as follows; £5 or 0.6%, whichever was greater, where the consideration for the transaction did not exceed £5,000; in all other cases £30 plus 0.35% of the amount by which the consideration exceeded £5,000.
The old rates of commission on sales were as follows; 0.6% of the proceeds where the transaction did not exceed £5,000; in all other cases £30 plus 0.35% of the amount by which the proceeds exceeded £5,000.
The effect of the amendments is illustrated in the examples provided in the tables below:
Purchases
| Value of transactions | |||||
|---|---|---|---|---|---|
| £250 | £1,000 | £5,000 | £10,000 | £20,000 | |
| Old rate of commission | £5.00 | £6.00 | £30.00 | £47.50 | £82.50 |
| New rate of commission | £12.50 | £12.50 | £35.00 | £53.75 | £91.25 |
Sales
| Value of transactions | |||||
|---|---|---|---|---|---|
| £250 | £1,000 | £5,000 | £10,000 | £20,000 | |
| Old rate of commission | £1.50 | £6.00 | £30.00 | £47.50 | £82.50 |
| New rate of commission | £1.75 | £7.00 | £35.00 | £53.75 | £91.25 |
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