The Government Stock (Consequential and Transitional Provision) Order 2004

• Citation: S.I. 2004/1486
• Sections: 3

Section 1 Citation and commencement

(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 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.

Section 2 Consequential amendment

(1) The Finance Act 1942 is amended as follows.

(2) In section 47 (transfer and registration of Government Stock)—

(a) in subsection (1ZA) , 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) —

(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.

Section 3 Transitional provision: continuation of Bank of England as administrator of Government stock and bonds

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.