Finance Act 1998

162 Accounting statements relating to National Savings

(1) Subject to subsection (2) below, in each of the following provisions (which provide for annual statements of account as respects years ending with 31st December to be prepared in relation to deposits with the National Savings Bank), that is to say—

(a) section 19(1) of the [1971 c. 29.] National Savings Bank Act 1971 (ordinary deposits), and

(b) section 120(4) of the [1980 c. 48.] Finance Act 1980 (investment deposits),

for “31st December” there shall be substituted “31st March”.

(2) Each of the enactments mentioned in subsection (1) above shall have effect as if they required the first statement which, under each of those enactments, is to be prepared after the passing of this Act to be a statement as respects the period beginning with 1st January 1998 and ending with 31st March 1999.

(3) In section 19(2) of the [1971 c. 29.] National Savings Bank Act 1971 (delivery of statement under section 19(1) to the Comptroller and Auditor General), for the words from “before the end of May” to “that year” there shall be substituted “before the end of August next following the end of any period for which a statement falls to be prepared under subsection (1) above, transmit the statement for that period”.

(4) In section 20 of that Act (adjustment of balances)—

(a) for “year ending with 31st December” there shall be substituted “period as respects which a statement falls to be prepared under section 19(1) of this Act”;

(b) for the words “the year”, in each place where they occur, there shall be substituted “that period”; and

(c) for “any such year” there shall be substituted “any such period”.

(5) In section 120(5) of the [1980 c. 48.] Finance Act 1980 (delivery of statement under section 120(4) to the Comptroller and Auditor General), for the words from “each year” to “the year,” there shall be substituted “any period under subsection (4) above shall, before the end of August next following the end of that period,”.