The National Savings Bank Regulations 1972

Death duties

41.—(1) Where on the death of a depositor the aggregate value of the specified assets (hereinafter defined) exceeds £3,000, the Director of Savings shall, before making any payment or transfer of any of the deposits in the National Savings Bank standing to the credit of such depositor either alone or jointly with any other depositor (not being deposits in respect of which it is shown to the satisfaction of the Director of Savings that the deceased depositor had no interest therein otherwise than as a trustee), require the production of a statement from the Commissioners of Inland Revenue to the effect either that no death duties are payable in respect of the deposits or that any death duties so payable have been paid:

Provided that the production of such a statement shall not be required—

(a) where the payment or transfer is made to or as directed by the deceased depositor's legal personal representative, or the Public Trustee, or the Official Receiver, or the trustee in bankruptcy of the estate of the deceased depositor; or

(b) where the deceased depositor was at the time of his death domiciled in Northern Ireland, the Isle of Man, or the Channel Islands.

(2) In this Regulation the expression “the specified assets” means the following assets (not being assets in respect of which it is shown to the satisfaction of the Director of Savings that the deceased depositor had no interest therein otherwise than as a trustee):—

(a) the total amount (including interest) which, at the date of the death of the depositor, stands to the credit of all accounts in his name alone, or in his name jointly with any other person, in the National Savings Bank;

(b) the total amount which would have been payable (if repayment had been demanded) at the date of the death of the depositor in respect of all savings certificates recorded in his name alone, or in his name jointly with any other person;

(c) all stock and securities registered in the National Savings Stock Register in the sole name of the depositor, or in his name and the name of any other person as joint holders (not being stock or securities recorded in the parts of the National Savings Stock Register kept by trustee savings banks);

(d) any amount repayable and any other sum payable in respect of all premium savings bonds recorded in the depositor's name;

(e) the total amount (including any bonus or interest) which would have been repayable (if repayment had been demanded) at the date of the death of the depositor in respect of all savings contracts entered into by him and registered by the Director of Savings under a contractual savings scheme certified by the Treasury in accordance with section 415(2) of the Income and Corporation Taxes Act 1970.

(3) For the purposes of this Regulation, the value of the stock and securities referred to in paragraph (2)(c) above shall be—

(a) in the case of National Development Bonds, British Savings Bonds and any other securities which can be held only on the National Savings Stock Register, the nominal capital amount thereof; and

(b) in all other cases, the market value thereof at the date of the death of the depositor.