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; £1 where the consideration for the transaction did not exceed £250; in all other cases £1 and a further 50p for every £125 or part thereof whereby the consideration exceeded £250.
The old rates of commission on sales were as follows; 10p for every £10 or part thereof of the amount of the proceeds where these were less than £100; £1 where the proceeds were £100 or more but not exceeding £250; in all other cases £1 and a further 50p for every £125 or part thereof by which the proceeds exceeded £250.
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 | £1.00 | £4.00 | £20.00 | £40.00 | £80.00 |
| New rate of commission | £5.00 | £6.00 | £30.00 | £47.50 | £82.50 |
SALES
| Value of transactions | |||||
|---|---|---|---|---|---|
| £250 | £1,000 | £5,000 | £10,000 | £20,000 | |
| Old rate of commission | £1.00 | £4.00 | £20.00 | £40.00 | £80.00 |
| New rate of commission | £1.50 | £6.00 | £30.00 | £47.50 | £82.50 |