7.  Regulation 42 shall be amended–

(a) by substituting for paragraph (2) the following–

“(2) Interest on investment deposits shall, in the case of individual savings accounts, be calculated to 5th April in every year and, in any other case, shall be calculated to 31st December in every year; but interest shall not be calculated–

(a) in the case of a treasurer’s account, on any amount less than one penny or some multiple of one penny;

(b) in the case of an individual savings account–

(i) containing less than £1, on any of that amount;

(ii) containing £1 or more, on any amount less than one penny or some multiple of one penny;

(c) in any other case, on any amount less than £1 or some multiple of £1.”;

(b) in paragraph (2A), by inserting after “29F(1)”, the words “or 29N(b)”;

(c) by inserting after paragraph (2A) the following–

“(2B) For the purposes of this regulation, a deposit made pursuant to instructions given by the authorised telephone procedure, in accordance with regulation 29N(d) above, shall be deemed to have been made on the day when the instructions are accepted by the Director of Savings.”;

(d) in paragraph (3)(b), by substituting for the words “29H(3) or 29I(3)”, the words “29H(3), 29I(3) or 29P(4)”.