Savings Banks Act, 1904
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Interest on the investments of the deficiency annuity under 43 & 44 Vict. c. 36 to be treated as in come. 40 & 41 Vict. c. 13. 43 & 44 Vict. c. 36. |
10.—(1) As from the twenty-first day of November nineteen hundred and three, all interest arising after that date from any securities in which the money received or to be received on account of the Trustee Savings Banks (Deficiency) Annuity is invested, or in which any money arising from the investment of the annuity is invested, shall, for the purpose of the annual account made out by the National Debt Commissioners under the Customs, Inland Revenue and Savings Banks Act, 1877 , be treated as income arising from the securities in which sums received by the National Debt Commissioners from Trustees of Trustee Savings Banks are invested. | |
(2) In this section the expression “Trustee Savings Banks (Deficiency) Annuity” means the annuity directed by the Savings Banks Act, 1880 , to be inscribed in the books of the Bank of England for the National Debt Commissioners on account of Trustee Savings Banks for the purpose of paying off the deficiency mentioned in that Act. | ||
(3) The amount payable in respect of the said annuity shall continue to be raid in each year up to the end of the half-year ending on the twentieth day of May nineteen hundred and seventeen and shall continue to be charged accordingly. |