Introduction Details of the Section
2.Subsections (1) to (4) enable HM Treasury to redeem three undated stocks commonly known as 2¾% Annuities, 2½% Annuities and 2½% Consolidated Stock. HM Treasury must give at least three months’ notice in the London Gazette of their intention to redeem (subsection (2)) and the sums necessary for the redemption will come from the National Loans Fund (subsection (3)). There are existing legislative provisions about the redemption of these stocks, not all of which are now useable. Subsection (4) disapplies these provisions if redemption occurs under the section.
3.Subsection (5) provides for the consequential repeal of existing provisions in primary legislation which relate to these government stocks.
4.Subsections (6) and (7) concern the commencement of the section. The repeals in subsection (5) come into force on such days as HM Treasury appoints by order. Otherwise, the section comes into force on and after the date of Royal Assent to Finance Act 2015.