(This note is not part of the Order)
Section 140(2) of the Finance Act 2002 (c 23) provides that the Treasury may by order make such consequential, incidental, supplementary and transitional provision as appears to them to be necessary or expedient in consequence of the amendments made by subsection (1) of that section, including provision amending, repealing or revoking any enactment.
The amendments made by subsection (1) of section 140 of the Finance Act 2002 amend section 47 of the Finance Act 1942 (c 21) so as to enable the Treasury to make regulations which make provision for them to appoint a person to administer Government stock and bonds (including the registration of holders).
As a result of those amendments it is necessary to make two consequential amendments to section 47 of the Finance Act 1942, so as to replace references to the Bank of England in subsections (1ZA) and (1A) with references to the person or persons appointed in accordance with regulations under subsection (1)(b) of that section. Article 2 of this Order makes those consequential amendments.
Article 3 of this Order makes transitional provision relating to the continuation of the Bank of England as the administrator of Government stock and bonds from the coming into force of the first set of regulations under section 47 of the Finance Act 1942 as amended by section 140(1) of the Finance Act 2002.
A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.