House of Commons portcullis
House of Commons
Session 2008 - 09
Internet Publications
Other Bills before Parliament


 
 

23

 

SUPPLEMENT TO THE VOTES AND PROCEEDINGS

 
 

Wednesday 25 February 2009

 

Report Stage Proceedings

 

Saving Gateway Accounts Bill, As Amended


 

Mr Mark Hoban

 

Withdrawn  11

 

Page  1,  line  15  [Clause  1],  at beginning insert ‘Subject to subsection (4) below,’.

 

Mr Mark Hoban

 

Not called  12

 

Page  1,  line  19  [Clause  1],  at end insert—

 

‘(4)    

If a person was eligible to receive a notice of entitlement by virtue of section 3(1)

 

but had ceased to be eligible before the notice of eligibility was issued, then the

 

person is still entitled to receive that notice.’.

 


 

Mr Mark Hoban

 

Not called  3

 

Page  2,  line  16  [Clause  3],  after ‘(2)’, insert ‘or the person is aged between 18 and

 

65 and has an annual income of less than that prescribed by regulations;’.

 

Mr Mark Hoban

 

Not called  4

 

Page  2,  line  35  [Clause  3],  leave out ‘subsection’ and insert ‘subsections (1) and’.

 


 

Mr Mark Hoban

 

Not called  13

 

Page  3,  line  3  [Clause  3],  at end insert—

 

‘(8)    

The Treasury will each year lay before Parliament a report which sets out the

 

number of people who—

 

(a)    

are eligible to hold a Savings Gateway account by being entitled to each

 

of the benefits and tax credits listed in subsection (2) above;

 

(b)    

are aged between 18 and 65 years old and earn less than any amount

 

prescribed under regulations made under subsection (4) above; and

 

(c)    

have opened a Savings Gateway account in that year.’.


 
 

Report Stage Proceedings: 25 February 2009              

24

 

Saving Gateway Accounts Bill, continued

 
 

Mr Mark Hoban

 

Withdrawn  5

 

Page  3,  line  33  [Clause  5],  at end insert—

 

‘(1A)    

Conditions imposed under subsection (1)(a) shall have regard to

 

(a)    

location of the provider’s premises;

 

(b)    

the provider’s commitment to financial education; and

 

(c)    

the provider’s willingness to expand access to broader financial

 

services.’.

 


 

Mr Mark Hoban

 

Withdrawn  2

 

Page  4,  line  19  [Clause  6],  at end insert—

 

‘(6)    

After the first exercise of the powers in subsection (5), the Treasury will be

 

required to consult interested parties on any changes to those regulations and lay

 

a copy of the report on this consultation before Parliament before any further

 

regulations are made.’.

 


 

Mr Mark Hoban

 

Not called  6

 

Page  5,  line  25  [Clause  11],  leave out paragraph (e).

 


 

Mr Mark Hoban

 

Withdrawn  1

 

Page  7,  line  9  [Clause  16],  at end insert—

 

‘(1A)    

Subject to subsection (1B), funds in the account will be transferred into an

 

account which pays interest at a rate which is equal to or greater than the rate paid

 

on funds held in an Individual Savings Account as set out in the Finance Act 1998

 

(c. 36) operated by the Savings Gateway Account provider in question.

 

(1B)    

Where an account provider does not operate an Individual Savings Account, the

 

amounts will be transferred into an account that it provides which—

 

(a)    

has no penalty for the withdrawal of funds without notice; and

 

(b)    

offers a rate equal to or higher than the highest interest rate offered on

 

other accounts operated by the provider.’.

 


 

Mr Mark Hoban

 

Not called  9

 

Page  13,  line  4  [Clause  27],  after ‘(4)’, insert ‘, 4’.


 
 

Report Stage Proceedings: 25 February 2009              

25

 

Saving Gateway Accounts Bill, continued

 
 

Mr Mark Hoban

 

Not called  10

 

Page  13,  line  4  [Clause  27],  after ‘(4)’, insert ‘, 6’.

 

Mr Mark Hoban

 

Not called  7

 

Page  13,  line  7  [Clause  27],  leave out ‘The first’.

 

Mr Mark Hoban

 

Not called  8

 

Page  13,  line  10  [Clause  27],  leave out subsection (6).

 

Bill read the third time, and passed.

 


 
contents
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2009
Revised 26 February 2009