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Session 2008 - 09
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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Withdrawn  11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—



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—



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


number of people who—



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


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



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


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



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


Report Stage Proceedings: 25 February 2009              



Saving Gateway Accounts Bill, continued


Mr Mark Hoban


Withdrawn  5


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



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



location of the provider’s premises;



the provider’s commitment to financial education; and



the provider’s willingness to expand access to broader financial





Mr Mark Hoban


Withdrawn  2


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



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Withdrawn  1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—



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.



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


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



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



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              



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.


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Revised 26 February 2009