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Declaration as to 43 & 44 Vict. c. 36. s. 1.
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5. Whereas in pursuance of the Savings Banks Act, 1880, a terminable annuity is directed 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 therein mentioned, and doubts have arisen with respect to the interest on securities in which such annuity is to be invested, and it is expedient to remove such doubts: Be it therefore enacted that—
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During the currency of the said annuity, the interest arising from any securities in which the money received in respect of the said annuity, or of any investment of the said annuity is invested, shall for the purpose of the annual account required to be made up by the National Debt Commissioners of the interest arising from securities in their hands be treated as capital and not as interest.
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