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National Savings Certificates

A government security introduced in 1916 (when it was called a War Savings Certificate) and obtainable at Post Offices. No income tax is payable on interest from these Certificates (it need not be specified in a U.K. tax return); nor does capital gains tax apply to an increase in their value.

Certificates are available in multiple units. They may be bought by anyone in his own name or that of another. There is a limit to the number any one person may hold at ! one time. Each holder has a number. A signature is necessary except for children under seven, for whom the date of birth suffices instead. Repayment follows from written application to the Director of National Savings. Forms are obtainable at most post offices and normally eight working days’ notice is necessary.

Reference: The Penguin Business Dictionary, 3rd edt.