Finance Act, 1974
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PART IV Miscellaneous | ||
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Capital Services Redemption Account. |
84.—(1) (a) In this section— | |
“the principal section” means section 22 of the Finance Act, 1950 ; | ||
“the 1973 amending section” means section 91 of the Finance Act, 1973 ; | ||
“the twenty-fourth additional annuity” means the sum charged on the Central Fund under subsection (4) of this section; | ||
“the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section, | ||
(b) references in this section to the financial year ending on the 31st day of December, 1974, are references to the period beginning on the 1st day of April, 1974, and ending on the 31st day of December, 1974. | ||
(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1974, subsection (4) of the 1973 amending section shall, subject to subsection (8) of this section, have effect with the substitution of “£5,315,286” for “£5,452,955”. | ||
(3) Subsection (6) of the 1973 amending section shall, subject to subsection (8) of this section, have effect with the substitution of “£3,355,284” for “£3,510,185”. | ||
(4) A sum of £4,373,032 to redeem borrowings, and interest thereon, in respect of capital services shall, subject to subsection (8) of this section, be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of December, 1974. | ||
(5) The twenty-fourth additional annuity shall be paid into the Account in such manner and at such times in the relevant financial year as the Minister may determine. | ||
(6) Any amount of the twenty-fourth additional annuity not exceeding £2,815,015 in any financial year, may, subject to subsection (8) of this section, be applied towards defraying the interest on the public debt. | ||
(7) The balance of the twenty-fourth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section. | ||
(8) Where, by virtue of this section or of any other enactment, an annuity to redeem borrowings, and interest thereon, in respect of capital services is charged on the Central Fund or on the growing produce thereof and an amount of that annuity may be applied towards defraying the interest on the public debt, then— | ||
(a) only three-fourths of that annuity shall be so charged, and only three-fourths of that amount may be so applied, in the financial year ending on the 31st day of December, 1974, and | ||
(b) one-fourth of that annuity shall be so charged, and one-fourth of that amount may be so applied, in the financial year next following the last financial year in which such annuity would, apart from this subsection, be charged, | ||
and this section and the enactment shall be construed and shall have effect accordingly. |