Finance Act 2003

Amendment of section 160 (establishment of Small Savings Reserve Fund) of Finance Act 1994.

168.Section 160 of the Finance Act 1994 is amended—

(a) in subsection (1), by substituting “instalment savings schemes” for “national instalment savings”, and

(b) by inserting the following after subsection (4):

“(4A) The Minister may, from time to time, pay out of the Fund into the Central Fund an amount equivalent, in whole or in part, to so much of any amount transferred to the Dormant Accounts Fund under paragraph (b) of section 12 (3) of the Dormant Accounts Act 2001 as represents accrued interest on savings bonds, savings certificates and instalment savings schemes referred to in subparagraph (i) of that paragraph.”.