Finance Act, 1951
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Capital Services Redemption Account. |
22.—(1) In this section— | |
the expression“the principal section” means section 22 of the Finance Act, 1950 (No. 18 of 1950); | ||
“the 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. | ||
(2) Subsection (3) of the principal section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1952 have effect with the substitution of “£427,482” for “£655,432”. | ||
(3) Subsection (5) of the principal section shall have effect with the substitution of “£269,828” for “£423,979”. | ||
(4) A sum of £653,594 to redeem borrowings, and interest thereon, in respect of capital services shall 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 March, 1952. | ||
(5) The 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 additional annuity, not exceeding £420,770 in any financial year, may be applied towards defraying the interest on the public debt. | ||
(7) The balance of the additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section. | ||
(8) Subsection (4) of the principal section is hereby amended by the substitution of “such manner and at such times in the relevant financial year as the Minister may determine” for “equal half-yearly instalments”. |