Finance Act 2017
|
Amendment of section 67 of Finance Act 1988 (capital services redemption account) | ||
|
85. Section 67 of the Finance Act 1988 is amended by substituting the following for subsection (8): | ||
“(8) (a) The Minster may, at his or her discretion— | ||
(i) pay moneys into the Account, or | ||
(ii) place moneys to the credit of the account of the Exchequer. | ||
(b) Any moneys paid into the Account under paragraph (a)(i) shall be applied towards defraying the interest and expenses arising on the public debt and, whenever the Minister considers it appropriate, towards the making of payments or repayments in respect of transactions entered into under section 54 (7) of the Finance Act 1970 . | ||
(c) Any moneys placed to the credit of the account of the Exchequer under paragraph (a)(ii) shall form part of the Central Fund and be available in any manner in which that Fund is available. | ||
(d) In this subsection ‘moneys’ means any sum (including interest received by the Minister on temporary deposits held abroad under section 4 (2)(b) (inserted by the Appropriation Act 1969 ) of the Appropriation Act 1965 and interest received on the Exchequer’s accounts with the Central Bank of Ireland or with the holder of a licence under the Central Bank Act 1971 ) received by the Minister arising out of transactions entered into under section 54 (7) of the Finance Act 1970 .”. |