Finance Act, 1962

Termination of Local Taxation Account.

20.—(1) The Local Taxation Account is hereby terminated and no further payments shall be made into or out of that Account.

(2) Moneys which, but for subsection (1) of this section, would be paid into the Account terminated by that subsection from the Guarantee Fund shall be dealt with as follows:

(a) moneys in respect of the agricultural grant (including the supplementary grants) payable under the Rates on Agricultural Land (Relief) Acts, 1939 to 1959, and under section 48 of the Local Government (Ireland) Act, 1898 , shall be paid directly from the Guarantee Fund,

(b) other moneys shall be applied to meet charges on the Guarantee Fund.

(3) In subsection (2) of this section “the Guarantee Fund” means the Fund established by section 5 of the Purchase of Land (Ireland) Act, 1891 .

(4) Article 2 of the Estate Duty Grant Order, 1927 , is hereby revoked.

(5) Any allowance which, in accordance with the Local Officers' Compensation (War Period) Act, 1924 , was, immediately before the 1st day of April, 1962, payable out of the Account terminated by subsection (1) of this section shall, on and after that day, be payable out of the Central Fund.

(6) This section shall be deemed to have come into operation on the 1st day of April, 1962.