Finance Act 2014

Amendment of section 22 of Finance Act 1950 and related repeals

99. (1) Section 22 of the Finance Act 1950 is amended—

(a) by deleting in subsection (1) the definition of “the annuity”,

(b) by deleting subsections (3) to (5),

(c) by substituting in subsection (6) “amount standing to the credit of the Account” for “balance of the annuity”,

(d) in subsection (6)(e), by substituting “may be invested,” for “may be invested.”,

(e) by inserting the following after paragraph (e) of subsection (6):

“(f) in accordance with section 67(8) of the Finance Act 1988 where appropriate.”,


(f) by inserting the following after subsection (9):

“(10) When the functions of the Minister under this section stand duly delegated to the National Treasury Management Agency under section 5 of the National Treasury Management Agency Act 1990 , subsection (9) of this section shall not apply and instead any activity on the account established under subsection (2) shall be reported as part of the National debt accounts for the purpose of the accounts prepared under section 12 of that Act, at the close of the financial year of the Agency for 2014 and each subsequent year.”.

(2) The Acts of the Oireachtas specified in Schedule 4 are repealed to the extent specified in column (3) of that Schedule.