Finance Act, 1972
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PART V Miscellaneous | ||
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Capital Services Redemption Account. |
40.—(1) In this section—“the principal section” means section 22 of the Finance Act, 1950 ; | |
“the 1971 amending section” means section 51 of the Finance Act, 1971 ; | ||
“the twenty-second 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 (4) of the 1971 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1973, have effect with the substitution of “£4,405,171” for “£3,815,802”. | ||
(3) Subsection (6) of the 1971 amending section shall have effect with the substitution of “£2,780,773” for “£2,456,314”. | ||
(4) A sum of £4,650,815 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, 1973. | ||
(5) The twenty-second 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 twenty-second additional annuity, not exceeding £2,993,830 in any financial year, may be applied towards defraying the interest on the public debt. | ||
(7) The balance of the twenty-second additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section. |