Finance Act, 1997
|
Capital Services Redemption Account. |
164.—(1) In this section— | |
“the 1996 amending section” means section 138 of the Finance Act, 1996 ; | ||
“capital services” has the same meaning as it has in the principal section; | ||
“the forty-seventh additional annuity” means the sum charged on the Central Fund under subsection (4); | ||
“the principal section” means section 22 of the Finance Act, 1950 . | ||
(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1997, subsection (4) of the 1996 amending section shall have effect with the substitution of “£88,264,810” for “£83,599,421”. | ||
(3) Subsection (6) of the 1996 amending section shall have effect with the substitution of “£66,821,199” for “£64,256,400”. | ||
(4) A sum of £94,679,697 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 December, 1997. | ||
(5) The forty-seventh additional annuity shall be paid into the Capital Services Redemption Account in such manner and at such times in the relevant financial year as the Minister for Finance may determine. | ||
(6) Any amount of the forty-seventh additional annuity, not exceeding £72,772,950 in any financial year, may be applied towards defraying the interest on the public debt. | ||
(7) The balance of the forty-seventh additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section. |