Finance Act, 1975
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PART VI Miscellaneous | ||
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Capital Services Redemption Account. |
54.—(1) In this section— | |
“the principal section” means section 22 of the Finance Act, 1950 ; | ||
“the 1974 amending section” means section 84 of the Finance Act, 1974 ; | ||
“the twenty-fifth 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) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1975, subsection (4) of the 1974 amending section shall have effect with the substitution of “£4,342,633” for “£4,373,032”. | ||
(3) Subsection (6) of the 1974 amending section shall have effect with the substitution of “£2,755,008” for “£2,815,015”. | ||
(4) A sum of £7,272,655 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, 1975. | ||
(5) The twenty-fifth 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-fifth additional annuity not exceeding £4,681,565 in any financial year, may be applied towards defraying the interest on the public debt. | ||
(7) The balance of the twenty-fifth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section. |