Finance Act, 1988

PART VI

Miscellaneous

Capital Services Redemption Account.

67.—(1) In this section—

“the principal section” means section 22 of the Finance Act, 1950 ;

“the 1987 amending section” means section 51 of the Finance Act, 1987 ;

“the thirty-eighth additional annuity” means the sum charged on the Central Fund under subsection (4);

“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, 1988, subsection (4) of the 1987 amending section shall have effect with the substitution of “£44,473,927” for “£45,510,049”.

(3) Subsection (6) of the 1987 amending section shall have effect with the substitution of “£33,669,150” for “£34,980,050”.

(4) A sum of £44,807,298 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, 1988.

(5) The thirty-eighth 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 thirty-eighth additional annuity, not exceeding £34,439,900 in any financial year, may be applied towards defraying the interest on the public debt.

(7) The balance of the thirty-eighth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.

(8) The Minister shall pay into the Account and shall apply any sum (including interest received by him on temporary deposits held abroad under section 4 (2) (b) (inserted by the Appropriation Act, 1969 ) of the Appropriation Act, 1965 , and interest received on the Exchequer's accounts with the Central Bank of Ireland or with the holder of a licence under the Central Bank Act, 1971 ) received by him arising out of transactions entered into under section 54 (7) (inserted by the Finance Act, 1983 ) of the Finance Act, 1970 , towards defraying the interest and expenses arising on the public debt.