National Loans Act 1968

National Loans Act 1968 An Act to establish a National Loans Fund, to substitute the National Loans Fund for the Consolidated Fund in certain enactments, including enactments relating to Government lending and advances, the Exchange Equalisation Account and government annuities, to make profits of the Issue Department of the Bank of England payable into the National Loans Fund and to make other provision as to the said Department, to charge the whole of the national debt on the National Loans Fund, and to amend the law about Government borrowing; to make further provision for loans by the Public Works Loan Commissioners, and to authorise advances out of the National Loans Fund for the purpose of such loans; to transfer to Votes certain payments charged on the Consolidated Fund; and generally to make provision for the management of the Government’s financial business. The Treasury shall have an account at the Bank of England, to be called the National Loans Fund. Money paid into the National Loans Fund shall form one general fund to meet all outgoings from the Fund, and daily statements of all money paid into and out of the Fund, in such form as the Treasury may direct, shall be sent by the Bank of England to the Comptroller and Auditor General. The Comptroller and Auditor General shall from time to time at the request of the Treasury grant credits on the National Loans Fund for sums payable out of the Fund under this or any other Act and, subject to section 18 of this Act, all payments out of the National Loans Fund shall be made by the Treasury in accordance with credits so granted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In section 1(2) of the Parliament Act 1911 (which defines the Money Bill as one dealing exclusively with subjects which include the imposition of charges on the Consolidated Fund) after “Consolidated Fund” there shall be inserted “the National Loans Fund”. No provision in any Act requiring money to be paid into the Exchequer shall be construed as requiring or authorising money to be paid into the National Loans Fund. Where the intention is that money be paid into the Consolidated Fund it shall be sufficient to enact that it be paid into the Consolidated Fund (instead of enacting that it be paid into the Exchequer). The enactments in Schedule 1 to this Act (which— authorise advances or loans out of the Consolidated Fund, or create commencing capital debts or other obligations to the Consolidated Fund, or authorise payments out of the Consolidated Fund which are to be repaid out of Votes), . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . shall be amended in accordance with those Schedules. The Treasury may issue out of the National Loans Fund such sums as are required for making loans of the descriptions set out in Schedule 4, subject to the limit in section 4. Interest on local loans shall be paid at such rates as the Treasury may determine from time to time in accordance with section 5 of this Act. All sums paid or applicable in or towards the discharge of the principal or interest of any local loans, whether before or after the coming into force of this section, shall be paid by the Treasury into the National Loans Fund: Provided that where security for a loan is enforced in any manner the net receipts only shall be so paid into the National Loans Fund. Any sum payable in respect of Irish land purchase annuities which, but for the provisions of this section, would be payable into the Local Loans Fund under section 26(2) of the Government of Ireland Act 1920, or under any other enactment, shall be paid into the National Loans Fund. Subject to the limit in this Act, . . . , the Treasury’s power of making local loans shall include power to enter into undertakings to make local loans. The Treasury shall, as respects each financial year, prepare ... an account of local loans made in the financial year, and of the sums paid or applicable in the financial year in or towards the discharge of the principal or interest of local loans, whether before or after the coming into force of this section, and send it to the Comptroller and Auditor General not later than the end of November next following the end of the financial year and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament. The Public Works Loans Act 1875 and any enactments amending that Act shall apply to local loans. In this Act “local loans” means loans made, in pursuance of this section, of the descriptions set out in Schedule 4 to this Act. The aggregate of— any commitments of the Treasury outstanding in respect of undertakings entered into by them to grant local loans; and any amount outstanding in respect of the principal of any local loans; shall not at any time exceed £115 billion or such other (lower or higher) sum, not exceeding £135 billion, as the Treasury may from time to time specify by order made by statutory instrument. No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament. This section has effect as respects any rate of interest— which under any provision in Schedule 1 to this Act is to be determined in accordance with this Act, or which is to be determined by the Treasury under section 3 of this Act, and, where any enactment passed after this Act provides for the payment of interest on advances or loans made out of the National Loans Fund, and for the rate at which that interest is to be payable to be determined or approved by the Treasury, then, except as otherwise expressly provided, this section has effect as respects that rate of interest. For any loan or class of loans the Treasury may determine or approve either— a fixed rate of interest, that is to say a specified rate or a formula rate which is to be applied, throughout the period of the loan or any loan of that class, with the value which it has when the loan is made, or a variable rate of interest, that is to say a formula rate which is to be applied, for each of the successive periods of the loan or any loan of that class which are of a length specified in the determination or approval (in this section referred to as interest periods), with the value which it has at the beginning of that period; and in this subsection “formula rate” means a rate which is so expressed (whether by means of a formula or otherwise) that it will or may have different values at different times. The Treasury shall, on each occasion when they determine or approve a fixed rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if— the loan, or any loan of that class— were made forthwith, and were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and on other comparable terms, and the interest on the money so borrowed, together with the Treasury’s expenses of borrowing, were set off against the interest received on the loan. The Treasury shall, on each occasion when they determine or approve a variable rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if— the loan, or any loan of that class,— were made forthwith, were to be repaid at the end of its first interest period, and were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and the interest on the money so borrowed were set off against the interest received on the loan. If at any time the Treasury are satisfied that a rate of interest determined or approved for a class of loans would not meet the requirements of subsection (3) or, as the case may be, subsection (4) above if it were determined or approved at that time, that determination or approval shall be withdrawn at the earliest convenient time, and, subject to subsection (5A) below, from that or such later time as may be convenient another rate determined or approved in accordance with subsection (3) or, as the case may be, subsection (4) above shall come into force for further loans of that class. If, in the case of a loan of any class,— an undertaking was given to the person to whom the loan was to be made that the rate of interest which would apply to that loan would be that which, at a time specified in or determined in accordance with the undertaking, was or would be in force for loans of that class, and before the loan was in fact made, the determination or approval of that rate of interest was withdrawn by virtue of subsection (5) above or otherwise ceased to be effective, the rate of interest which applies to that loan shall be that which was in force for loans of that class at the time specified in, or as the case may be determined in accordance with, the undertaking. In subsection (5A) above “undertaking” means an undertaking given by the person by whom the loan in question was to be made and, where that person is not the Treasury, given by that person with the consent of the Treasury. The Treasury may in determining or approving a rate of interest take into account any consideration justifying a rate higher than that required by sub-section (3) or (4) above. Different fixed rates of interest may be determined or approved in respect of loans which are to be made for the same length of time, and different variable rates of interest may be determined or approved for loans which are to have interest periods of the same length. Subsection (2) below shall have effect for the construction— of references in the enactments set out below to the rate of interest in respect of any particular class of loans to local authorities, and of references in any other enactment passed, or in any document made, before 27th February 1964 (the date of passing of the Public Works Loans Act 1964) to the rate fixed by the Treasury under section 1 of the Public Works Loans Act 1897 in respect of loans of a particular class. The said enactments are— section 83(2) of the Housing (Scotland) Act 1935 paragraph 5(1) proviso of Schedule 7 to the Housing (Scotland) Act 1950 . . . paragraph 7(1) proviso of Schedule 3 to the Housing (Financial Provisions) Act 1958 section 11(2)(a) of the Housing (Scotland) Act 1962 section 3(4) of the Local Authorities (Land) Act 1963 section 7(4) of the Local Government (Development and Finance) (Scotland) Act 1964. Any such reference shall be construed, where the time in question falls after 31st March 1968, as a reference to the rate at that time determined by the Treasury in respect of local loans of the class in question made on the security of local rates or, where more than one rate is so applicable, to such one of those rates as the Treasury may from time to time direct either generally or with respect to any particular enactment or document. The Treasury shall cause any such direction to be published in the London and Edinburgh Gazettes as soon as may be after the giving of the direction. For the purposes of this section— the expression “local rate” means any rate levied or assessed, the proceeds of which are applicable to public local purposes, and which is levied on the basis of a valuation of property, and includes any sum which, though obtained in the first instance by a precept, certificate or other instrument requiring payment from some authority or officer, is or can be ultimately raised out of such a rate as aforesaid, the expression “security of local rates” includes a security guaranteed by a local rate. All immediate life annuities mentioned in section 8(1) of the Government Annuities Act 1929, and all immediate savings bank annuities, shall be charged on and issued out of the National Loans Fund, with recourse to the Consolidated Fund. Accordingly in the said Act,— in sections 8(1), 19 and 24(3) in Part I, and in sections 41(1)(3), 55 and 59(3) in Part II, for “Consolidated Fund” there shall be substituted “ National Loans Fund ”. Subject to subsection (5) below, amounts payable to the Treasury under section 6(1) of the Currency and Bank Notes Act 1928 (profits of the Issue Department of the Bank of England) shall be paid into the National Loans Fund. The assets held in the said Department shall be valued, at market prices, at such times and in such manner as may be agreed between the Treasury and the Bank of England, but at least once in each financial year. If, as the result of any such valuation, the value of the assets then held in the said Department falls short of the total amount of the Bank of England notes then outstanding, the Treasury shall assume a liability to the said Department of an amount equal to the difference. Any liability assumed under subsection (3) above— shall be included among the assets held to cover the fiduciary note issue in accordance with section 3(1) of the Currency and Bank Notes Act 1928, shall be subject to such conditions as to repayment and other matters as may be agreed between the Bank of England and the Treasury, but shall not bear interest, shall be charged on the National Loans Fund with recourse to the Consolidated Fund. So long as any part of any liability assumed under subsection (3) above is outstanding, any amount due to be paid to the Treasury under section 6 (1) of the Currency and Bank Notes Act 1928 shall instead be applied towards meeting that liability. The Board of Trade shall pay out of money provided by Parliament such sums as are required to enable the Board— to make advances to the National Film Finance Corporation under the Cinematograph Film Production (Special Loans) Act 1949. Any money which the Treasury consider it expedient to raise for the purpose of promoting sound monetary conditions in the United Kingdom and any money required— for providing the sums required to meet any excess of payments out of the National Loans Fund over receipts into the National Loans Fund, and for providing any necessary working balance in the National Loans Fund, may be raised in such manner and on such terms and conditions as the Treasury think fit, and money so raised shall be paid into the National Loans Fund. The terms (as to interest or otherwise) on which any balance for the time being in the National Loans Fund is to be held shall be such as may be agreed between the Treasury and the Bank of England. For the purpose of raising money under this section the Treasury may create and issue such securities, at such rates of interest and subject to such conditions as to repayment, redemption and other matters (including provision for a sinking fund) as they think fit. For the avoidance of doubt it is hereby declared that the power to raise money under this section extends to raising money either within or outside the United Kingdom and either in sterling or in any other currency or medium of exchange, whether national or international. The principal of and interest on any money borrowed under this section, and of any money due under securities issued under this section, and— any sums required to be set aside for the purpose of any sinking fund established under this section, any other sums to be paid by the Treasury in accordance with the terms on which they borrow, any expenses incurred in connection with the raising of money or the issue, repayment or redemption of securities under this section, shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund. The power to raise money under this section extends— to raising money through a Post Office company (within the meaning of Part 1 of the Postal Services Act 2011) such a company of national savings certificates, and by the issue of the stamps and tokens described in section 35 of the Finance Act 1961 (national savings stamps and gift tokens), and to raising money by the issue of Treasury Bills under the Treasury Bills Act 1877. In raising money under this section by the creation and issue— of tax reserve certificates, national development bonds, or premium savings bonds, or of national savings certificates, any stock of forms prepared before the passing of this Act may be employed, pending the printing and issue of new forms, notwithstanding that the forms were prepared by reference to the raising of money under the National Loans Act 1939 or, as the case may be, section 7 of the National Debt Act 1958, and any security so issued shall be valid and effectual as if purporting to be issued in pursuance of this section instead of purporting to be issued in pursuance of the said Act of 1939 or the said Act of 1958. The Bank of England may lend any sums which the Treasury have power to borrow under this section, . . . All payments to be made in respect of existing national debt, being payments which are charged on the Consolidated Fund, shall be charged on and paid out of the National Loans Fund. Subsection (1) of this section shall not be in derogation of the said charge on the Consolidated Fund, or of the provisions of section 1 of the Consolidated Fund Act 1816 (which makes the national debt a prior charge on the Consolidated Fund), and accordingly all such payments shall be charged on the National Loans Fund with recourse to the Consolidated Fund. In this section “existing national debt” means all securities of Her Majesty’s Government in the United Kingdom outstanding on 31st March 1968, including Treasury Bills and Ways and Means advances, and all other liabilities in respect of money borrowed by Her Majesty’s Government in the United Kingdom and outstanding on 31st March 1968, and those liabilities include, as well as payments in respect of principal and interest, payments for the purpose of any sinking fund and any other payments due under the terms on which any such security was issued, or any such money was borrowed. Any expenses incurred in connection with the raising of money or the issue, repayment or redemption of securities which represent expenses incurred, whether before or after the coming into force of this section, in respect of existing national debt shall be paid out of the National Loans Fund, with recourse to the Consolidated Fund. Section 4 of the National Loans Act 1939 (power of trustees and others to invest in government securities) shall cease to have effect, but not so as to invalidate anything done before the coming into force of this Act. Schedule 5 to this Act shall have effect for the purpose of making amendments consequential on this and the last foregoing section. Any reference in any enactment passed before this Act to securities which are charged on the Consolidated Fund shall include a reference to securities which are charged on the National Loans Fund with recourse to the Consolidated Fund; and any reference in any such enactment to securities which are directly charged on the Consolidated Fund shall be construed in a corresponding manner. The powers conferred by section 12 of this Act shall include power to enter into agreements for varying the terms on which Her Majesty’s Government in the United Kingdom have borrowed money or issued securities (whether before or after the passing of this Act), and shall include power to create and issue securities for the purpose of any such agreement. The Treasury may in particular, for the purpose of carrying out any arrangement made by them for the exchange (whether on or before maturity, and whether with or without any further payment) of any securities of Her Majesty’s Government in the United Kingdom, create and issue such other securities under section 12 of this Act as the Treasury think fit. The Treasury may make rules with respect to the surrender, issue or exchange of securities in pursuance of this section, and may by those rules provide, with any necessary modifications, for any of the matters for which provision could be made under section 29 of the National Debt (Conversion) Act 1888, and may also by those rules apply, with the necessary modifications, any of the provisions of Part IV of that Act (whether repealed or not) which they think it expedient to apply. Rules made under subsection (3) above with respect to the exchange of securities in pursuance of an arrangement which includes an offer of securities in exchange for securities which are to be redeemed may include provision— for requiring holders of the securities which are to be redeemed desiring to receive repayment in cash in respect of their holdings on the date fixed for the redemption thereof to make an application in that behalf in accordance with the rules, and for securing that, if no such application is made with respect to any such securities within such period as may be provided in the rules, the holder thereof shall be deemed, subject to the provisions of the rules, to have accepted the offer. Rules under subsection (3) above may specify the persons by whom an application accepting an offer of exchange of securities, or an application required under subsection (4) above, may be made in cases where— any holder of securities which may be exchanged has died, or is outside the United Kingdom, or is of unsound mind, or is an infant, pupil or minor, or is otherwise under a disability, or a stop notice is in force with respect to a holding. The Treasury may cancel any securities surrendered to them under this section, and may also undertake to make payments, upon such terms and conditions as they think fit, to holders of securities so surrendered, or otherwise as part of the arrangement or agreement. A warrant given by the Registrar of Government Stock . . . for making any such payment shall be deemed to be a cheque within the meaning of the Bills of Exchange Act 1882 and shall be exempt from stamp duty. Any money required by the Treasury for the purpose of carrying out any such arrangement shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund. Any money received by the Treasury under this section shall be paid into the National Loans Fund. Section 2 of the National Loans Act 1939 (exchange of securities) and section 9 of the National Debt Act 1958 (exchange of savings certificates) shall cease to have effect, but— any rules in force under either of those sections on 31st March 1968 shall continue in force as if made under this section, and may be varied or revoked accordingly, and any arrangements pending under either of those sections on 31st March 1968 shall be carried out and concluded under this section. Rules under this section shall be made by statutory instrument which, if the rules consist of or include any provision made in pursuance of subsection (4) above, shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament. Any securities of Her Majesty’s Government in the United Kingdom which are for the time being held in the Issue Department of the Bank of England may be redeemed by the Treasury before maturity at market prices determined in such manner as may be agreed between the Treasury and the Bank. Any expenses incurred by the Treasury in connection with the redemption of securities under subsection (1) above shall be paid out of the National Loans Fund. The Treasury shall from time to time pay out of the Consolidated Fund into the National Loans Fund sums equal to the excess of the amounts required to meet payments out of the National Loans Fund— which represent interest on liabilities of the National Loans Fund, or which, in the opinion of the Treasury, ought to be treated in the same way as payments which represent such interest, over the amounts paid into the National Loans Fund which represent interest on loans by the Government or which, in the opinion of the Treasury, ought to be treated in the same way as interest on loans by the Government. Notwithstanding the provisions of section 13 of the Exchequer and Audit Departments Act 1866, payments under this section shall be effected without the granting of credits by the Comptroller and Auditor General. . . . in section 43(2) of the Finance Act 1956 (enactments relating to lotteries: saving for premium bonds under the National Loans Act 1939) the reference to the said Act of 1939 shall include a reference to this Act. Stock or registered bonds issued under this Act, other than premium savings bonds, shall be included in Part I of Schedule 11 to the Finance Act 1942 (transfer and registration of government stock). Stock or registered bonds issued under this Act shall be subject to the provisions of the National Debt Act 1870 so far as is consistent with the tenor of this Act. In subsections (3) and (4) above the references to stock or registered bonds issued under this Act include references to a strip (within the meaning of section 47 of the Finance Act 1942) of any stock or bond (whether the stock or bond is issued under this Act or otherwise). There shall be paid out to Registrar of Government Stock, . . . , such sums in respect of the management in any period of any Government securities as may be agreed upon between the Treasury and the Registrar of Government Stock . In this subsection “Government securities” means securities of Her Majesty’s Government in the United Kingdom and securities issued under— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., the Irish Land Act 1903, the Irish Land Act 1909, the Northern Ireland Land Act 1925. Sums payable under subsection (7) above shall be met out of the National Loans Fund with recourse to the Consolidated Fund, except that— So much of any enactment as provides for sums paid into the Consolidated Fund to be applied in redeeming or paying off debt (that is to say national debt) or meeting such part of the annual charges for the national debt as represents interest, shall cease to have effect. On any day (from 1st April 1968 onwards) on which payments into the Consolidated Fund exceed payments out of the Consolidated Fund the Treasury shall pay out of the Consolidated Fund into the National Loans Fund sums equal to that excess. On any day (from 1st April 1968 onwards) on which payments out of the Consolidated fund exceed payments into the Consolidated Fund the Treasury shall pay out of the National Loans Fund into the Consolidated Fund sums equal to that excess. All payments made on any day (from 1st April 1968 onwards) into the Consolidated Fund by way of payment into the Exchequer Account at the Belfast branch of the Bank of Ireland shall be paid at the close of business on that day into the Exchequer Account at the Bank of England. Notwithstanding the provisions of section 13 of the Exchequer and Audit Departments Act 1866 and of section 1(3) of this Act, payments under this section shall be effected without the granting of credits by the Comptroller and Auditor General. The excess for the time being of the liabilities of the National Loans Fund over its assets shall be a liability of the Consolidated Fund to the National Loans Fund. Sums paid under section 15 of this Act shall be deemed for all purposes to be in satisfaction of the payment of interest in respect of the liability of the Consolidated Fund to the National Loans Fund imposed by subsection (1) above. For the purposes of this section the liabilities and assets of the National Loans Fund shall be as determined by the Treasury. The Treasury shall have power by order to provide that any payments which, under a provision in any Act passed before, or in the same session as, this Act, are to be paid out of the Consolidated Fund, or are to be paid into the Consolidated Fund (whether or not expressed as a provision for payment into the Exchequer) shall be paid out of the National Loans Fund, or as the case may be shall be paid into the National Loans Fund. An order under this section— shall not be made unless a draft of the order has been approved by a resolution of the Commons House of Parliament, shall be made by statutory instrument, may contain such transitional or other supplemental or incidental provisions as appear to the Treasury to be expedient, including provisions amending any Act passed before or after this Act. Schedule 5A to this Act (the Debt Management Account) shall have effect. For the financial year ending on 31st March 1969 and each subsequent financial year the Treasury shall prepare an account relating to the Consolidated Fund, and an account relating to the National Loans Fund, in such form and containing such information as the Treasury consider appropriate. The Treasury shall send the accounts to the Comptroller and Auditor General not later than the end of November following the end of the financial year to which they relate, and the Comptroller and Auditor General shall examine, certify and report on the accounts and lay copies of them, together with his report, before each House of Parliament. In this Act “local loans” has the meaning given by section 3 of this Act. Any provision in this Act, or in the Acts amended by this Act, charging payments on the National Loans Fund “with recourse to” the Consolidated Fund shall be construed as a requirement that the payment, if it is not made out of the National Loans Fund, shall be charged on and paid out of the Consolidated Fund. In this Act “securities of Her Majesty’s Government in the United Kingdom” includes national savings certificates and premium savings bonds but does not include securities issued under— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , Any reference in this Act to any enactment includes a reference to that enactment as amended by any other Act including this Act. This Act extends to Northern Ireland This Act may be cited as the National Loans Act 1968. The enactments mentioned in Schedule 6 to this Act (which include enactments conferring powers of government borrowing superseded by this Act and enactments which are obsolete or spent) shall be repealed to the extent specified in the third column of that Schedule, but subject to any saving at the end of any Part of that Schedule. Except as otherwise expressly provided, this Act shall come into force on 1st April 1968 and have effect for the financial year beginning on that date and subsequent financial years. Loans to any local authority for any purpose for which the authority have power to borrow, whether by virtue of any enactment or otherwise. In this paragraph “local authority” means— in relation to England and Wales— a billing authority or a precepting authority, as defined in section 69 of the Local Government Finance Act 1992; a fire and rescue authority in Wales constituted by a scheme under section 2 of the Fire and Rescue Services Act 2004 or a scheme to which section 4 of that Act applies; a corporate joint committee established by regulations under Part 5 of the Local Government and Elections (Wales) Act 2021 (asc 1); a levying body within the meaning of section 74 of the Local Government Finance Act 1988; ... a body as regards which section 75 of that Act applies; and ... a functional body, within the meaning of the Greater London Authority Act 1999 ... any port health authority or joint board constituted by an order under the Public Health Act 1936, or under any enactment repealed by that Act, in Scotland— any local authority within the meaning of the Local Government (Scotland) Act 1973; any joint board or committee within the meaning of that Act; and any other authority having the power to requisition any sum from any such local authority. Loans to any authority in Great Britain under— Section 3 of the Harbours and Passing Tolls, &c., Act 1861. Loans to any person under section 231 of the Housing (Scotland) Act 1987or section 47 of the Housing (Financial Provisions) Act 1958 (loans to companies, housing associations and individuals for housing), section 451 of the Housing Act 1985 or section 67 or 68 of the Housing Associations Act 1985 or section 23 of the Housing Act 1996 (certain loans for housing purposes). In section 5 (issues out of Consolidated Fund to meet dividends) for “Consolidated Fund” read “National Loans Fund”. In section 6 (charge of stock on Consolidated Fund) after “payable out of” insert “ National Loans Fund with recourse to ”. In sections 12 and 14 (issue of money to pay dividends) for “consolidated fund” read “National Loand Fund”. In section 5 (charge of Treasury bills on Consolidated Fund) after “payable out of” insert “ the National Loans Fund with recourse to ”. In section 18 (fractions of a penny on National Debt dividends) for “Exchequer” (before the proviso) read “National Loans Fund”. In section 1(5) (charge of 2¾ per cent. stock on Consolidated Fund) after “charged on” insert “ the National Loans Fund with recourse to ”. In section 2(5) (charge of dividends on new stock on Consolidated Fund) after “charged on” insert “ the National Loans Fund with recourse to ” In section 45(1) (sinking fund for Conversion Loan payable out of Consolidated Fund) after “issued out of” insert “ the National Loans Fund, with recourse to ” In section 3(3) (charge of securities under the Act on Consolidated Fund) after “issued out of” insert “ the National Loans Fund with recourse to ” In paragraph 1 of Schedule 2 (charge of government stock on Consolidated Fund) after “issued out of” insert “ the National Loans Fund with recourse to ”. ... In section 5(9) (account to meet unclaimed dividends : payment out of Consolidated Fund and application of excess in redemption of debt) for “Consolidated Fund” read “National Loans Fund” and for the words from “applied in such manner” to the end of the subsection read “paid into the National Loans Fund”. The Treasury shall establish an account to be known as the Debt Management Account. The Treasury shall operate the Debt Management Account with the objects of— securing over time that sums are available to meet any daily shortfalls in the National Loans Fund and that any daily surpluses in that Fund are used to the best advantage; facilitating the raising of money under section 12 of this Act; meeting any request to borrow money from the Treasury, made by the Bank of England; promoting the liquidity, stability and efficiency of the market in securities issued under section 12 of this Act and the market in Treasury bills issued under the Treasury Bills Act 1877; providing a facility by which public bodies may exercise their powers to acquire and transfer such securities and bills; securing the general management of debt so far as it takes the form of such securities and bills. For the purposes of exercising their functions with regard to the Debt Management Account the Treasury may— exercise the powers conferred by the following provisions of this Schedule; generally manage the Account in the way the Treasury consider the most efficient. Any sums held by the Treasury for the purposes of the Debt Management Account may be held in sterling or in any other currency or medium of exchange, whether national or international; and sums may be changed into any currency or medium. The Treasury may exercise any power with regard to the Debt Management Account with a view to promoting one or more of the objects mentioned in paragraph 1(2) above, and it is immaterial if a particular object is not promoted or is not promoted as fully as it might be. acquire (and arrange to acquire) and hold securities issued under section 12 of this Act, Treasury bills issued under the Treasury Bills Act 1877, and other financial instruments (by whatever person issued); transfer (and arrange to transfer) such securities, bills and other instruments. Acquisitions under sub-paragraph (1)(a) above may be made on issue or otherwise. Acquisitions, transfers and arrangements under sub-paragraph (1)(a) and (b) above may be made on such terms as the Treasury think fit. If the Treasury consider it expedient to raise money for the purpose of exercising their functions with regard to the Debt Management Account they may raise it in such manner and on such terms as they think fit, and money so raised shall be paid into the Account. For the purpose of raising money under this paragraph the Treasury may— create and issue such securities as they think fit; create and issue them at such rates of interest and subject to such conditions as to repayment, redemption and other matters as they think fit. The power to raise money under this paragraph extends to raising money either within or outside the United Kingdom and either in sterling or in any other currency or medium of exchange, whether national or international. The power to raise money under this paragraph extends to raising money by the issue of Treasury bills under the Treasury Bills Act 1877. The following shall be charged on and paid out of the Debt Management Account with recourse to the National Loans Fund and then to the Consolidated Fund— the principal of and interest on any money borrowed under this paragraph (whether by the issue of securities or otherwise); any other sums to be paid by the Treasury in accordance with the terms on which they borrow under this paragraph. Section 5 of the Treasury Bills Act 1877 (principal of and interest on Treasury bills) shall not apply in the case of Treasury bills issued by virtue of this paragraph. Any expenses incurred in connection with the raising of money under this paragraph (including expenses in connection with the issue, repayment or redemption of securities or Treasury bills) shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund. Section 14 of this Act shall have effect for the purposes of paragraph 4 above as if— the references in subsections (1) and (2) to section 12 were references to paragraph 4; the references in subsections (8) and (9) to the National Loans Fund were references to the Debt Management Account. Where the Treasury raise money by virtue of paragraph 4 above, they shall exercise their powers under this Schedule so as to secure that the principal amount is repaid within the period of one year beginning with the day on which the money was raised. Nothing in sub-paragraph (1) above shall require the Treasury to repay any amount at any time when— they are unable to obtain a good discharge for the repayment or they consider that there is a material risk that they would be unable to do so; or it is impracticable to repay the amount. Where— by virtue of sub-paragraph (2) above, an amount is not repaid within the period mentioned in sub-paragraph (1) above, and the case ceases to be one in relation to which sub-paragraph (2)(a) or (b) applies, the Treasury shall exercise their powers under this Schedule so as to secure that the amount is repaid as soon as is reasonably practicable. Any reference in this paragraph to the repayment of any amount includes a reference to the discharge by way of set-off of the Treasury’s liability to repay that amount. The Treasury may— lend sums from the Debt Management Account for the purpose of exercising their functions with regard to the Account; lend from the Debt Management Account sums not immediately needed for any other purpose. The power to lend under this paragraph includes power to lend to the National Loans Fund; and sums lent to the Fund and for the time being outstanding shall be a liability of the Fund to the Debt Management Account. Loans under this paragraph may be made at such times and on such terms as the Treasury think fit. The powers under paragraphs 4 to 6 above may be exercised by means (or partly by means) of automatic devices programmed to respond to events as they arise. If securities issued under section 12 of this Act or Treasury bills (other than bills issued by virtue of paragraph 4 above) are acquired on issue under paragraph 3(1)(a) above the Treasury shall pay from the Debt Management Account into the National Loans Fund a sum of such amount as the Treasury may determine to be appropriate. A payment under this paragraph— may be made before, at or after issue; may be made in instalments, any of which may be paid before, at or after issue. The Treasury may lend to the Debt Management Account from the National Loans Fund such sums as they think fit, at such times and on such terms as they think fit; and section 5 of this Act shall not apply in the case of such a loan. The Treasury may repay from the Debt Management Account to the National Loans Fund sums lent under this paragraph. Sums lent under this paragraph and for the time being outstanding shall be a liability of the Debt Management Account to the National Loans Fund. Any excess for the time being of the liabilities of the Debt Management Account over its assets shall be a liability of the National Loans Fund to the Account. The Treasury may pay from the National Loans Fund to the Debt Management Account an amount representing all or any of any excess mentioned in sub-paragraph (1) above, and if they do the liability there mentioned shall be extinguished or reduced accordingly. Any excess for the time being of the assets of the Debt Management Account over its liabilities shall be a liability of the Account to the National Loans Fund. The Treasury may pay from the Debt Management Account to the National Loans Fund an amount representing all or any of any excess mentioned in subparagraph (2) above, and if they do the liability there mentioned shall be extinguished or reduced accordingly. If any amount paid under sub-paragraph (1A) or (3) above should not have been paid, the Treasury may repay the whole or any part of it. The Treasury shall exercise their powers under paragraphs 10 and 11 above so as to secure that the external liabilities of the Debt Management Account at any given time can be met; and the external liabilities of the Account are its liabilities other than those in favour of the National Loans Fund. The Treasury shall from time to time pay out of the National Loans Fund into the Debt Management Account sums (if any) which the Treasury consider appropriate to compensate the Account in respect of payments of interest made from the Account , and any discount on any Treasury bills issued by virtue of paragraph 4 above. The Treasury may from time to time pay out of the Debt Management Account into the National Loans Fund sums (if any) which the Treasury consider appropriate in respect of interest received or earned by the Account , and any benefit accruing to the Account which, in the opinion of the Treasury, ought to be treated in the same way as such interest. Any securities issued by or on behalf of the Treasury and for the time being held by the Treasury for the purposes of the Debt Management Account may be redeemed by the Treasury before maturity at market prices determined in such manner as the Treasury think fit. Any expenses incurred by the Treasury in connection with the redemption of securities under this paragraph shall be paid out of the National Loans Fund. For each financial year in which the Debt Management Account operates the Treasury shall prepare in such form as they may prescribe an account relating to the transactions, assets and liabilities of the Account. The Treasury shall send the account to the Comptroller and Auditor General not later than the end of November following the end of the financial year to which it relates. The Comptroller and Auditor General shall examine, certify and report on the account and lay a copy of it, together with his report, before each House of Parliament. The repeals in this Part of this Schedule shall not affect any money borrowed before the coming into force of this Act, or any requirement as respects any account or statement for the year ending on 31st March 1968 or any earlier year. The repeals in this Part of this Schedule shall not have effect in relation to any loans made before the coming into force of this Act. any holder of securities which may be exchanged has died, or is outside the United Kingdom, or is [under legal disability by reason of nonage or otherwise] , or Act extended by Gas Act 1986 (c. 44, SIF 44:2), s. 50(2) Act in force on 1.4.1968 except as otherwise expressly provided, see s. 24(3) S. 1(2) amended (22.12.2000) by 2000 c. 20, s. 4(4)(b); S.I. 2000/3349, art. 2(b) S. 1(3) amended by Finance Act 1975 (c. 7), s. 56 S. 1(3) amended (1.4.2001) by 2000 c. 20, s. 3(1)(b); S.I. 2000/3349, art. 3(1)(b) S. 1(4) repealed by Finance Act 1975 (c. 7), Sch. 13 Pt. II The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991. 1911 c. 13. S. 1(6) repealed by Interpretation Act 1978 (c. 30), Sch. 3 The text of s. 2 and Sch. 5 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991. Words repealed by Overseas Development and Co-operation Act 1980 (c. 63, SIF 88), s. 18, Sch. 2 Pt. I S. 3(11) applied (temp. 14.11.1995 to 1.4.1996) by S.I. 1995/2766, art. 2(1) 1920 c. 67. Words repealed by Finance Act 1984 (c. 43, SIF 99:3), ss. 125(2)(a), 128(6), Sch. 23 Pt. XIV S. 3(7) repealed by Statute Law (Repeals) Act 1989 (c. 43), s. 1(1), Sch. 1 Pt. II S. 3(8)–(10) repealed by Statute Law (Repeals) Act 1989 (c. 43), s. 1(1), Sch. 1 Pt. II S. 4 substituted by Finance Act 1984 (c. 43, SIF 99:3), s. 125(1) S. 5 substituted by Finance Act 1982 (c. 39, SIF 99:3), s. 153(1) S. 5 applied (E.W.) by National Health Service and Community Care Act 1990 (c. 19, SIF 113:2), s. 9(9), Sch. 3, para. 1(5) S. 5 applied (1.12.1998) by 1998 c. 38, s. 87(2) (with ss. 139(2), 143(2)); S.I. 1998/2789, art. 2 S. 5 applied (1.1.1999) by 1998 c. 46, ss. 68(1), 130 (with s. 126(3)-(11)); S.I. 1998/3178, art. 2(1) S. 5 applied by Government Trading Funds Act 1973 (c. 63, SIF 99:1), s. 2B(4) (as substituted (26.7.1990) by Government Trading Act 1990 (c. 30, SIF 99:1), s. 1(1) (with s. 5(3)) S. 5(2) excluded by Coal Industry Act 1973 (c. 8), s. 1(6) and Crown Agents Act 1979 (c. 43), ss. 17(8), 20(5) S. 5(5)–(5B) applied (E.W.) by National Health Service and Community Care Act 1990 (c. 19, SIF 113:2), s. 9(5), Sch. 3, para. 1(5) S. 5(5)–(5B) applied (S.) by National Health Service (Scotland) Act 1978 (c. 29, SIF 113:2), Sch. 7B para. 1(5) as substituted by National Health Service and Community Care Act 1990 (c. 19, SIF 113:2), s. 32, Sch. 6 Words substituted by Finance Act 1983 (c. 28, SIF 99:3), s. 44(2) Words inserted by Finance Act 1983 (c. 28, SIF 99:3), s. 44(3) S. 5(8) repealed (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), ss. 80(1)(2), 82, Sch. 18 Pt. XII. 1964 c. 9. 1897 c. 51. Words repealed by (S.) Housing (Financial Provisions) (Scotland) Act 1972 (c. 46), Sch. 8 para. 9, Sch. 11 Pt. IV and (E.W.) Housing Finance Act 1972 (c. 47) Sch. 8 para. 2 and Sch. 11 Pt. IV Reference repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I 1935 c. 41. 1950 c. 34. Words in s. 6(1) repealed (s.) by Local Government (Scotland) Act 1975 (c. 30) Sch. 7 and repealed (E.W.) (1.12.1991) by Water Consolidation (Consequential Provisions) Act 1991 (c. 60, SIF 130), ss. 3(1), 4(2), Sch. 3 Pt. I (with s. 2(2), Sch. 2 paras. 10, 14(1), 15) 1958 c. 42. Words repealed by Highways Act 1980 (c. 66, SIF 59), s. 343(3), Sch. 25 Reference repealed by Housing (Consequential) Provisions Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I 1962 c. 28. 1963 c. 29. 1964 c. 67. S. 7 repealed by Exchange Equalisation Account Act 1979 (c. 30), Sch. 1929 c. 29. 1928 c. 13. S.

10(1)(2) repealed by Overseas Development and Co-operation Act 1980 (c. 63, SIF 88), s. 18, Sch. 2 Pt. I S. 10(3) repealed by Commonwealth Development Corporation Act 1978 (c. 2), s. 18(2), Sch. 2 S. 10(4) repealed (E.W.S.) by Films Act 1980 (c. 41), s. 9(3), Sch. S. 10(a) repealed by Export Guarantees Act 1968 (c. 26), s. 11(2) S. 10(5) repealed by Export Guarantees Act 1968 (c. 26), s. 11(2) S. 10(6) repealed by National Film Finance Corporation Act 1981 (c. 15, SIF 45A), s. 10(2)(4)(a), Sch. 3 Pt. II S. 11 repealed by (E.W.) Town and Country Planning Act 1971 (c. 78), Sch. 25 and (S.) Town and County Planning (Scotland) Act 1972 (c. 52), Sch. 23 S. 12 extended by Finance Act 1969 (c. 32), s. 52, Air Corporations Act 1969 (c. 43), Sch. 1 para. 3, and Post Office Act 1969 (c. 48), s. 109 S. 12 modified (28.7.2000) by 2000 c. 17, s. 153(1) Words inserted by Finance Act 1982 (c. 39, SIF 99:3), s. 152(1) S. 12(1A) inserted by Finance Act 1982 (c. 39, SIF 99:3), s. 152(2) 1961 c. 36. 1877 c. 2. 1939 c. 117. 1958 c. 6 (7 & 8 Eliz. 2). Words repealed by Statute Law Repeals Act 1973 (c. 39), Sch. 1 Pt. IV 1816 c. 98. This version of this provision extends to England and Wales and Northern Ireland only; a separate version has been created for Scotland only. S. 14: power previously exercised by S.I. 1969/1325, S.I. 1979/1678, S.I. 1985/ 1147. 1888 c. 2. Words in s. 14(7) repealed (28.10.2002) by The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521), arts. 1(1), 2, 10(2), {Sch. 2, Pt. 1} 1882 c. 61. This version of this provision extends to Scotland only; a separate version has been created for England and Wales and Northern Ireland. S. 14: power previously exercised by S.I. 1969/1325, S.I. 1979/1678, S.I. 1985/1147. Words in s. 14(5)(a) substituted (S.) (25.09.1991) by Age of Legal Capacity (Scotland) Act 1991 (c. 50, SIF 49:8), ss. 10(1), 11(2), Sch. 1, para. 30 (with s. 1(3)). Words in s. 14(7) repealed (28.10.2002) by The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521), arts. 1, 2, 10(2), {Sch. 2, Pt. 1} S. 14A inserted (27,.7.1989) by Finance Act 1989 (c. 26, SIF 99:3), s. 183(3) 1866 c. 39. Words in s. 16(1) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. IX Gp. 1. 1956 c. 54. S. 16(2) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. IX Gp. 1. S. 16(3) restricted (retrospective to 13.3.1968) by 1999 c. 16, s. 136(1)(3) 1942 c. 21. 1870 c. 71. S. 16(4A) inserted (29.4.1996) by 1996 c. 8, s. 202(4) S. 16(5) repealed by Income and Corporation Taxes Act 1970 (c. 10), Sch. 16 S. 16(6) repealed by National Debt Act 1972 (c. 65), Sch. Words repealed by Post Office Act 1969 (c. 48), Sch. 11 Pt. II Words substituted by Finance Act 1971 (c. 68), s. 68(a) Words in s. 16(7) substituted (28.10.2002) by virtue of The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521), arts. 1, 2, 10(1), Sch. 1 para. 5 Words repealed by Finance Act 1989 (c. 26, SIF 99:3), s. 187, Sch. 17 Pt. XIV 1903 c. 37. 1909 c. 42. 1925 c. 34. S. 16(8) repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VII S. 16(9)(a) repealed by Finance Act 1989 (c. 26, SIF 99:3), s. 187, Sch. 17 Pt. XIV S. 16(9)(b) and preceding word repealed by Finance Act 1981 (c. 35, SIF 99:3), s. 139(6), Sch. 19 Pt. XII S. 20A inserted (15.11.1999 subject to arts. 5-7 of S.I. 1999/2908) by 1988 c. 36, s. 160, Sch. 26, para. 1(2); S.I. 1999/2908, arts. 1, 2 Cross heading and s. 20A inserted (15.11.1999 subject to arts. 5-7 of S.I. 1999/2908) by 1998 c. 36, s. 160, Sch. 26, para. 1(2); S.I. 1999/2908, arts. 1, 2 S. 21(4) repealed by Statute Law (Repeals) Act 1973 (c. 39), Sch. 1 Pt. XIII S. 22(2) amended by Post Office Act 1969 (c. 48), s. 131(2) S. 23(2) repealed by Northern Ireland Consitution Act 1973 (c. 36), Sch. 6 Pt. I Entry relating to Tithe Act 1936 repealed by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. V and Finance Act 1989 (c. 26, SIF 99:3), s. 187, Sch. 17 Pt. XIV Word substituted by Finance Act 1982 (c. 39, SIF 99:3), s. 153(2) Entry relating to Housing (Financial Provisions) Act 1958 repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I Sch. 1: words in entry relating to Armed Forces (Housing Loans) Act 1958 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. IX Group 1 Entry relating to House Purchase and Housing Act 1959 repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I Entry relating to Housing Act 1961 repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I Entry relating to Electricity and Gas Act 1963 repealed by Electricity Act 1989 (c. 29, SIF 44:1), s. 112(3)(4), Sch. 17 para. 35(1), Sch. 18 Entry relating to the Shipbuilding Credit Act 1964 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III Entry relating to section 6(1)(b) of the Harbours Act 1964 repealed by Transport Act 1981 (c. 56, SIF 58), s. 40, Sch. 12 Pt. II Entry heading "New Towns Act 1981" substituted for "New Towns Act 1965" by virtue of New Towns Act 1981 (c. 64, SIF 123:3), s. 81, Sch. 12 para. 2 Reference to section “58(1)(5)(6)” substituted for “42(1)(4)(5)” in entry relating to New Towns Act 1981 by New Towns Act 1981 (c. 64, SIF 123:3), s. 81, Sch. 12 para. 2(a) References to sections 44(1)(3), 45, 46(5) in entry relating to New Towns Act 1981 repealed by New Towns Act 1981 (c. 64, SIF 123:3), s. 81, Sch. 12 para. 2(b), Sch. 13 Sch. 1: entry relating to Military Aircraft (Loans) Act 1966 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. IX Group 1 Sch. 1: entry relating to Land Commission Act 1967 repealed (19.11.1998) by 1998 c. 43, s. 1(1), Sch. 1 Pt. IV Group 2 Sch. 2 repealed by Overseas Development and Co-operation Act 1980 (c. 63, SIF 88), s. 18, Sch. 2 Pt. I Sch. 3 repealed by Statute Law (Repeals) Act 1989 (c. 43), s. 1(1), Sch. 1 Pt. II Sch. 4 para. 1(a) substituted (E.W.) by S.I. 1990/776, art. 8, Sch. 3 para. 12 Sch. 4 para. 1(a)(i)(ia) substituted for Sch. 4 para. 1(a)(i) (E.W.S.) (2.11.1992) by Local Government Finance Act 1992 (c. 14), s. 117(1), Sch. 13 para. 26 (with s. 118(1)(2)(4)); S.I. 1992/2454, art. 2. Word in Sch. 4 para. 1(a) repealed (3.7.2000) by 1999 c. 29, s. 139(1), 423, Sch. 34 Pt. I (with Sch. 12 para 9(1)); S.I. 1999/3434, art. 4, Sch. 2 Table 2 Sch. 4 para. 1(a)(iv) and word inserted (3.7.2000) by 1999 c. 29, ss. 139(1) (with Sch. 12 para. 9(1)); S.I. 1999/3434, art. 4, Sch. 2 Table 2 Word in Sch. 4 para. 1(a)(iii) repealed (1.4.2001) by 1999 c. 22, s. 106, Sch. 15 Pt. V(6) (with Sch. 14 paras. 7(2), 36(9)); S.I. 2001/916, art. 2(c)(i) (with transitional provisions in art. 4, Schs. 1, 2) 1936 c. 49. Sch. 4 para. 1(c) substituted (S.) by Abolition of Domestic Rates Etc. (Scotland) Act 1987 (c. 47, SIF 81:2, 103:2), s. 6, Sch. 1 Pt. III para. 25 1861 c. 47. Words repealed by Merchant Shipping Act 1988 (c. 12, SIF 111), s. 57(5), Sch. 7 “231” and “1987” substituted (S.) by Housing (Scotland) Act 1987 (c. 26, SIF 61), ss. 335, 339(2), Sch. 23 para. 12 Words commencing “,section 451” substituted (E.W.S.) for words commencing “or section 47” by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 4, Sch. 2 para. 15 1985 c. 68(61). Words in Sch. 4 para. 3 repealed (with savings) (1.10.1996) by S.I. 1996/2325, art. 4(1)-(3), Sch. 1 Pts. I-III 1985 c. 69(61). Words in Sch. 4 para. 3 inserted (1.10.1996) by S.I. 1996/2325, art. 5(1), Sch. 2 para. 2 Sch. 4 applied (temp. 14.11.1995 to 1.4.1996) by S.I. 1995/2766, art. 2(1) Entry repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III Entry repealed by Northern Ireland Constituteion Act 1973 (c. 36), Sch. 6 Pt. II Entry repealed by National Debt Act 1972 (c. 65), Sch. Entry repealed by British Telecommunications Act 1981 (c. 38, SIF 96), s. 89, Sch. 6 Pt. I Entry repealed by Post Office Act 1969 (c. 48), Sch. 11 Pt. II and National Debt Act 1972 (c. 65), Sch. Entries repealed by Finance Act 1977 (c. 36), Sch. 9 Pt. V, by Employment Protection (Consolidation) Act 1978 (c. 44), Sch. 17 and by enactments listed in the Chronological Table of Statutes Sch. 5A para. 1(2)(ba) inserted (27.7.1999) by 1999 c. 16, s. 134(2) Sch. 5A para. 5A inserted (27.7.1999) 1999 c. 16, s. 134(3)(8) Words in Sch. 5A para. 9(1) inserted (27.7.1999) by 1999 c. 16, s. 134(4) Sch. 5A para. 11(1A) inserted (28.7.2000) by 2000 c. 17, s. 151 Words renumbered as Sch. 5A para. 13(1)(a) (27.7.1999) by 1999 c. 16, s. 134(5) Sch. 5A para. 13(1)(b) inserted (27.7.1999) by 1999 c. 16 s. 134(5) Words renumbered as Sch. 5A para. 13(3)(a) (27.7.1999) by 1999 c. 16, s. 134(6)(8) Sch. 5A para. 13(3)(b) inserted (27.7.1999) by 1999 c. 16, s. 134(6)(8) Sch. 5A inserted (15.11.1999 subject to arts. 5-7 of S.I. 1999/2908) by 1998 c. 36, s. 160, Sch. 26 para. 1(3); S.I. 1999/2908, arts. 1, 2 Act extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), Sch. 2 para. 2(c) Sch. 5A para. 8 and cross-heading repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 5(5) Words in s. 15(1) substituted (10.7.2003) by Finance Act 2003 (c. 14), s. 210(2) S. 15(3) repealed (10.7.2003) by Finance Act 2003 (c. 14), s. 210(3), Sch. 43 Pt. 5(5) Words in s. 19(4) substituted (10.7.2003) by Finance Act 2003 (c. 14), s. 211 S. 19(3) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 5(5) Words in s. 21(1) substituted (with effect in accordance with s. 212(4) of the amending Act) by Finance Act 2003 (c. 14), s. 212(2) S. 21(3) repealed (with effect in accordance with s. 212(5) of the amending Act) by Finance Act 2003 (c. 14), s. 212(3), Sch. 43 Pt. 5(5); S.I. 2004/2823, art. 2 Sch. 5A para. 11(4) inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 214 Sch. 5A para. 13(2) repealed (10.7.2003) by Finance Act 2003 (c. 14), s. 210(4), Sch. 43 Pt. 5(5) Sch. 1: entries relating to sections 28(1)(b)(2), 34(1) of Coal Industry Nationalisation Act 1946 repealed (27.3.2004) by Coal Industry Act 1994 (c. 21), s. 68(4), Sch. 11 Pt. III (with ss. 40(7), 66); S.I. 2004/144, art. 2, Sch. Sch. 5 entry repealed (27.3.2004) by Coal Industry Act 1994 (c. 21), s. 68(3)(b), Sch. 11 Pt. IV (with ss. 40(7), 66); S.I. 2004/144, art. 3 Words in s. 14(7) substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 15(2) (with art. 3) Words in s. 16(7) substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 15(3) (with art. 3) Sch. 5 entry repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6 Sch. 1: entries relating to New Towns Act 1946, Miscellaneous Financial Provisions Act 1950, Finance Act 1956, section 20(6) of Transport Act 1962 and Air Corporations Act 1967 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6 S. 17(1) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6 S. 18(1) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6 Sch. 4 para. 1(a)(ia) substituted (E.W.) (1.10.2004 except in relation to W., 10.11.2004 in relation to W.) by Fire and Rescue Services Act 2004 (c. 21), s. 61, Sch. 1 para. 22(2); S.I. 2004/2304, art. 2 Words in Sch. 4 para. 1(a)(ii) substituted (E.W.) (1.10.2004 except in relation to W., 10.11.2004 in relation to W.) by Fire and Rescue Services Act 2004 (c. 21), s. 61, Sch. 1 para. 22(3); S.I. 2004/2304, art. 2 Word in Sch. 4 para. 1(a)(iii) inserted (1.4.2005) by Courts Act 2003 (c. 39), s. 110(1), Sch. 8 para. 127(a); S.I. 2005/910, art. 3(y) Sch. 4 para. 1(a)(v) and word repealed (1.4.2005) by Courts Act 2003 (c. 39), s. 110(1), Sch. 8 para. 127(b), 10; S.I. 2005/910, art. 3(y) S. 5 applied by Pensions Act 2007 (c. 22), Sch. 6 para. 18(3) (as substituted (26.11.2008) by Pensions Act 2008 (c. 30), ss. 82, 149(2)) Sch. 1: words in entry relating to New Towns Act 1981 repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 13, Sch. 16; S.I. 2009/803, art. 3(2)(3)10 S. 5 applied (5.7.2010) by Pensions Act 2008 (c. 30), s. 149(1), Sch. 1 para. 18(3); S.I. 2010/10, art. 2(a) Words in s. 12(5)(a) substituted (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 12 para. 88(a); S.I. 2011/2329, art. 3 Words in s. 12(5)(a) substituted (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 12 para. 88(b); S.I. 2011/2329, art. 3 Sch. 5A modified in part (16.6.2014) by The Government Alternative Finance Arrangements Regulations 2014 (S.I. 2014/1327), regs. 1, 9 S. 22(2) applied (26.3.2015) by Finance Act 2015 (c. 11), s. 124(3)(7) Entry relating to Redundancy Payments Act 1965 repealed by Employment Protection (Consolidation) Act 1978 (c. 44), s. 159(3), Sch. 17 Entry relating to Housing Act 1964 repealed in part by Housing Act 1974 (c. 44), s. 130, Sch. 15 and otherwise (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6 Entry relating to Gas Act 1948 repealed by Gas Act 1972 (c. 60), s. 49(4), Sch. 8 Entry relating to Industrial Reorganisation Corporation Act 1966 repealed by Industry Act 1971 (c. 17), s. 3(2), Sch. 2 Entry relating to Post Office Act 1961 repealed by 1969 c. 48, s. 141, Sch. 11 Pt. II Entry relating to Shipbuilding Industry Act 1967 repealed by Industry Act 1972 (c. 63), s. 19(3), Sch. 4 Pt. II Entry relating to Sugar Act 1956 repealed by European Communities Act 1972 (c. 68), s. 3, Sch. 3 Pt. II and Agriculture (Miscellaneous Provisions) Act 1976 (c. 55), s. 26(3), Sch. 4 Pt. I Sch. 1: entry relating to Armed Forces (Housing Loans) Act 1965 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. IX Group 1 Entry relating to Airports Authority Act 1965 repealed by Airports Authority Act 1975 (c. 78), s. 25(3), Sch. 6 Entry relating to Iron and Steel Act 1967 repealed by Iron and Steel Act 1975 (c. 64), s. 38(3), Sch. 7 S. 3(11) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(7) (with art. 9) S. 3(1) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(2) (with art. 9) Words in s. 3(2) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(3) (with art. 9) Words in s. 3(3) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(4)(a) (with art. 9) Word in s. 3(3) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(4)(b) (with art. 9) Word in s. 3(5) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(5)(a) (with art. 9) Words in s. 3(5) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(5)(b) (with art. 9) Word in s. 3(6) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(6)(a) (with art. 9) Words in s. 3(6) omitted (25.2.2020) by virtue of The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(6)(b) (with art. 9) Words in s. 3(6) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(6)(c) (with art. 9) Words in s. 3(6) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(6)(d) (with art. 9) S. 3(12) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 64(8) (with art. 9) Word in s. 4(1)(a) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 65 (with art. 9) Words in s. 22(1) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 66 (with art. 9) Sum in s. 4(1) substituted (12.5.2022) by Finance Act 2020 (c. 14), s. 112(1)(a)(3); S.I. 2022/531, reg. 2 Sum in s. 4(1) substituted (12.5.2022) by Finance Act 2020 (c. 14), s. 112(1)(b)(3); S.I. 2022/531, reg. 2 Sch. 4 para. 1(a)(ib) inserted (1.4.2023) by The Local Government and Elections (Wales) Act 2021 (Corporate Joint Committees) (Consequential Amendments) Order 2023 (S.I. 2023/402), arts. 1(3), 2