Supreme Court Act 1981

143 Expenses of Lord Chancellor in administering funds in court

In section 12 of the [1965 c. 2.] Administration of Justice Act 1965 (investment of money transferred under Supreme Court or County Court Funds Rules to the National Debt Commissioners), for subsection (2) (provision for payment of certain sums into Consolidated Fund by the Commissioners after deduction of any sum required by the Treasury to be set aside to provide for depreciation in the value of investments made by them under subsection (1) of that section, and for certain deficiencies to be made good out of that Fund) there shall be substituted—

“(2) If in any accounting year the aggregate of the sums of money received by the Commissioners by way of interests and dividends on investment made by them under the foregoing subsection, after deduction of—

(a) any sum required by the Treasury to be set aside to provide for depreciation in the value of investments so made; and

(b) such sum as the Lord Chancellor may with the concurrence of the Treasury direct to be paid to him in respect of the cost to him in that year of administering funds in court,

exceeds the aggregate of the sums due to be paid or credited in respect of that year by way of interest on moneys placed in the Supreme Court and in the county courts to deposit and short-term investment accounts, the excess shall be paid into the Consolidated Fund.

(2A) If in any accounting year the aggregate of the sums of money received as mentioned in subsection (2) above, after deduction of the sum or sums falling to be deducted under paragraphs (a) and (b) of that subsection, is less than the aggregate of the sums due as mentioned in that subsection, the deficiency shall be made good out of the Consolidated Fund.

(2B) The Commissioners shall pay to the Lord Chancellor any sum deducted by them under subsection (2)(b) above; and any sum received by the Lord Chancellor under this subsection shall be paid into the Consolidated Fund.”.