The Finance Act 1998, Section 159 (Appointed Day) and Schedule 26 (Commencement Etc.) Order 1999

Sale proceeds etc. to be paid into the National Loans Fund in discharge of the Commissioners' accounting liabilities

4.—(1) Except so far as directions by the Treasury authorise the application of the sums for any purpose for which sums may, by virtue of article 5(2) below, be issued under section 211(2) (which provides for the sums required by the Commissioners for or for purposes connected with the acquisition of securities under that section to be issued to them out of the National Loans Fund), all sums–

(a) received by the Commissioners in respect of–

(i) the sale of securities under article 3 above, or

(ii) any contract of a description mentioned in article 5 below; or

(b) held by them for the purposes of section 211 immediately before the commencement day,

shall be paid by them into the National Loans Fund at such times and in such manner as the Treasury shall direct.

(2) Any liability of the Commissioners to the National Loans Fund arising for the purposes of accountancy practice by virtue of section 211 (including any arising on or after the commencement day by virtue of anything done under article 5 below) shall be treated as discharged by the payments into the National Loans Fund made under this article regardless of whether the total amount of such liability exceeds the aggregate of the payments so made.

(3) For the purposes of this article, sums held by the Commissioners are held for the purposes of section 211 if they–

(a) were issued to the Commissioners out of the National Loans Fund under section 211(2), or

(b) are of a description mentioned in sub-paragraph (a), (b) or (c) of section 211(3) (certain sums received in respect of securities acquired under section 211).