[F1(1)There shall be paid into a trading fund all receipts in respect of the funded operations and there shall be paid out of the fund all expenditure incurred by the responsible Minister in respect of those operations, except expenditure in respect of liabilities not appropriated to the fund.]
(2)Without prejudice to subsection [F2(1)] above, there shall be paid out of the trading fund into the Consolidated Fund such sums as may be appropriate as representing accruing liabilities of the [F3Treasury] in respect of pensions [F4(including increases of pensions)], gratuities and other similar benefits for persons who have been employed in the funded operations and in respect of the administrative expenses attributable to those liabilities and their discharge; and
[F5(a)where the Treasury is the responsible Minister for the fund, it shall be for the Treasury to determine the sums payable under this subsection, the amount of any payment and the time at which it is to be made; and
(b)in other cases it shall be for the responsible Minister to determine the sums so payable in agreement with the Treasury, subject to any directions given by the Treasury as to the amount of any payment or the time at which it is to be made.]
(3)The enactments relating to public receipts, expenditure and accounting shall have effect subject to the foregoing provisions of this section, except as may be directed by the Treasury from time to time; and if any question arises whether any particular sums are required by those provisions to be paid into, or out of, the trading fund, that question shall be determined by the Treasury.
[F6(4)Nothing in this section affects the powers conferred in relation to fees and charges by section 102 of the Finance (No. 2) Act M11987.]
Textual Amendments
F1S. 3(1) substituted by Government Trading Act 1990 (c. 30, SIF 99:1), s. 2(1)(a)
F2 “(1)” substituted for “(1)(b)” by Government Trading Act 1990 (c. 30, SIF 99:1), s. 2(1)(b)
F3Word substituted by S.I. 1981/1670, art. 3(3)(a)
F4Words inserted by Government Trading Act 1990 (c. 30, SIF 99:1), s. 2(1)(b)
F5Words substituted by S.I. 1981/1670, art. 3(3)(b)
Modifications etc. (not altering text)
C1S. 3(1) and (2)(b) amended (1.4.1993) by S.I. 1993/938, art. 3(3)
Marginal Citations