Search Legislation

Finance Act 1998

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 155

 Help about opening options

Version Superseded: 23/03/2011

Alternative versions:

Status:

Point in time view as at 24/07/2002. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1998, Section 155. Help about Changes to Legislation

155 Code for fiscal stability.U.K.

(1)It shall be the duty of the Treasury to prepare and lay before Parliament a code for the application of the key principles to the formulation and implementation of—

(a)fiscal policy, and

(b)policy for the management of the National Debt.

(2)The key principles are transparency, stability, responsibility, fairness and efficiency.

(3)The code prepared under this section must set out, in particular—

(a)the Treasury’s understanding of what each of the key principles involves in relation to fiscal policy and policy for the management of the National Debt;

(b)the provision appearing to the Treasury to be necessary for the purposes of so much of section 156 below as refers to the code; and

(c)the methods and principles of accounting to be applied in the preparation of accounts, forecasts and other documents used for the purposes of the formulation and implementation of the policies mentioned in subsection (1) above.

(4)Where any code has been laid before Parliament under subsection (1) above, the Treasury may from time to time modify that code; but, if they do so, they shall lay the modified code before Parliament.

(5)A code (including a modified code) that has been laid before Parliament under this section shall not come into force until it has been approved by a resolution of the House of Commons.

(6)It shall be the duty of the Treasury to publish, in such manner as they think fit, any code which has been laid before Parliament and approved by the House of Commons under this section.

(7)The first code to be laid before Parliament under this section shall be so laid before 31st December 1998.

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?