- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
Local Loans
Made
30th November 2017
The Treasury make this Order in exercise of the power conferred by section 300(3) of the Finance Act 2014(1).
1. This Order may be cited as the Finance Act 2014, Section 300 (Local Loans) (Appointed Day) Order 2017.
2. The day appointed for the coming into force of section 300 of the Finance Act 2014 (increase in limit for local loans) is 1st December 2017.
Mark Spencer
Andrew Griffiths
Two of the Lords Commissioners of Her Majesty’s Treasury
30th November 2017
(This note is not part of the Order)
This Order appoints the day on which section 300 of the Finance Act 2014 comes into force.
Section 3 of the National Loans Act 1968 (“the 1968 Act”) enables the Public Works Loan Commissioners (“the Commissioners”) to make local loans from sums issued for that purpose by the Treasury out of the National Loans Fund.
Section 4(1) of the 1968 Act sets a limit for those loans. That section provides that the aggregate of any commitments of the Commissioners to grant local loans, and any amount outstanding in respect of the principal of any local loans, must not exceed £55 billion or such lower or higher sum not exceeding £70 billion as the Treasury may from time to time specify by order.
Once in force, section 300 of the Finance Act 2014 will replace the amounts £55 billion and £70 billion in section 4(1) of the 1968 Act with the amounts £85 billion and £95 billion respectively. It will also revoke the Local Loans (Increase of Limit) Order 2008 (S.I. 2008/3004).
An impact assessment has not been prepared for this instrument because no impact on the private or voluntary sector is foreseen.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: