Section 210 | Payments for service of national debt

(1)Section 15 of the National Loans Act 1968 (c. 13) (payments for service of national debt) is amended as follows.

(2)In subsection (1) (payments to be made out of Consolidated Fund into National Loans Fund), for “charges on the National Loans Fund for the service of national debt over” substitute

(a)which represent interest on liabilities of the National Loans Fund, or

(b)which, in the opinion of the Treasury, ought to be treated in the same way as payments which represent such interest,

.

(3)Omit subsection (3) (which defines “charges on the National Loans Fund for the service of national debt”).

(4)In paragraph 13 of Schedule 5A to that Act (Debt Management Account: payments to be made out of National Loans Fund into Debt Management Account), omit sub-paragraph (2) (payments to be treated as charges on the National Loans Fund for the service of national debt).