Post Office Act 1969

97 Debit to the National Savings Bank Investment Account Fund of expenses of the Director of Savings and contributions in lieu of tax

(1) There shall be included amongst the sums to be debited from time to time to the National Savings Bank Investment Account Fund—

(a) such sums as the Treasury may determine to be equal to those expended by the Director of Savings in connection with investment deposits ; and

(b) such sums as may be necessary to secure that, year by year, there is contributed to the Exchequers of the United Kingdom and Northern Ireland as nearly as may be what would be contributed thereto in respect of the National Savings Bank by way of corporation tax if that bank were a savings bank certified under the [1954 c. 63.] Trustee Savings Banks Act 1954, section 439(1) of the [1952 c. 10.] Income Tax Act 1952 (exemption of trustee savings banks' income from tax in respect of interest and dividends arising from investments with the National Debt Commissioners) had not been enacted and the business of that bank were confined to activities concerned with investment deposits.

(2) Sums debited by virtue of paragraph (a) or (b) of the foregoing subsection shall be paid into the Consolidated Fund, and those debited by virtue of paragraph (b) shall be treated, for the purposes of subsection (2) of section 22 of the [1920 c. 67.] Government of Ireland Act 1920 (annual determination by Joint Exchequer Board of what part of the proceeds of the reserved taxes is properly attributable to Northern Ireland), as being proceeds of the duties and taxes referred to in subsection (1) of that section.

(3) This section shall come into operation on the appointed day.