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Dormant Bank and Building Society Accounts Act 2008

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Prospective

The distribution system: generalE+W+S+N.I.

16Distribution of dormant account money by Big Lottery FundE+W+S+N.I.

(1)Subject to the provisions of this Part, the Big Lottery Fund shall distribute dormant account money for meeting expenditure that has a social or environmental purpose.

(2)In this Part “dormant account money” means money transferred to the Big Lottery Fund by a reclaim fund in pursuance of the object mentioned in section 5(1)(c), and also includes the proceeds of such money invested under—

(a)paragraph 20(1) of Schedule 4A to the National Lottery etc. Act 1993 (c. 39), or

(b)arrangements made under section 25(1).

(3)The Fund may make grants or loans, or make or enter into other arrangements, for the purpose of complying with subsection (1).

(4)A grant or loan may be subject to conditions (which may, in particular, include conditions as to repayment with interest).

(5)For the purposes of this Part, distributing money for meeting expenditure of a particular description includes distributing money for the purpose of establishing, or contributing to, endowments (including permanent endowments) in connection with expenditure of that description.

(6)Schedule 3 makes further provision about the functions of the Fund in relation to dormant account money.

17Apportionment of dormant account moneyE+W+S+N.I.

(1)The apportionable income of the Big Lottery Fund in each financial year is to be apportioned as follows and distributed accordingly—

(a)a prescribed percentage for meeting expenditure in relation to England;

(b)a prescribed percentage for meeting expenditure in relation to Wales;

(c)a prescribed percentage for meeting expenditure in relation to Scotland;

(d)a prescribed percentage for meeting expenditure in relation to Northern Ireland.

The four percentages must add up to 100%.

(2)Expenditure within paragraphs (a), (b), (c) and (d) of subsection (1) is referred to in this Part as English expenditure, Welsh expenditure, Scottish expenditure and Northern Ireland expenditure respectively.

(3)For the purposes of this section, the apportionable income of the Big Lottery Fund for a given financial year is—

where—

A is the amount of dormant account money received by the Fund in the year;

B is the amount of the expenses defrayed in the year under subsections (1) and (2) of section 26;

C is the amount paid in the year under subsection (3)(b) of that section.

(4)In this section “prescribed” means prescribed by an order made by the Secretary of State.

(5)Before making an order under this section the Secretary of State shall consult—

(a)the Welsh Ministers;

(b)the Scottish Ministers;

(c)the Department of Finance and Personnel in Northern Ireland;

(d)the Big Lottery Fund;

(e)such other persons (if any) as the Secretary of State thinks appropriate.

(6)An order under this section may not be made unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, each House of Parliament.

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