Part 1Financial year 2005/06
Use of resources
2Direct-funded bodies
1
Resources other than accruing resources may, in financial year 2005/06, be used by the direct-funded bodies mentioned in column 1 of schedule 3 for the purposes specified in that column—
a
so far as the use of resources consists of incurring liability in respect of recoverable VAT, without limit as to amount, and
b
in any other case, up to the amounts specified in the corresponding entries in column 2.
2
Accruing resources of the types specified in column 3 of schedule 3 may, in financial year 2005/06, be used by those bodies for the purposes specified in the corresponding entries in column 1 up to the amounts specified in column 4.
3
Accruing resources in respect of recoverable VAT may, in financial year 2005/06, be used, without limit as to amount, by any direct-funded body mentioned in column 1 of schedule 3 for any purpose for which resources are authorised to be used by that body by virtue of subsection (1).
4
Accruing resources of the types specified in column 1 of each Part of schedule 4 may, in financial year 2005/06, be used by the direct-funded body to which that Part relates for the purposes specified in the corresponding entries in column 2 up to the overall amount specified at the end of that Part.
5
In this section, references to recoverable VAT are to value added tax in respect of which a claim for a refund may be made by the direct-funded body concerned under section 41(3) of the Value Added Tax Act 1994 (c. 23).