The Land Registry Trading Fund (Extension and Amendment) Order 2018

Statutory Instruments

2018 No. 424

Government Trading Funds

The Land Registry Trading Fund (Extension and Amendment) Order 2018

Made

22nd March 2018

Coming into force in accordance with article 1

Whereas:

(1) The Land Registry Trading Fund Order 1993(1) established under the Government Trading Funds Act 1973 (“the 1973 Act”)(2) a trading fund to be known as the Land Registry Trading Fund (“the Fund”) covers Land Registry’s existing operations;

(2) It appears to the Minister that—

(a) Under sections 34 and 35 of, and Schedule 5 to, the Infrastructure Act 2015(3) provision is made for the transfer of responsibility for local land charges to Land Registry and, conferral of additional powers on Land Registry for services relating to land or other property; and

(b) These additional operations of the Land Registry (being operations of a Department of the Government for which the Minister is responsible) are suitable to be financed by means of a trading fund and, in particular, to be so managed that the revenue of the fund would consist principally of receipts in respect of goods or services provided in the course of the additional operations in question, and the Fund should be extended to these additional operations; and

(c) The financing of these additional operations by means of a trading fund would be in the interests of the improved efficiency and effectiveness of the management of the additional operations.

(3) The Minister has, in accordance with section 2 of the 1973 Act and with the concurrence of the Treasury, determined that no Crown assets or liabilities, other than those already appropriated to the Fund are property attributable to the additional operations;

(4) In accordance with section 6(2) of the 1973 Act, a draft of this Order has been laid before the House of Commons and has been approved by a resolution of that House.

Now, therefore, the Minister in exercise of the powers conferred upon him by sections 1(1), 2(1) and 6(1) of the 1973 Act with the concurrence of the Treasury, hereby makes the following order:

(1)

S.I. 1993/938; relevant amending instruments are S.I. 1996/750 and S.I. 2003/2094

(2)

1973 c.63.

(3)

2015 c.7.