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Dormant Bank and Building Society Accounts Act 2008

Dormant Bank and Building Society Accounts Act 2008

2008 CHAPTER 31

Commentary on Sections and Schedules

Part 2: Distribution of money under the general scheme

Section 17: Apportionment of dormant account money

76.This section allows the Secretary of State to set out by order the apportionment, in percentage terms, of dormant account money passed to the Fund by a reclaim fund to cover expenditure in England, Wales, Scotland and Northern Ireland. This is expected to be done on a per capita basis. It also sets out the formula for calculating the amount of dormant account money which will be available for apportionment in each financial year. This requires the deduction from the overall dormant account money received by the Fund from the reclaim fund of (a) the Fund’s expenses and (b) the Secretary of State’s expenses in overseeing the Fund. The amount after these deductions is the amount available for apportionment.

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