Sinking Fund Act 1875
| Jurisdiction | UK Non-devolved |
| Citation | 1875 c. 45 |
| Year | 1875 |
Sinking Fund Act, 1875
(38 & 39 Vict.) CHAPTER 45.
An Act to amend the Law with respect to the Reduction of the National Debt and the Charge for the National Debt in the Consolidated Fund.
[2d August 1875]
B E it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
New Sinking Fund.
1 Amount of permanent annual charge for National Debt.
1. For the payment of the annual charge on account of the National Debt there shall be issued out of the Consolidated Fund,—
The said annual sum (in this Act referred to as the permanent annual charge for the National Debt) shall be charged on and issued out of the Consolidated Fund, at such times and in such manner as maybe required for paying the charges payable thereout, and subject thereto, as the Treasury may from time to time direct, so that the whole amount thereof be issued in each financial year.
2 Annual charge payable out of permanent charge.
2. There shall be paid out of the permanent annual charge for the National Debt the following annual charges:
(1) (1.) All annuities, whether perpetual or terminable, charged on the Consolidated Fund under any Act passed before the passing of this Act (except as hereinafter mentioned); and
(2) (2.) All interest on exchequer bonds or exchequer bills issued in pursuance of any Act passed before the passing of this Act (except as herein-after mentioned); and
(3) (3.) All interest on advances made by the Bank of England or the Bank of Ireland in pursuance of section twelve of the Exchequer and Audit Act, 1866 ; and
(4) (4.) The interest on all loans borrowed under any Act to meet ways and means; and
(5) (5.) The annual sum of five shillings in respect of each sum of one hundred and ten pounds of the two pounds ten shillings per centum bank annuities which is payable to the account of the National Debt Commissioners in pursuance of section sixty-nine of the National Debt Act, 1870 ; and
(6) (6.) The annual sums payable for the time being to the Bank of England and Bank of Ireland for the management of the National Debt, or of any part thereof.
There shall not be paid out of the permanent annual charge for the National Debt any annuities or the interest on any exchequer bonds or exchequer bills or on any other loans created, issued, or borrowed,—
3 Application of surplus as new sinking fund to reduce debt.
3. Such portion of the permanent annual charge for the National Debt as is in any financial year not required for the purpose of paying the annual charges directed by this Act to be paid thereout (which portion may hereafter lac called the new sinking fund) shall be from time to time issued to...
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