The Driver and Vehicle Licensing Agency Trading Fund (Variation) Order 2005

JurisdictionUK Non-devolved
CitationSI 2005/1672

2005 No. 1672

GOVERNMENT TRADING FUNDS

The Driver and Vehicle Licensing Agency Trading Fund (Variation) Order 2005

Made 22th June 2005

Laid before Parliament 24th June 2005

Coming into force 18th July 2005

The Secretary of State in exercise of the powers conferred by sections 1, 2AA(1) and (2), 2A(1) and 6(1) of the Government Trading Funds Act 19731, with the concurrence of the Treasury, hereby make the following Order:

S-1 Citation and commencement

Citation and commencement

1. This Order may be cited as the Driver and Vehicle Licensing Agency Trading Fund (Variation) Order 2005 and shall come into force on 18th July 2005.

S-2 Variation of the Principal Order

Variation of the Principal Order

2.—(1) Article 5 of the Driver and Vehicle Licensing Agency Trading Fund Order 20042is varied as follows.

(2) In paragraph (2), for “£4,775,000” substitute “£2,523,425”.

(3) In paragraph (3), for “£20,748,000” substitute “£37,080,279”.

(4) After paragraph (3) insert—

S-3A

“3A The sum of £7,573,428, being part of the amount by which the values of those assets exceeds the amount of those liabilities shall be treated as general reserve in the accounts of the fund, and the reserve so created shall be maintained as a general reserve.”

(5) In paragraph (4), for “£18,002,000” substitute “£19,047,643”.

Karen Buck

Parliamentary Under Secretary of State

Department for Transport

21st June 2005

Gillian Merron

Vernon Coaker

Two of the Lords' Commissioners of Her Majesty’s Treasury

22nd June 2005

(This note is not part of the Order)

This Order varies the Driver Vehicle and Licensing Agency Trading Fund Order 2004, which established the Driver and Vehicle Licensing Agency Trading Fund with effect from 1st April 2004.

When the Trading Fund was established the valuation of the assets and liabilities was based upon an estimate. Consequently the amounts attributed to the revaluation and government grant reserves and to public dividend capital were estimated amounts. A final valuation has now been carried out. This Order varies the 2004 Order to reflect that variation in the following manner.

The amount treated as revaluation reserve is reduced from £4,775,000 to £2,523,425.

The amount treated as government grant reserve is increased from £20,748,000 to £37,080,279.

The amount treated as public dividend capital is increased from £18,002,000 to £19,047,643.

In addition, £7,573,428 is to be treated as general reserve. This represents fees and...

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