Section 159 — Finance Act 2008: Payments from certain Exchequer accounts: mechanism

Payments from certain Exchequer accounts: mechanism 159 1 This section applies to money to be paid under section 158 from—

a the Consolidated Fund, or b the National Loans Fund.

2 In the case of the Consolidated Fund—

a the Comptroller and Auditor General shall on receipt of a requisition from the Treasury grant a credit on the Exchequer Account at the Bank of England (or on its growing balance),

and b an issue shall be made on orders given to the Bank by the Treasury in accordance with a credit granted under paragraph (a).

3 An issue made under subsection (2) shall be recorded in the daily account under section 15(5) of the Exchequer and Audit Departments Act 1866 (c. 39).

4 In the case of the National Loans Fund—

a the Comptroller and Auditor General shall at the request of the Treasury grant a credit on the National Loans Fund, and b a payment out of the Fund shall be made by the Treasury in accordance with a credit granted under paragraph (a).

5 A payment made under subsection (4) shall be recorded in the daily account under section 1(2) of the National Loans Act 1968 (c. 13).