Section 61 — Taxation of Chargeable Gains Act 1992: Funds in court.

Funds in court. 61 1 For the purposes of section 60, funds in court held by the Accountant General shall be regarded as held by him as nominee for the persons entitled to or interested in the funds, or as the case may be for their trustees.

2 Where funds in court standing to an account are invested or, after investment, are realised, the method by which the Accountant General effects the investment or the realisation of investments shall not affect the question whether there is for the purposes of this Act an acquisition, or as the case may be a disposal, of an asset representing funds in court standing to the account, and in particular there shall for those purposes be an acquisition or disposal of shares in a court investment fund notwithstanding that the investment in such shares of funds in court standing to an account, or the realisation of funds which have been so invested, is effected by setting off, in the Accountant General’s accounts, investment in one account against realisation of investments in another.

3 In this section “ funds in court ” means—

a money in the Senior Courts , money in the county court , money in the family court and statutory deposits described in section 40 of the Administration of Justice Act 1982, and b money in the Court of Judicature and money in a county court in Northern Ireland, and investments representing such money; and references in this section to the Accountant General are references to the Accountant General of the Senior Courts and, in relation to money within paragraph (b) above and investments representing such money, include references to the Accountant General of the Court of Judicature or any other person by whom such funds are held.