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

S.I. 2005/1672 · Made 22 June 2005

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

GOVERNMENT TRADING FUNDS

Made 22nd 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 1973f1, with the concurrence of the Treasury, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

1973 c. 63, as amended by the Government Trading Act 1990 (c. 30). The 1973 Act, as amended, is set out in Schedule 1 to the 1990 Act. The 1973 Act was further amended by section 119 of the Finance Act 1991 (c. 31) and Schedule 22 to the Finance Act 1993 (c. 34).

Contents

  1. 1Citation and commencement
  2. 2Variation of the Principal Order
  3. Signature
  4. Explanatory note

1Citation and commencement

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.

2Variation of the Principal Order

(1)

Article 5 of the Driver and Vehicle Licensing Agency Trading Fund Order 2004f1 is 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—

“(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”.

Signature

Signed by authority of the Secretary of State

Karen Buck

Parliamentary Under Secretary of State

Department for Transport

21st June 2005

We concur

Gillian Merron

Vernon Coaker

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

22nd June 2005

Explanatory note

(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 receipts which have been paid to the Driver Vehicle and Vehicle Licensing Agency in respect of the delivery of registration services.

A full regulatory impact assessment has not been produced for this Order as it has no impact on the costs of business.