Part III
Funds Act 1973 as issued to the Registers of Scotland Executive Agency Trading Fund on the day on which the order establishing that fund came into force (“the issue date”).
(6) The Secretary of State may, with the agreement of the Treasury, by order provide—
- (a) for the amount to be treated as an advance made by him to the Scottish Ministers on the issue date, and
- (b) for the advance to be repaid to him at such times and by such methods, and for interest on the advance to be paid to him at such rates and at such times, as were determined by the Treasury under section 2B(3) of that Act in respect of the sum referred to in subsection (5).
(7) Sums required to be paid under subsection (4) or (6) shall be charged on the Scottish Consolidated Fund.
(8) Sums received under subsection (4) or (6) shall be paid into the National Loans Fund.
Accounts of loans to the Scottish Ministers. 72. The Secretary of State shall, for each financial year—
- (a) prepare, in such form and manner as the Treasury may direct, an account of sums paid and received by him under sections 66, 67 and 71, and
- (b) send the account to the Comptroller and Auditor General not later than the end of November in the following financial year,
and the Comptroller and Auditor General shall examine, certify and report on the account and shall lay copies of it and of his report before each House of Parliament.
Part IV
The tax-varying power
Power to fix basic rate for Scottish taxpayers. 73.—(1) Subject to section 74, this section applies for any year of assessment for which income tax is charged if—
- (a) the Parliament has passed a resolution providing for the percentage determined to be the basic rate for that year to be increased or reduced for Scottish taxpayers in accordance with the resolution,
- (b) the increase or reduction provided for is confined to an increase or reduction by a number not exceeding three which is specified in the resolution and is either a whole number or half of a whole number, and
- (c) the resolution has not been cancelled by a subsequent resolution of the Parliament.
(2) Where this section applies for any year of assessment the Income Tax Acts (excluding this Part) shall have effect in relation to the income of Scottish taxpayers as if any rate determined by the Parliament of the United Kingdom to be the basic rate for that year were increased or reduced in accordance with the resolution of the Scottish Parliament.
(3) In subsection (2) the reference to the income of Scottish taxpayers does not include a reference to any income of Scottish taxpayers which,
