New rules that will allow ’dormant assets’ in bank accounts to be given to charity are set to become law.

The Dormant Assets Bill, which will allow the creation of a fund into which can be transferred money that has lain untouched in a bank account for at least 15 years, returned to the House of Keys for a final approval last week.

It needed to be rubber-stamped after the Legislative Council made amendments to the draft legislation.

Under the bill, the fund can then distribute money to charities.

Treasury department member Bill Shimmins (Middle) explained that the amendments by the upper chamber ’provide that any person undertaking charitable purposes in the island may receive dormant assets funding’.

MHKs agreed the amendment. The bill will now need to be signed off by Tynwald before going for royal assent, after which it can become law.