The Income Support (General) (Standard Interest Rate Amendment) Regulations 1998

S.I. 1998/1128 · Made 27 April 1998

SOCIAL SECURITY

Made 27th April 1998

Laid before Parliament 1st May 1998

Coming into force 24th May 1998

The Secretary of State for Social Security, in exercise of the powers conferred on her by sections 123(1)(a), 135(1), 137(1) and 175(1) and (3) to (5) of the Social Security Contributions and Benefits Act 1992^f1, and of all other powers enabling her in that behalf, after agreement by the Social Security Advisory Committee that proposals in respect of these Regulations should not be referred to it^f2, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1: 1992 c. 4; section 137(1) is an interpretation provision and is cited because of the meaning ascribed to the word “prescribed”.
f2: See section 173(1)(b) of the Social Security Administration Act 1992 (c. 5).

1Citation, commencement and interpretation
2Amendment of Schedule 3 to the Income Support Regulations
3Revocation of the Income Support (General) (Standard Interest Rate Amendment) (No. 3) Regulations 1997
Signature
Explanatory note

1Citation, commencement and interpretation

(1)

These Regulations may be cited as the Income Support (General) (Standard Interest Rate Amendment) Regulations 1998 and shall come into force on 24th May 1998.

(2)

These Regulations shall have effect in relation to any particular claimant—

(a)

in a case where income support is paid to the claimant in arrears in accordance with paragraph 7(1)(i) of Schedule 7 to the Claims and Payments Regulations^f1 (date when change of circumstances is to take effect)—

(i)

from the first day of the benefit week which includes 31st May 1998; or

(ii)

if the claim for income support is for a period beginning after 31st May 1998, from the first day of the first benefit week commencing after 24th May 1998;

(b)

in a case where income support is paid to the claimant in advance in accordance with paragraph 7(1)(ii) of Schedule 7 to the Claims and Payments Regulations, from the first day of the first benefit week commencing after 31st May 1998,

and for this purpose, the expressions “claimant” and “benefit week” have the same meanings as in regulation 2(1) of the Income Support Regulations^f2 (interpretation).

(3)

In these Regulations, “the Claims and Payments Regulations” means the Social Security (Claims and Payments) Regulations 1987^f3 and “the Income Support Regulations” means the Income Support (General) Regulations 1987^f4.

2Amendment of Schedule 3 to the Income Support Regulations

In paragraph 12(1)(a) of Schedule 3 to the Income Support Regulations^f1 (standard rate of interest on qualifying loans), for the words “7.97 per cent.” there shall be substituted the words “8.34 per cent.”.

3Revocation of the Income Support (General) (Standard Interest Rate Amendment) (No. 3) Regulations 1997

The Income Support (General) (Standard Interest Rate Amendment) (No. 3) Regulations 1997^f1 are hereby revoked save that those Regulations shall continue to have effect until the day before the first day of the benefit week having effect in relation to any particular claimant for the purpose of regulation 1(2) of these Regulations.

Signature

Signed by authority of the Secretary of State for Social Security.

Keith Bradley

Parliamentary Under-Secretary of State,

Department of Social Security

27th April 1998

Explanatory note

(This note is not part of the Regulations)

These Regulations amend Schedule 3 to the Income Support (General) Regulations 1987 (S.I. 1987/1967), as substituted and amended, with respect to the standard rate of interest applicable to a loan which qualifies for income support under that Schedule to those Regulations. The new rate is 8.34 per cent. (regulation 2). The Regulations also revoke, with a saving provision, regulations which made a previous amendment to that standard rate of interest (regulation 3).

These Regulations do not impose a charge upon business.