The Income Support (General) (Standard Interest Rate Amendment) Regulations 2000
S.I. 2000/832 · Made 20 March 2000
SOCIAL SECURITY
Made 20th March 2000
Laid before Parliament 24th March 2000
Coming into force 16th April 2000
The Secretary of State for Social Security, in exercise of the powers conferred upon him by sections 123(1)(a), 135(1), 137(1) and 175(1) and (3) to (5) of the Social Security Contributions and Benefits Act 1992f1, and of all other powers enabling him in that behalf, after agreement by the Social Security Advisory Committee that proposals in respect of these Regulations should not be referred to itf2, 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).
Contents
- 1Citation, commencement and interpretation
- 2Amendment of Schedule 3 to the Income Support Regulations
- 3Revocation of the Income Support (General) (Standard Interest Rate Amendment) (No. 5) Regulations 1999
- Signature
- Explanatory note
1Citation, commencement and interpretation
These Regulations may be cited as the Income Support (General) (Standard Interest Rate Amendment) Regulations 2000 and shall come into force on 16th April 2000.
These Regulations shall have effect in relation to any particular claimant—
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 Regulationsf1 (date when change of circumstances is to take effect)—
from the first day of the benefit week which includes 23rd April 2000; or
if the claim for income support is for a period commencing after 23rd April 2000, from the first day of the first benefit week commencing after 16th April 2000;
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 23rd April 2000,
and for this purpose, the expressions “claimant” and “benefit week” have the same meanings as in regulation 2(1) of the Income Support Regulationsf2 (interpretation).
2Amendment of Schedule 3 to the Income Support Regulations
In paragraph 12(1)(a) of Schedule 3 to the Income Support Regulationsf1 (standard rate of interest on qualifying loans), for the words “6.66 per cent.” there shall be substituted the words “6.92 per cent.”.
3Revocation of the Income Support (General) (Standard Interest Rate Amendment) (No. 5) Regulations 1999
The Income Support (General) (Standard Interest Rate Amendment)(No. 5) Regulations 1999f1 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
Angela Eagle
Parliamentary Under-Secretary of State,
Department of Social Security
20th March 2000
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 6.92 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.