Statutory Instrument 2004 No.1520

The Income Support (General) (Standard Interest Rate Amendment) (No. 2) Regulations 2004

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

2004 No.1520

SOCIAL SECURITY

The Income Support (General) (Standard Interest Rate Amendment) (No. 2) Regulations 2004

	Made	19th June 2004
	Laid before Parliament	25th June 2004
	Coming into force	18th July 2004

The Secretary of State for Work and Pensions, 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 1992[1], 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 it[2] hereby makes the following Regulations:

Citation, commencement and interpretation
    1. - (1) These Regulations may be cited as the Income Support (General) (Standard Interest Rate Amendment) (No. 2) Regulations 2004 and shall come into force on 18th July 2004.

    (2) In these Regulations, "the Decisions and Appeals Regulations" means the Social Security and Child Support (Decisions and Appeals) Regulations 1999[3] and "the Income Support Regulations" means the Income Support (General) Regulations 1987[4].

    (3) These Regulations shall have effect in relation to any particular claimant -

(b) in a case where income support is paid to the claimant in advance, in accordance with paragraph 1(b) of Schedule 3A to the Decisions and Appeals Regulations from the first day of the first benefit week commencing after 25th July 2004,

and for this purpose, the expressions "claimant" and "benefit week" have the same meanings as in regulation 2(1) of the Income Support Regulations[6] (interpretation).

Amendment of Schedule 3 to the Income Support Regulations
2.In paragraph 12(1)(a) of Schedule 3 to the Income Support Regulations[7] (standard rate of interest on qualifying loans), for the words "5.33 per cent." there shall be substituted the words "5.59 per cent.".

Revocation and saving of the Income Support (General) (Standard Interest Rate Amendment) Regulations 2004
3.The Income Support (General) (Standard Interest Rate Amendment) Regulations 2004[8] are hereby revoked save that those Regulations shall continue to have effect until the first day of the benefit week having effect in relation to any particular claimant for the purpose of regulation 1(3) of these Regulations.

Signed by authority of the Secretary of State for Work and Pensions.

Maria Eagle
Parliamentary Under-Secretary of State, Department for Work and Pensions

19th June 2004

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 5.59 per cent. (regulation 2). The Regulations also revoke, with a saving provision, regulations which made the previous amendment to that standard rate of interest (regulation 3).

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

Notes:

[1] 1992 c. 4; section 137(1) is an interpretation provision and is cited because of the meaning ascribed to the word "prescribed".back

[2] See section 173(1)(b) of the Social Security Administration Act 1992 (c. 5).back

[3] S.I. 1999/991.back

[4] S.I. 1987/1967.back

[5] Schedule 3A was inserted by S.I. 2000/1596.back

[6] The definition of "benefit week" was amended by S.I. 1988/1445.back

[7] Schedule 3 is substituted by S.I. 1995/1613; the relevant amending instrument is S.I. 2004/440.back

[8] S.I. 2004/440.back

ISBN 0 11 049413 X

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