Statutory Instrument 1996 No. 2903

The Income Support (General) (Standard Interest Rate Amendment) (No. 3) Regulations 1996

---

© Crown Copyright 1996

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Income Support (General) (Standard Interest Rate Amendment) (No. 3) Regulations 1996, ISBN 0110632745. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1996 No. 2903

SOCIAL SECURITY

The Income Support (General) (Standard Interest Rate Amendment) (No. 3) Regulations 1996

The Secretary of State for Social Security, in exercise of the powers conferred on him by sections 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. 3) Regulations 1996 and shall come into force on 15th December 1996.

    (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^[3] (date when change of circumstances is to take effect)—
 (i) from the first day of the benefit week which includes 22nd December 1996; or
 (ii) if the claim for income support is for a period beginning after 22nd December 1996, from the first day of the first benefit week commencing after 15th December 1996;
 (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 22nd December 1996;
and for this purpose, the expressions "claimant" and "benefit week" have the same meanings as in regulation 2(1) of the Income Support Regulations^[4] (interpretation).

    (3)  In these Regulations, "the Claims and Payments Regulations" means the Social Security (Claims and Payments) Regulations 1987^[5] and "the Income Support Regulations" means the Income Support (General) Regulations 1987^[6].

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 "7.16 per cent." there shall be substituted the words "6.89 per cent.".

Revocation of the Income Support (General) (Standard Interest Rate Amendment) (No. 2) Regulations 1996
    3.    The Income Support (General) (Standard Interest Rate Amendment) (No. 2) Regulations 1996^[8] 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.

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

Roger Evans

Parliamentary Under-Secretary of State,
Department of Social Security

19th November 1996

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 6.89 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 businesses.

[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] Paragraph 7 is substituted by S.I.1990/2208 and amended by S.I.1991/387 and 1992/247. back

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

[5] S.I.1987/1968. back

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

[7] Schedule 3 is substituted by S.I.1995/1613; the relevant amending instrument is S.I.1996/1889. back

[8] S.I.1996/1889. back