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The Income Support (General) Regulations 1987
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- UK Statutory Instruments
- 1987 No. 1967
- SCHEDULE 3
- Paragraph 12
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- Revised Version 31/3/2020
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Changes over time for: Paragraph 12
Version Superseded: 19/08/2001
Alternative versions:
- 11/04/1988- Amendment
- 02/10/1995- Amendment
- 12/12/1995- Amendment
- 21/01/1996- Amendment
- 08/04/1996- Amendment
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- 17/06/2001
Point in time - 19/08/2001- Amendment
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Point in time view as at 17/06/2001. This version of this provision has been superseded.
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[F1 The standard rateE+W+S
12.—(1) The standard rate is the rate of interest applicable to a loan which qualifies under this Schedule and—
(a)except where sub-paragraph (2) applies, is [F26.94 per cent.] per annum; or
(b)where sub-paragraph (2) applies, shall equal the actual rate of interest charged on the loan on the day the housing costs first fall to be met.
(2) This sub-paragraph applies where the actual rate of interest charged on the loan which qualifies under this Schedule is less than 5 per cent. per annum on the day the housing costs first fall to be met and ceases to apply when the actual rate of interest on that loan is 5 per cent. per annum or higher.
(3) Where in a case to which sub-paragraph (2) applies, the actual rate of interest on the loan rises to 5 per cent. per annum or higher, the standard rate applicable on that loan shall be determined in accordance with sub-paragraph (1)(a).
F3(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1Sch. 3 substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Social Security (Income Support and Claims and Payments) Amendment Regulations 1995 (S.I. 1995/1613), reg. 1(1), Sch. 1
F2Words in Sch. 3 para. 12(1)(a) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Income Support (General) (Standard Interest Rate Amendment) Regulations 2001 (S.I. 2001/1831), regs. 1(1), 2
F3Sch. 3 para. 12(4) omitted (12.12.1995) by virtue of The Social Security (Income Support, Claims and Payments and Adjudication) Amendment Regulations 1995 (S.I. 1995/2927), regs. 1(1), 5(9)
Modifications etc. (not altering text)
C1Sch. 3 para. 12(1)(a) sum confirmed (with effect in accordance with art. 1(2)(g) of the amending S.I.) by The Social Security Benefits Up-rating (No. 2) Order 2000 2001 (S.I. 2001/207), arts. 1(2)(g), 16(9), Sch. 6
C2Sch. 3 para. 12(2)(3) sum confirmed (with effect in accordance with art. 1(2)(g) of the amending S.I.) by The Social Security Benefits Up-rating (No. 2) Order 2000 2001 (S.I. 2001/207), arts. 1(2)(g), 16(9), Sch. 6
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