Sch. II para. 9(1)-(6) substituted for Sch. II (28.11.2004) by The Social Security (Housing Costs Amendments) Regulations 2004 (S.I. 2004/2825), regs. 1(2)(a), 2(4)(c)

Words in Sch. II para. 9(2) substituted (17.12.2007) by The Social Security (Housing Costs and Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3183), regs. 1, 5(2)(a)

Sch. II para. 9(4)-(6) omitted (17.12.2007) by virtue of The Social Security (Housing Costs and Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3183), regs. 1, 5(2)(b)

Sch. II para. 9(2) sum maintained (11.4.2005) by The Social Security Benefits Up-rating Order 2005 (S.I. 2005/522), arts. 1(2)(c), 26(6), Sch. 20

Sch. II para. 9(2) modified (10.4.2006) by The Social Security Benefits Up-rating Order 2006 (S.I. 2006/645), arts. 1(2)(d), 26(6), Sch. 20

Sch. II para. 9(2) modified (for specified purposes and with effect in accordance with art. 1(2)(l) of the amending S.I.) by The Social Security Benefits Up-rating Order 2008 (S.I. 2008/632), arts. 1(2)(l), 26(6), Sch. 20

http://www.legislation.gov.uk/uksi/2002/1792/schedule/II/paragraph/9/2008-04-07The State Pension Credit Regulations 2002texttext/xmlenStatute Law DatabaseSOCIAL SECURITY2024-11-29Expert Participation2008-04-07The Regulations contained in this Instrument are made either by virtue of, or in consequence of, provisions in the State Pension Credit Act 2002 (c.16) (“the 2002 Act”). This Instrument is made before the expiry of the period of 6 months beginning with the coming into force of those provisions; the regulations in it are therefore exempt in accordance with section 173(5) of the Social Security Administration Act 1992 from the requirement in section 172(2) of that Act to refer proposals to make Regulations to the Social Security Advisory Committee and are made without reference to that Committee.The State Pension Credit Regulations 2002SCHEDULE II HOUSING COSTS The standard rate9.(1)

The standard rate is the rate of interest applicable per annum to a loan which qualifies under this Schedule.

(2)

Subject to sub-paragraph (3), the standard rate shall be 1.58 per cent. plus—

(a)

the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or

(b)

where an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.

(3)

The Secretary of State shall determine the date from which the standard rate calculated in accordance with sub-paragraph (2) takes effect.

(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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<p>
Sch. II para. 9(1)-(6) substituted for Sch. II (28.11.2004) by
<ref eId="cgoxbgn63-00009" href="http://www.legislation.gov.uk/id/uksi/2004/2825">The Social Security (Housing Costs Amendments) Regulations 2004 (S.I. 2004/2825)</ref>
,
<ref eId="cgoxbgn63-00010" class="subref" href="http://www.legislation.gov.uk/id/uksi/2004/2825/regulation/1/2/a">regs. 1(2)(a)</ref>
,
<ref eId="cgoxbgn63-00011" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2004/2825/regulation/2/4/c">2(4)(c)</ref>
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<p>
Words in
<ref eId="ckqu9m823-00006" class="subref" href="http://www.legislation.gov.uk/id/uksi/2002/1792/schedule/II/paragraph/9/2">Sch. II para. 9(2)</ref>
substituted (17.12.2007) by
<ref eId="ckqu9m823-00007" href="http://www.legislation.gov.uk/id/uksi/2007/3183">The Social Security (Housing Costs and Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3183)</ref>
,
<ref eId="ckqu9m823-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2007/3183/regulation/1">regs. 1</ref>
,
<ref eId="ckqu9m823-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2007/3183/regulation/5/2/a">5(2)(a)</ref>
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<p>
Sch. II para. 9(2) sum maintained (11.4.2005) by
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,
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<ref eId="cgp18o0s3-00301" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/522/article/26/6">26(6)</ref>
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<ref eId="cgp18o0s3-00302" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/522/schedule/20">Sch. 20</ref>
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<p>
Sch. II para. 9(2) modified (10.4.2006) by
<ref eId="ch5z7xj63-00494" href="http://www.legislation.gov.uk/id/uksi/2006/645">The Social Security Benefits Up-rating Order 2006 (S.I. 2006/645)</ref>
,
<ref eId="ch5z7xj63-00495" class="subref" href="http://www.legislation.gov.uk/id/uksi/2006/645/article/1/2/d">arts. 1(2)(d)</ref>
,
<ref eId="ch5z7xj63-00496" class="subref" href="http://www.legislation.gov.uk/id/uksi/2006/645/article/26/6">26(6)</ref>
,
<ref eId="ch5z7xj63-00497" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2006/645/schedule/20">Sch. 20</ref>
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<p>
<ref eId="ckqugmek3-00273" class="subref" href="http://www.legislation.gov.uk/id/uksi/2002/1792/schedule/II/paragraph/9/2">Sch. II para. 9(2)</ref>
modified (for specified purposes and with effect in accordance with art. 1(2)(l) of the amending S.I.) by
<ref eId="ckqugmek3-00274" href="http://www.legislation.gov.uk/id/uksi/2008/632">The Social Security Benefits Up-rating Order 2008 (S.I. 2008/632)</ref>
,
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,
<ref eId="ckqugmek3-00276" class="subref" href="http://www.legislation.gov.uk/id/uksi/2008/632/article/26/6">26(6)</ref>
,
<ref eId="ckqugmek3-00277" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2008/632/schedule/20">Sch. 20</ref>
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<num>SCHEDULE II</num>
<heading> HOUSING COSTS</heading>
<hcontainer name="crossheading" class="schGroup7" eId="d25e119">
<heading> The standard rate</heading>
<paragraph eId="schedule-II-paragraph-9" uk:target="true" class="schProv1">
<num>
<ins class="substitution first" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">
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9.
</ins>
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<ins class="substitution" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">(1)</ins>
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<ins class="substitution" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">The standard rate is the rate of interest applicable per annum to a loan which qualifies under this Schedule.</ins>
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<num>
<ins class="substitution" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">(2)</ins>
</num>
<intro>
<p>
<ins class="substitution" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">Subject to </ins>
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<ins class="substitution first last" ukl:ChangeId="key-d127b73642cc4e90df26e6d27b0497f4-1574091170290" ukl:CommentaryRef="key-d127b73642cc4e90df26e6d27b0497f4">
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sub-paragraph (3)
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<num>
<ins class="substitution" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">(a)</ins>
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<ins class="substitution" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or</ins>
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</content>
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<ins class="substitution" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">(b)</ins>
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<ins class="substitution" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">where an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.</ins>
</p>
</content>
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<subparagraph eId="schedule-II-paragraph-9-3">
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<content>
<p>
<ins class="substitution last" ukl:ChangeId="key-9a094061a44408c3eb0681ef153ddd28-1565265113994" ukl:CommentaryRef="key-9a094061a44408c3eb0681ef153ddd28">The Secretary of State shall determine the date from which the standard rate calculated in accordance with sub-paragraph (2) takes effect.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-II-paragraph-9-4">
<num>
<noteRef href="#key-f0490efe3a9a5ec505c108efc9a99a9e" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
(4)
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
<subparagraph eId="schedule-II-paragraph-9-5">
<num>
<noteRef href="#key-f0490efe3a9a5ec505c108efc9a99a9e" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
(5)
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
<subparagraph eId="schedule-II-paragraph-9-6">
<num>
<noteRef href="#key-f0490efe3a9a5ec505c108efc9a99a9e" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
(6)
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</hcontainer>
</hcontainer>
</body>
</act>
</akomaNtoso>