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The Social Security (Payments on account, Overpayments and Recovery) Regulations 1988
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Changes over time for: Section 10
Alternative versions:
- 01/01/2014- Amendment
- 31/12/2020- Amendment
- 31/12/2020
Point in time
Status:
Point in time view as at 31/12/2020.
Changes to legislation:
There are currently no known outstanding effects for the The Social Security (Payments on account, Overpayments and Recovery) Regulations 1988, Section 10.
Changes to Legislation
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Conversion of payments made in a foreign currencyU.K.
10.—[F1(1)] Where a payment of income prescribed by regulation 7(1), or a payment prescribed by regulation 8(1), is made in a currency other than sterling, its value in sterling, for the purposes of section 27 of the Act and this Part, shall be determined, after conversion by the Bank of England, or by [F2any authorised deposit-taker], as the net sterling sum into which it is converted, after any banking charge or commission on the transaction has been deducted.
[F3(2) In this regulation “authorised deposit-taker” means—
(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; F4...
F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) Paragraph (2) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.]
Textual Amendments
F1Reg. 10(1): reg. 10 renumbered as reg. 10(1) (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(a)
F2Words in reg. 10(1) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(b)
F3Reg. 10(2) - Reg. 10(3) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(c)
F4Reg. 10(2)(b) and word omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 45 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
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