Prospective
7.—(1) The percentage prescribed for the purposes of determining –
(a)the maximum savings credit is 60 per cent.;
(b)“amount A” in section 3(4) of the Act is 60 per cent.;
(c)“amount B” in section 3(4) of the Act is 40 per cent. .
(2) The amount prescribed for the savings credit threshold is £77·45 for a claimant who has no partner and £123·80 for a claimant who has a partner.
(3) The maximum savings credit shall be taken to be nil in the case of –
(a)prisoners, and
(b)members of religious orders who are fully maintained by their order.
(4) If a calculation made for the purposes of paragraph (1)(b) or (c) results in a fraction of a penny, that fraction shall, if it would be to the claimant’s advantage, be treated as a penny, otherwise it shall be disregarded.
Commencement Information
I1Reg. 7 in operation at 6.10.2003, see reg. 1(1)