Interpretation of state pension credit provisions
I1C1I215 Income and capital
1
In this Act “income” means income of any of the following descriptions—
a
earnings;
b
working tax credit;
c
retirement pension income;
d
income from annuity contracts (other than retirement pension income);
e
prescribed social security benefits (other than retirement pension income and state pension credit);
f
foreign social security benefits of any prescribed description;
g
a war disablement pension or war widow’s or widower’s pension;
h
a foreign war disablement pension or foreign war widow’s or widower’s pension;
i
income from capital;
j
income of any prescribed description.
2
Regulations may provide that a person’s capital shall be deemed to yield him income at a prescribed rate.
3
Income and capital shall be calculated or estimated in such manner as may be prescribed.
4
A person’s income in respect of any period shall be calculated in accordance with prescribed rules.
5
The rules may provide for the calculation to be made by reference to an average over a period (which need not consist of or include the whole or any part of the period concerned).
6
Circumstances may be prescribed in which—
a
a person is treated as possessing capital or income which he does not possess;
b
capital or income which a person does possess is to be disregarded;
c
income is to be treated as capital; or
d
capital is to be treated as income.
7
Subsections (2) to (6) have effect for the purposes of this Act.