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State Pension Credit Act 2002
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State Pension Credit Act 2002, Section 15 is up to date with all changes known to be in force on or before 14 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 1(2)(c)(iii) and word inserted by 2012 c. 5 Sch. 4 para. 2
- s. 1(2)(d) and word inserted by 2012 c. 5 s. 75(b)
- s. 1(3)(c) and word inserted by 2012 c. 5 Sch. 4 para. 3(a)
- s. 3A inserted by 2012 c. 5 Sch. 4 para. 4
- s. 3A(5)(a) words omitted by 2016 c. 7 s. 20(8)
- s. 7(10) inserted by 2012 c. 5 Sch. 4 para. 5
- s. 19(2)(za) inserted by 2012 c. 5 s. 75(2)
15 Income and capitalE+W+S
This section has no associated Explanatory Notes
(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.
Modifications etc. (not altering text)
C1S. 15: power to apply conferred by 1992 c. 4, s. 136A(3)(b) (as inserted (27.1.2003 for specified purposes, 6.10.2003 in so far as not already in force) by State Pension Credit Act 2002 (c. 16), s. 22(3), Sch. 2 para. 3; S.I. 2003/83, art. 2; S.I. 2003/1766, art. 2(a))
Commencement Information
I1S. 15 partly in force; s. 15 not in force at Royal Assent, see s. 22(3); s. 15 in force for certain purposes at 2.7.2002 by S.I. 2002/1691, art. 2
I2S. 15 in force at 6.10.2003 in so far as not already in force by S.I. 2003/1766, art. 2(a)
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