Textual Amendments
F1Sch. 3 substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Social Security (Income Support and Claims and Payments) Amendment Regulations 1995 (S.I. 1995/1613), reg. 1(1), Sch. 1
12.—(1) The standard rate is the rate of interest applicable to a loan which qualifies under this Schedule and—
(a)except where sub-paragraph (2) applies, is [F27.16 per cent.] per annum; or
(b)where sub-paragraph (2) applies, shall equal the actual rate of interest charged on the loan on the day the housing costs first fall to be met.
(2) This sub-paragraph applies where the actual rate of interest charged on the loan which qualifies under this Schedule is less than 5 per cent. per annum on the day the housing costs first fall to be met and ceases to apply when the actual rate of interest on that loan is 5 per cent. per annum or higher.
(3) Where in a case to which sub-paragraph (2) applies, the actual rate of interest on the loan rises to 5 per cent. per annum or higher, the standard rate applicable on that loan shall be determined in accordance with sub-paragraph (1)(a).
F3(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F2Words in Sch. 3 para. 12(1)(a) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Income Support (General) (Standard Interest Rate Amendment) (No. 2) Regulations 1996 (S.I. 1996/1889), regs. 1(1), 2
F3Sch. 3 para. 12(4) omitted (12.12.1995) by virtue of The Social Security (Income Support, Claims and Payments and Adjudication) Amendment Regulations 1995 (S.I. 1995/2927), regs. 1(1), 5(9)
Modifications etc. (not altering text)
C1Sch. 3 para. 12(2)(3) sum confirmed (coming into force in accordance with art. 1(2)(g) of the amending S.I.) by The Social Security Benefits Up-rating Order 1996 (S.I. 1996/599), arts. 1(2)(g), 18(12), Sch. 8