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The Income Support (General) Regulations 1987
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- UK Statutory Instruments
- 1987 No. 1967
- SCHEDULE 3
- Paragraph 12
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- Revised Version 31/3/2020
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Changes over time for: Paragraph 12
Version Superseded: 07/04/2003
Alternative versions:
- 11/04/1988- Amendment
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The Income Support (General) Regulations 1987, Paragraph 12 is up to date with all changes known to be in force on or before 05 December 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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[F1 The standard rateE+W+S
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 [F25.34 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
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
F2Words in Sch. 3 para. 12(1)(a) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Income Support (General) (Standard Interest Rate Amendment) (No.2) Regulations 2002 (S.I. 2002/338), 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(1)(a) sum confirmed (8.4.2002 for specified purposes and with application in accordance with art. 1(2)(g)(4)) by The Social Security Benefits Up-rating Order 2002 (S.I. 2002/668), arts. 1(2)(g), 16(8), Sch. 5
C2Sch. 3 para. 12(2)(3) sum confirmed (8.4.2002 for specified purposes and with application in accordance with art. 1(2)(g)(4)) by The Social Security Benefits Up-rating Order 2002 (S.I. 2002/668), arts. 1(2)(g), 16(8), Sch. 5
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