The Social Security (Claims and Payments) Amendment (No. 3) Regulations 1994
The Secretary of State for Social Security, in exercise of the powers conferred by sections 15A(2)(b) and 189(1) of the Social Security Administration Act 1992M1, and of all other powers enabling him in that behalf, after consultation as appropriate with organisations representing qualifying lenders likely to be affected by the RegulationsM2 and after agreement by the Social Security Advisory Committee that proposals to make these Regulations should not be referred to itM3, hereby makes the following Regulations:
Citation and commencement1.
These Regulations may be cited as the Social Security (Claims and Payments) Amendment (No.3) Regulations 1994 and shall come into force on 1st April 1995.
Amendment of paragraph 7 of Schedule 9A to the Social Security (Claims and Payments) Regulations 19872.
In paragraph 7 of Schedule 9A to the Social Security (Claims and Payments) Regulations 1987 M4, for the amount “£1.00” there shall be substituted the amount “£0.80”.
Signed by authority of the Secretary of State for Social Security.
Department of Social Security
(This note is not part of the Regulations)
These Regulations amend paragraph 7 of Schedule 9A to the Social Security (Claims and Payments) Regulations 1987 by reducing from £1.00 to £0.80 the fee which qualifying lenders pay for the purpose of defraying administrative expenses incurred by the Secretary of State in making payments in respect of mortgage interest direct to qualifying lenders.
These Regulations reduce the cost to business.