The Income-related Benefits Schemes (Miscellaneous Amendments) Regulations 1994

Amendment of Schedule 3 to the Income Support Regulations

8.—(1) Paragraph 7 of Schedule 3 to the Income Support Regulations (interest on loans to acquire an interest in the dwelling occupied as the home)(1) shall be amended in accordance with the following provisions of this regulation.

(2) In sub-paragraph (4)(2) for the words from “the basic rate”to “1988” there shall be substituted the words “the applicable percentage of income tax within the meaning of section 369(1A) of the Income and Corporation Taxes Act 1988(3)”.

(3) In sub-paragraph (7) for head (b) there shall be substituted the following head—

“(b) has left that dwelling and either cannot or will not pay the interest on the loan, or has died,”.

(4) Sub-paragraph (8) shall be omitted.

(1)

Relevant amending instruments are S.I.1988/2022 and 1990/1776.

(2)

Sub-paragraph (4) was substituted by S.I.1990/776.

(3)

1988 c. 1; subsection (1A) of section 369 was inserted by paragraph 13 of resolution no.20 passed by the House of Commons on 7 December 1993, that resolution having statutory effect under section 1 of the Provisional Collection of Taxes Act 1968 (c. 2) as amended by section 205 of the Finance Act 1993 (c. 34), until the Finance Bill receives Royal Assent.