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The Jobseeker’s Allowance Regulations 1996
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- UK Statutory Instruments
- 1996 No. 207
- SCHEDULE 2
- Paragraph 11
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This is the original version (as it was originally made).
The standard rate
11.—(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 8.00 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).
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