PART IIEntitlement and amount

Savings Credit7.

(1)

The percentage prescribed for the purposes of determining—

(a)

the maximum savings credit is 60 per cent.;

(b)

“amount A” in section 3(4) is 60 per cent.;

(c)

“amount B” in section 3(4) is 40 per cent.

(2)

The amount prescribed for the savings credit threshold is F1£120.35 for a claimant who has no partner and F1£192.00 for a claimant who has a partner.

(3)

The maximum savings credit shall be taken to be Nil in the case of—

(a)

prisoners; and

(b)

members of religious orders who are fully maintained by their order.

F2(4)

If a calculation made for the purposes of paragraph (1)(b) or (c) results in a fraction of a penny, that fraction shall, if it would be to the claimant’s advantage, be treated as a penny; otherwise it shall be disregarded.