- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
9.—(1) The amount of the annual payment shall be determined in accordance with the preceding paragraphs of this Schedule on the basis of the circumstances applying as at the certification date.
(2) Where there is a period of one month or more between the certification date and the date on which the annual payment is first payable to the beneficiary in accordance with regulation 17, the annual payment shall be increased by the appropriate revaluation percentage of that amount.
(3) In sub-paragraph (2), “the appropriate revaluation percentage” means the lesser of—
(a)the percentage increase in the general level of prices in Great Britain during the second revaluation period determined in accordance with paragraph 4(7); and
(b)the maximum revaluation rate.
(4) The method for determining the percentage increase in the general level of prices in Great Britain during that period is—
where—
A is the level of the retail prices index for the month which falls two months before in which the annual payment is first payable to the beneficiary under regulation 17;
B is the level of the retail prices index for the month two months before the month in which the certification date falls.
(5) In sub-paragraph (3)(b), “the maximum revaluation rate” in relation to that period is—
(a)if that period is a period of 12 months, 5%; and
(b)in any other case, the percentage that would be the percentage mentioned in sub-paragraph (3)(a) had the general level of prices in Great Britain increased at the rate of 5% compound per annum during that period.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: