Amendment of the Principal Regulations — Capital Limits
2.—(1) The Principal Regulations are amended in accordance with the following paragraphs of this regulation.
(2) Regulation 20 (Capital limit) is revoked in relation to Wales.
(3) After regulation 20 (Capital limit) insert the following regulation—
“Capital limit — Wales
20A.—(1) This regulation applies in relation to Wales.
(2) No resident shall be assessed as unable to pay for his accommodation at the standard rate if his capital, calculated in accordance with regulation 21, exceeds £21,000.”.
(4) Regulation 28 (Calculation of tariff income from capital) is revoked in relation to Wales.
(5) After regulation 28 (Calculation of tariff income from capital), insert the following regulation—
“Calculation of tariff income from capital — Wales
28A.—(1) This regulation applies in relation to Wales.
(2) Where a resident’s capital calculated in accordance with this part exceeds £14,750 it shall be treated as equivalent to a weekly income of £1 for each £250 in excess of £14,750 up to the limit of £21,000 (the Capital limit).
(3) Where any part of the excess is not a complete £250 that part shall nevertheless be treated as equivalent to a weekly income of £1.
(4) For the purposes of paragraph (2) capital includes any income treated as capital under regulations 22 and 34 (income treated as capital and liable relative payments) respectively.
(5) For the purposes of paragraph (2), where a resident makes additional payments as provided for in regulation 4(2)(b) of the National Assistance (Residential Accommodation) (Additional Payments Relevant Contributions and Assessment of Resources) (Amendment) (Wales) Regulations 2003(1) (additional payments from capital not exceeding the lower capital limit), the resident is to be treated as possessing capital equivalent to the amount of any additional payments.”.
S.I. 2003/931.