The Income Support (General) (Standard Interest Rate Amendment) Regulations (Northern Ireland) 2004
Citation, commencement and interpretation1.
(1)
These Regulations may be cited as the Income Support (General) (Standard Interest Rate Amendment) Regulations (Northern Ireland) 2004 and shall come into operation on 21st March 2004.
(2)
These Regulations shall have effect in relation to any particular claimant –
(a)
(i)
from the first day of the benefit week which includes 28th March 2004, or
(ii)
if the claim for income support is for a period commencing after 28th March 2004, from the first day of the first benefit week commencing after 21st March 2004;
(b)
in a case where income support is paid to the claimant in advance, in accordance with paragraph 1(b) of Schedule 2A to the Decisions and Appeals Regulations, from the first day of the first benefit week commencing after 28th March 2004,
(3)
In these Regulations –
(4)
Amendment of Schedule 3 to the Income Support Regulations2.
Revocation and saving3.
Sealed with the Official Seal of the Department for Social Development on 27th February 2004.
These Regulations amend Schedule 3 to the Income Support (General) Regulations (Northern Ireland) 1987, as substituted and amended, with respect to the standard rate of interest applicable to a loan which qualifies for income support under that Schedule to those Regulations. The rate is increased from 5.07 per cent. to 5.33 per cent. (regulation 2). The Regulations also revoke, with a saving provision, the Income Support (General) (Standard Interest Rate Amendment) Regulations (Northern Ireland) 2003 which made a previous amendment to the standard rate of interest (regulation 3).
These Regulations make in relation to Northern Ireland only provision corresponding to provision contained in Regulations made by the Secretary of State for Work and Pensions in relation to Great Britain and accordingly, by virtue of section 149(3) of, and paragraph 10 of Schedule 5 to, the Social Security Administration (Northern Ireland) Act 1992 (c. 8), are not subject to the requirement of section 149(2) of that Act for prior reference to the Social Security Advisory Committee.
These Regulations do not impose a charge on business.