SCHEDULEEquivalent weekly value of a transfer of property

regulation 17(3)

I11

1

Subject to paragraph 3, the equivalent weekly value of a transfer of property shall be calculated by multiplying the value of a transfer of property determined in accordance with regulation 17 by the relevant factor specified in the Table set out in paragraph 2 (“the Table”).

2

For the purposes of sub-paragaph (1), the relevant factor is the number in the Table at the intersection of the column for the statutory rate and of the row for the number of years of liability.

3

In sub-paragraph (2)—

a

“the statutory rate” means interest at the statutory rate prescribed for a judgment debt or, in Scotland, the statutory rate in respect of interest included in or payable under a decree in the Court of Session, which in either case applies at the date of the court order or written agreement relating to the transfer of the property;

b

“the number of years of liability” means the number of years, beginning on the date of the court order or written agreement relating to the transfer of property and ending on—

i

the date specified in that order or agreement as the date on which maintenance for the youngest child in respect of whom that order or agreement was made shall cease; or

ii

if no such date is specified, the date on which the youngest child specified in the order or agreement reaches the age of 18,

and where that period includes a fraction of a year, that fraction shall be treated as a full year if it is either one half or exceeds one half of a year, and shall otherwise be disregarded.

Annotations:
Commencement Information
I1

Sch. para. 1 partly in force; Sch. para. 1 not in force at made date; Sch. para. 1 in force at 3.3.2003 for certain purposes, see reg. 1(1) and S.I. 2003/192

I22

The Table referred to in paragraph 1(1) is set out below—

THE TABLE

Number of years of liability

Statutory Rate

7.0%

8.0%

10.0%

11.0%

12.0%

12.5%

14.0%

15.0%

1.

.02058

.02077

.02115

.02135

.02154

.02163

.02192

.02212

2.

.01064

.01078

.01108

.01123

.01138

.01145

.01168

.01183

3.

.00733

.00746

.00773

.00787

.00801

.00808

.00828

.00842

4.

.00568

.00581

.00607

.00620

.00633

.00640

.00660

00674

5.

.00469

.00482

.00507

.00520

.00533

.00540

.00560

.00574

6.

.00403

.00416

.00442

.00455

.00468

.00474

.00495

.00508

7.

.00357

.00369

.00395

.00408

.00421

.00428

.00448

.00462

8.

.00322

.00335

.00360

.00374

.00387

.00394

.00415

.00429

9.

.00295

.00308

.00334

.00347

.00361

.00368

.00389

.00403

10.

.00274

.00287

.00313

.00327

.00340

.00347

.00369

.00383

11.

.00256

.00269

.00296

.00310

.00324

.00331

.00353

.00367

12.

.00242

.00255

.00282

.00296

.00310

.00318

.00340

.00355

13.

.00230

.00243

.00271

.00285

.00299

.00307

.00329

.00344

14.

.00220

.00233

.00261

.00275

.00290

.00298

.00320

.00336

15.

.00211

.00225

.00253

.00267

.00282

.00290

.00313

.00329

16.

.00204

.00217

.00246

.00261

.00276

.00283

.00307

.00323

17.

.00197

.00211

.00240

.00255

.00270

.00278

.00302

.00318

18.

.00191

.00205

.00234

.00250

.00265

.00273

.00297

.00314

Annotations:
Commencement Information
I2

Sch. para. 2 partly in force; Sch. para. 2 not in force at made date; Sch. para. 2 in force at 3.3.2003 for certain purposes, see reg. 1(1) and S.I. 2003/192

I33

The Secretary of State may determine a lower equivalent weekly value than that determined in accordance with paragraphs 1 and 2 where the amount of child support maintenance that would be payable in consequence of agreeing to a variation of that value is lower than the amount of the periodical payments of maintenance which were payable under the court order or written agreement referred to in regulation 16.