Social Welfare Act, 1997
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Assessment of means — standardisation of provisions relating to assessment of property (capital). |
25.—(1) Rule 1 (as amended by section 17 (3) of the Act of 1996) of Part II of the Third Schedule to the Principal Act is hereby amended by— | |
(a) the substitution for “subject to paragraphs (2) and (3)” of “Subject to paragraphs (2A) and (3)”, | ||
(b) the substitution for paragraphs (1) and (2) of the following paragraph: | ||
“(1) other than in such circumstances and subject to such conditions and for such periods as may be prescribed, the yearly value of property belonging to the person (not being property personally used or enjoyed by the person or a farm of land leased by him or her) which is invested or is otherwise put to profitable use by the person or which, though capable of investment or profitable use is not invested or put to profitable use by the person, the yearly value of the property being calculated as follows: | ||
(a) the first £2,000 of the capital value of the property shall be excluded, | ||
(b) the yearly value of the next £20,000 of the capital value of the property shall be assessed at 7.5 per cent., and | ||
(c) the yearly value of so much of the capital value of the property as exceeds £22,000 shall be assessed at 15 per cent., | ||
but no account shall be taken under any other provision of these Rules of any appropriation of the property for the purpose of current expenditure;”, | ||
(c) the deletion in paragraph (2A) (inserted by section 17 of the Act of 1996) of “widow's (non-contributory) pension, orphan's (non-contributory) pension”, and | ||
(d) the substitution for paragraph (3) of the following paragraph: | ||
“(3) where, for the purposes of a relevant payment under the provisions of section 18 (1) (b) or (c) of the Social Welfare Act, 1996 , the means are or include means assessed in accordance with paragraph (2A) and the means as so assessed are not less than £52, the means shall be taken to be increased by £52;”. | ||
(2) The provisions of this section shall not have the effect of reducing the rate of assistance payable below the rate payable immediately before the commencement of this section. |