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Increase in means excluded in calculation of old age pension.
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13.—The Seventh Schedule to the Act of 1952, which contains rules as to calculation of means, is hereby amended by the substitution of the following paragraph for paragraph (I) of Rule 1:
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“(I) the yearly value of any property belonging to the person (not being property personally used or enjoyed by the person) which is invested or is otherwise put to profitable use by the person or which though capable of investment or profitable use is not so invested or put to profitable use by the person, the yearly value of the property being calculated as follows:
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(a) the first £200 of the capital value of the property shall be excluded, and
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(b) the yearly value of the next £375 of the capital value of the property shall be taken to be one-twentieth part of the capital value, and
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(c) the yearly value of so much of the capital value of the property as exceeds the sum of £575, shall be taken to be one-tenth part of the capital value,
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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;”.
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