HC Deb 15 December 1972 vol 848 cc240-1W
Mr. Douglas-Mann

asked the Secretary of State for Social Services whether the notional income attributed to capital on the part of applicants for social security is calculated on an annuity basis; on what rate of interest such annuities are calculated; or on what other basis the notional income is assessed.

Mr. Dean

No. In assessing supplementary benefit the first £300 of capital is completely ignored. A notional income is calculated at the rate of 5p a week for each complete £25 of capital between £300 and £800, and at the rate of 12½p a week for each complete £25 above £800, the actual income being ignored. £1 a week of the notional income is disregarded if there is no other disregarded income.

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