State Pension Credit Act 2002
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Change 1
15 Income and capital
(1) In this Act “income” means income of any of the following descriptions— (a) earnings; (b) working tax credit; (c) retirement pension income; (d) income from annuity contracts (other than retirement pension income); (e) prescribed social security benefits (other than retirement pension income and state pension credit); (f) foreign social security benefits of any prescribed description; (g) a war disablement pension or war widow’s or widower’s pension; (h) a foreign war disablement pension or foreign war widow’s or widower’s pension; (i) income from capital; (j) income of any prescribed description. (2) Regulations may provide that a person’s capital shall be deemed to yield him income at a prescribed rate. (3) Income and capital shall be calculated or estimated in such manner as may be prescribed. (4) A person’s income in respect of any period shall be calculated in accordance with prescribed rules. (5) The rules may provide for the calculation to be made by reference to an average over a period (which need not consist of or include the whole or any part of the period concerned). (6) Circumstances may be prescribed in which— (a) a person is treated as possessing capital or income which he does not possess; (b) capital or income which a person does possess is to be disregarded; (c) income is to be treated as capital; or (d) capital is to be treated as income. (7) Subsections (2) to (6) have effect for the purposes of this Act.
15 Income and capital
(1) In this Act “income” means income of any of the following descriptions— (a) earnings; (b) working tax credit; (c) retirement pension income; (d) income from annuity contracts (other than retirement pension income); (e) prescribed social security benefits (other than retirement pension income and state pension credit); (f) foreign social security benefits of any prescribed description; (g) a war disablement pension or war widow’s or widower’s pension; (h) a foreign war disablement pension or foreign war widow’s or widower’s pension; (i) income from capital; (j) income of any prescribed description. (2) Regulations may provide that a person’s capital shall be deemed to yield him income at a prescribed rate. (3) Income and capital shall be calculated or estimated in such manner as may be prescribed. (4) A person’s income in respect of any period shall be calculated in accordance with prescribed rules. (5) The rules may provide for the calculation to be made by reference to an average over a period (which need not consist of or include the whole or any part of the period concerned). (6) Circumstances may be prescribed in which— (a) a person is treated as possessing capital or income which he does not possess; (b) capital or income which a person does possess is to be disregarded; (c) income is to be treated as capital; or (d) capital is to be treated as income. (7) Subsections (2) to (6) have effect for the purposes of this Act.
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