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S.I. No. 352/2005 - Social Welfare (Rent Allowance) (Amendment) Regulations 2005

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S.I. No. 352/2005 - Social Welfare (Rent Allowance) (Amendment) Regulations 2005
S.I. No. 352 of 2005
SOCIAL WELFARE (RENT ALLOWANCE) (AMENDMENT) REGULATIONS 2005.
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 23 (as amended by section 26 of the Social Welfare Act 1989 (No. 4 of 1989) of the Housing (Private Rented Dwellings) Act 1982 (No. 6 of 1982) and section 4 (as amended by section 26 of the Social Welfare and Pensions Act 2005 (No. 4 of 2005)) of the Social Welfare (Consolidation) Act 1993 (No. 27 of 1993), hereby makes the following Regulations:
Citation and construction.
1.  (1) These Regulations may be cited as the Social Welfare (Rent Allowance) (Amendment) Regulations 2005.
(2)  These Regulations and the Social Welfare (Rent Allowance) Regulations 1998 to 2004 shall be construed together as one and may be cited as the Social Welfare (Rent Allowance) Regulations 1998 to 2005.
Calculation of means.
2.  Article 8 of the Social Welfare (Rent Allowance Regulations 1998 ( S.I. No. 188 of 1998 ) is amended by the substitution in sub-article (1) for paragraph (b) (as amended by the Social Welfare (Rent Allowance) (Amendment (No. 1) Regulations 2000 ( S.I. No. 315 of 2000 )) of the following paragraph:
“(b)  the weekly value of any property belonging to such person (not being property personally used or enjoyed by him or her or a farm of land leased by him or her under a lease in accordance with sound land use practice) which is invested or is otherwise put to profitable use or which, though capable of investment or profitable use, is not invested or put to profitable use, the weekly value being calculated as follows:
(i)    the first €20,000 of the capital value of the property shall be excluded,
(ii)   the weekly value of so much of the capital value of the property as exceeds €20,000 but does not exceed €30,000 shall be assessed at €1 per each €1,000,
(iii)  the weekly value of so much of the capital value of the property as exceeds €30,000 but does not exceed €40,000 shall be assessed at €2 per each €1,000, and
(iv)  the weekly value of so much of the capital value of the property as exceeds €40,000 shall be assessed at €4 per each €1,000,”.
GIVEN under the Official Seal of the Minister for Social and Family Affairs, this 15th day of June 2005.
 
SEAMUS BRENNAN,

Minister for Social and Family Affairs.
The Minister for Finance hereby consents to the making of the foregoing Regulations.
GIVEN under the Official Seal of the Minister for Finance this 30th day of June 2005.
 
BRIAN COWEN,

Minister for Finance.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations provide for an improvement in the method of assessing the value of property for the purposes of the means test for the Rent Allowance scheme.
The new method of assessment provides for the calculation of the capital value of property on a weekly basis as follows:
—   the first €20,000 will be disregarded;
—  capital between €20,000 and €30,000 will be assessed at €1 weekly means for each €1,000;
—  capital between €30,000 and €40,000 will be assessed at €2 weekly means per each €1,000;
—  capital above €40,000 will be assessed at €4 weekly means per each €1,000.