Value of assets reduced by amounts received from Mark Fitzpatrick Trust
1118AA Value of assets reduced by amounts received from Mark Fitzpatrick Trust
In this section:
application day, in relation to a person who was a recipient of a social security payment immediately before 28 September 1995, means the day, on or after that date, on which the person applied or applies for review of the rate of that social security payment because of the expected enactment, or the operation, of this section.
Subject to subsection (3), the value of a person’s assets for the purposes of this Act (other than sections 1124A, 1125, 1125A and 1126) is reduced by the sum of any amounts received by the person from the Mark Fitzpatrick Trust.
Subsection (2) has effect, or is taken to have had effect, as the case may be:
for a person who was a recipient of a social security pension immediately before 28 September 1995—on the first pension payday after the application day; or
for a person who was a recipient of a social security payment other than a social security pension immediately before 28 September 1995—on the next day, after the application day, on which the person received or receives an instalment of the payment; or
for a person who became or becomes a recipient of a social security payment on or after 28 September 1995—on the day on which the person received or receives the first instalment of the payment.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.