Dáil Éireann Debate, Wednesday - 17 October 2012
161. Deputy Sandra McLellan asked the Minister for Social Protection further to Parliamentary Question No. 340 of 9 October 2012, the formula set out in legislation used to calculate means for a property; if he will provide an example of what the means of a property valued at €145,000 would be subject to and another for a property valued at €175,000; and if she will make a statement on the matter. [45079/12]
View answerIn assessing means for social assistance purposes, account is taken of any cash income the person may have, together with the value of capital and property excluding the family home, land farmed by the person or commercial premises used in the course of the business of the claimant. The yearly value of property and capital is assessed on a notional basis. In the case of property, the market value is established and any outstanding mortgages on that property are deducted before assessment. The first €20,000 of combined capital and property is then disregarded (€50,000 in the case of disability allowance and €5,000 in the case of supplementary welfare allowance).
The balance is assessed by reference to a formula. The first €10,000 of the balance is assessed at €1 per week per €1,000. The next €10,000 is assessed at €2 per week per €1,000 and any remaining capital is assessed at €4 per week per €1,000.
The weekly means assessable in the case of jobseeker’s allowance, for example, in relation to a property valued at €145,000 is €450 and €570 in the case of a property valued at €175,000.
