31.— (1) Where, in connection with the financial assessment of a person, a transferred item is taken into account by the Executive in determining the means of the person and the transfer of the transferred item was effected prior to 9 October 2008, the person may make an application to the Executive to recalculate the means of the person by excluding one or more than one of the transferred items on the ground that it is necessary to do so in order to avoid undue financial hardship arising by including that item in the financial assessment in relation to an applicable person.

(2) The Executive may refuse to consider or further consider an application under subsection (1) by a person if—

(a) the application does not comply with that subsection, or

(b) an applicable person fails to provide the Executive with such information in addition to the information provided by or with the application as the Executive may reasonably require to enable it to determine the application under subsection (5).

(3) Where the Executive refuses under subsection (2) to consider or further consider an application under subsection (1) by a person, it shall, not later than 10 working days after the refusal, give the person notice in writing of the decision and the reasons for the decision.

(4) Any person who knowingly, or recklessly, gives the Executive information which is false or misleading in a material particular in, with, or in connection with, an application under subsection (1) is guilty of an offence and is liable on summary conviction to a fine not exceeding €5,000 or imprisonment for a term not exceeding 3 months or both.

(5) The Executive shall determine an application under subsection (1)—

(a) if the Executive is satisfied that a recalculation (excluding one or more transferred items) of the means of the person is necessary in order to avoid undue financial hardship in relation to an applicable person, by carrying out the recalculation and adjusting the amount of weekly assessed means of the person accordingly,

(b) if the Executive is not so satisfied, by refusing the application.

(6) Where the Executive determines under subsection (1) an application under subsection (1) by a person, it shall, not later than 10 working days after the determination, give notice in writing to the person of the decision and the reasons for the decision.

(7) In this section—

“applicable person”, in relation to an application under subsection (1), means—

(a) the person to whom the financial assessment relates,

(b) where the person to whom the financial assessment relates is a member of a couple, the partner of that person, or

(c) a child of a person referred to in paragraph (a) or (b) where that child is less than 21 years of age;

“transferred item” means transferred income or a transferred asset.