13(1)For the purposes of paragraph 12 above the chargeable amount is—
(a)the amount obtained on transfer or redemption, in a case where that amount is equal to or less than the total income element;
(b)so much of the amount obtained on transfer or redemption as is equal to the total income element, in a case where that amount is greater than that element.
(2)For the purposes of this paragraph the amount obtained on transfer or redemption is the amount obtained, in respect of the transfer or redemption, by the person making the transfer or (as the case may be) the person who was entitled to the security immediately before redemption.
(3)For the purposes of sub-paragraph (2) above the person concerned shall be treated as obtaining in respect of the transfer or redemption—
(a)any amount he actually obtains in respect of it, and
(b)any amount he is entitled to obtain, but does not obtain, in respect of it.
(4)Sub-paragraph (3) above shall not apply where paragraph 16, 17 or 18(2) below applies.