PART 2DETERMINATIONS IN RESPECT OF AN INDIVIDUAL'S FINANCIAL RESOURCES
CHAPTER 5CALCULATION OF CAPITAL – REPRESENTATION (HIGHER COURTS)
Value of a business or other property interest55
1
Where the person concerned is the sole owner of or partner in a business, the value of the business to them shall be taken to be the greater of—
a
such sum, or their share of such sum, as could be withdrawn from the assets of the business without substantially impairing its profits or normal development; and
b
such sum as that person could borrow on the security of their interest in the business without substantially injuring its commercial credit.
2
Where the person concerned stands in relation to a company in a position analogous to that of a sole owner of or partner in a business, the assessing authority may, instead of ascertaining the value of their stocks, shares, bonds or debentures in that company, treat that person as if they were a sole owner of or partner in a business and calculate the amount of their capital in respect of that resource in accordance with paragraph (1).
3
Where the person concerned owns solely, jointly or in common with other persons, any interest on the termination of a prior estate—
a
whether
i
legal or equitable;
ii
vested or contingent; or
iii
in reversion or remainder; and
b
whether in real or personal property or in a trust or other fund,
the value of such interest shall be calculated in such manner as appears to the assessing authority to be both equitable and practicable.