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40.—(1) Any capital payable by instalments which are outstanding at the date on which the application is made or treated as made, or, at the date of any subsequent revision or supersession, is, if the aggregate of the instalments outstanding and the amount of the applicant’s capital otherwise calculated in accordance with chapter 7 of this Part (capital) exceeds £16,000, to be treated as income.
(2) Any payment received under an annuity is to be treated as income.
(3) Any earnings to the extent that they are not a payment of income are to be treated as income.
(4) Any Career Development Loan paid pursuant to section 2 of the 1973 Act is to be treated as income.
(5) Where an agreement or court order provides that payments is to be made to the applicant in consequence of any personal injury to the applicant and that the payments are to be made, wholly or partly, by way of periodic payments, any periodic payment received by the applicant (but not a payment which is treated as capital by virtue of this Part) is to be treated as income.
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