67.—(1) The whole of an applicant’s capital is to be taken into account unless—
(a)it is to be treated as income (see paragraphs (3) and (4)), or
(b)it is to be disregarded (see regulation 69).
(2) An applicant’s personal possessions are not to be treated as capital.
(3) Subject to paragraph (4), any sums that are paid regularly and by reference to a period, for example payments under an annuity, are to be treated as income even if they would, apart from this provision, be regarded as capital or as having a capital element.
(4) Where capital is payable by instalments, each payment of an instalment is to be treated as income if the amount outstanding, combined with any other capital of the applicant exceeds £16,000, but otherwise such payments are to be treated as capital.