Calculation of capital in the United Kingdom
23.—(1) Except in a case to which paragraph (2) applies and subject to regulation 27(2), capital which a resident possesses in the United Kingdom shall be calculated at its current market or surrender value (whichever is higher), less—
(a)where there would be expenses attributable to sale, 10 per cent; and
(b)the amount of any incumbrance secured on it.
(2) Capital in the form of a National Savings Certificate—
(a)if it was purchased from an issue the sale of which ceased before the 1st July immediately preceding the date on which the resident’s accommodation was provided, shall be calculated at the price which it would have realised on that 1st July had it been purchased on the last day of that issue;
(b)in any other case, shall be calculated at its purchase price.