PART VIII INCOME AND CAPITAL
Chapter VI Capital
Calculation of capital in the United Kingdom111.
Capital which a claimant possesses in the United Kingdom shall be calculated—
(a)
except in a case to which sub-paragraph (b) applies, at its current market or surrender value, less—
(i)
where there would be expenses attributable to sale, 10 per cent.; and
(ii)
the amount of any incumbrance secured on it;
(b)
in the case of a National Savings Certificate–
(i)
if purchased from an issue the sale of which ceased before 1st July last preceding the first day on which an income-based jobseeker’s allowance is payable or, in the case of a F1suppression, the date of that F1suppression, at the price which it would have realised on that 1st July had it been purchased on the last day of that issue;
(ii)
in any other case, at its purchase price.