PART 6Assessment of income and capital
SECTION 6
Capital
Calculation of capital in the United Kingdom45
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 encumbrance 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 date on which the claim is made or treated as made, or the date of any subsequent revision or supersession, 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.