PART 2Determinations in respect of an individual's financial resources
CHAPTER 4Calculation of capital
Value of the business etc36
1
Paragraphs (2) to (4) apply where an application is made for—
a
legal representation, except legal representation for proceedings in—
i
the Immigration and Asylum Chamber of the First-tier Tribunal M1;
ii
the Immigration and Asylum Chamber of the Upper Tribunal M2 in relation to an appeal or review from the Immigration and Asylum Chamber of the First-tier Tribunal; or
b
family help (higher).
2
Where the individual is the sole owner of, or a partner in, a business, the value of the business to the individual must be taken to be the greater of—
a
such sum, or their share of such sum, as could be withdrawn from the assets of the business without substantially impairing its profits or normal development; and
b
such sum as the individual could borrow on the security of their interest in the business without substantially injuring its commercial credit.
3
Where the individual stands in relation to a company in a position analogous to that of a sole owner of, or a partner in, a business, the Director may, instead of ascertaining the value of the individual's stocks, shares, bonds or debentures in that company, treat the individual as if they were a sole owner of, or a partner in, a business and calculate the amount of the individual's capital in respect of that resource in accordance with paragraph (2).
4
Where the individual owns solely, jointly or in common with other persons, any interest on the termination of a prior estate—
a
whether—
i
legal or equitable;
ii
vested or contingent; or
iii
in reversion or remainder; and
b
whether in real or personal property or in a trust or other fund,
the Director must calculate the value of such interest in such manner as appears to the Director to be both equitable and practicable.
5
Where an application is made for other forms of civil legal services, the sums described in this regulation must be disregarded from the calculation of capital.