- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
37.—(1) In calculating the disposable capital of the individual, the value of any interest in land must be taken to be the amount for which that interest could be sold after deducting, subject to paragraphs (2) and (3), the amount of any debt secured by a mortgage or charge on the property.
(2) The total amount to be deducted under this regulation on an assessment of the individual’s disposable capital may not exceed £100,000 in respect of all secured debts.
(3) Where—
(a)the interests in land which are taken into account in an assessment of the individual’s disposable capital includes interests in both—
(i)the main or only dwelling in which the individual resides; and
(ii)one or more other properties; and
(b)debts totalling more than £100,000 are secured on the main or only dwelling and one or more of the other properties,
the deductions to be made under this regulation must be made in respect of the debts secured on the other properties first.
(4) Where the individual resides in more than one dwelling, the Director must decide which is the main dwelling for the purposes of this regulation and regulations 38 and 39.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: