Calculation of disposable specified capitalE+W
28.—(1) The Director must calculate an individual’s disposable specified capital by—
(a)calculating the amount or value of an individual’s specified capital on the date on which the application for a determination under section 16 of the Act is made; and
(b)except where paragraph (2) applies, deducting £30,000 from the total amount or value.
(2) Where—
(a)an individual fails, without reasonable excuse, to comply with a request for documentary evidence in relation to specified capital under regulation 7(3); and
(b)the Director has reasonable grounds to believe that the individual has specified capital of an amount or value equal to, or in excess of, £30,000,
the Director must not make the deduction in paragraph (1)(b).
(3) The amount or value of an individual’s specified capital is the amount or value of all specified capital belonging to the individual on the date on which the application for a determination under section 16 of the Act is made, except where—
(a)it would be impractical or unreasonable for the Director to include the specified capital; or
(b)the individual is restrained by order of the High Court or Crown Court from dealing with the specified capital.
(4) In calculating the amount or value of an individual’s specified capital—
(a)in so far as the specified capital does not consist of money, its value is—
(i)the amount which that resource would realise if sold; or
(ii)the value of that resource assessed in such other manner as appears to the Director to be equitable;
(b)the value of any interest in real property is the amount for which that interest could be sold less the amount of any debt secured by a mortgage or charge on the property; and
(c)where an individual owns an interest in specified capital jointly or in common with any other person (other than the individual’s partner), the Director must treat that resource as being owned in equal shares or, where there is evidence that the resource is not so owned, in such proportion as appears to the Director to be equitable in the light of that evidence.
Commencement Information
I1Reg. 28 in force at 1.4.2013, see reg. 1