Regulation 24 Capital jointly heldI1
England and Wales
Where A and one or more other persons are beneficially entitled in possession to any capital asset except an interest in land—
unless paragraph (2) applies, each person is to be treated as if each of them were entitled in possession to an equal share of the whole beneficial interest; and
that asset is to be treated as if it were actual capital.
This paragraph applies where the local authority is satisfied that A is beneficially entitled in possession to a share which is less than or, as the case may be, more than an equal share of the whole beneficial estate.
Where paragraph (2) applies A’s share of the whole beneficial interest will be the actual share (as determined by the local authority) and is to be treated as if it were actual capital.