Regulation 23 Assets capable of producing income or higher incomeF1

the Secretary of State is satisfied that any asset in which the non-applicant has a beneficial interest, or which he has the ability to control—

has not been sold where the Secretary of State is satisfied that the sale of the asset would be reasonable;

any asset has been transferred by the non-applicant to trustees and the non-applicant is a beneficiary of the trust so created; or

any asset has become subject to a trust created by legal implication of which the non-applicant is a beneficiary.

the total value of the asset or assets referred to in that paragraph does not exceed £10,000.00 after deduction of the amount owing under any mortgage or charge on that asset; or

the Secretary of State is satisfied that any asset referred to in that paragraph is being retained by the non-applicant to be used for a purpose which the Secretary of State considers reasonable in all the circumstances of the caseF2; or

if the non-applicant were a claimant, paragraph 64 of Schedule 10 to the Income Support (General) Regulations 1987 (treatment of relevant trust payments) would apply to the asset referred to in that paragraph.

money, whether in cash or on deposit;

a beneficial interest in land and rights in or over land;

shares as defined in section 744 of the Companies Act 1985 M1, stock and unit trusts as defined in section 6 of the Charging Orders Act 1979 M2, gilt edged securities as defined in paragraph 1 of Schedule 2 to the Capital Gains Tax Act 1979 M3, and other similar financial instruments.