Regulation 2 Amendment of regulation 34 of the General Regulations

In regulation 34 of the General Regulations (notional capital), in paragraph (1) from the words “except where” to the end there shall be inserted the words

“except—

(a)

where that capital is derived from a payment made in consequence of any personal injury and is placed on trust for the benefit of the claimant; or

(b)

to the extent that the capital which he is treated as possessing is reduced in accordance with regulation 34A (diminishing notional capital rule).”.