Regulation 111 Calculation of capital in the United KingdomI1

where there would be expenses attributable to sale, 10 per cent., and

the amount of any incumbrance secured on it;

if purchased from an issue the sale of which ceased before 1st July last preceding the first day on which an income-based jobseeker’s allowance is payable or, in the case of a review, the date of that review, at the price which it would have realised on that 1st July had it been purchased on the last day of that issue;

in any other case, at its purchase price.