OpenLegislation

Regulation 112 Calculation of capital outside the United KingdomI1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Capital which a claimant possesses in a country outside the United Kingdom shall be calculated—

(a)

in a case in which there is no prohibition in that country against the transfer to the United Kingdom of an amount equal to its current market or surrender value in that country, at that value;

(b)

in a case where there is such a prohibition, at the price which it would realise if sold in the United Kingdom to a willing buyer,

less, where there would be expenses attributable to sale, 10 per cent. and the amount of any incumbrance secured on it.

Annotations

Commencement

I1

Reg. 112 in operation at 7.10.1996, see reg. 1(1)