[MaxGhenis]

Fixes #1960.

Apply the statutory 10% sale-expense deduction and secured debt when valuing capital for Universal Credit, Housing Benefit, Income Support, income-based JSA, income-related ESA and Pension Credit. Savings and cash ISAs remain at face value. The helper floors each encumbered source at nil so negative equity in one source cannot reduce another.

Reproducer: policyengine_uk/tests/policy/baseline/gov/dwp/capital_valuation.yaml::UC values a mortgaged holiday home as in ADM H1602, policyengine_uk/tests/policy/baseline/gov/dwp/capital_valuation.yaml::UC shares valued less sale expenses bring capital within the limit, policyengine_uk/tests/test_capital_valuation_properties.py::test_valuation_matches_the_regulation_and_never_adds_capital, policyengine_uk/tests/policy/baseline/gov/dwp/capital_valuation.yaml::A Lifetime ISA value given as an input is counted as given, policyengine_uk/tests/test_capital_valuation_properties.py::test_lifetime_isa_reformed_value_is_kept_as_stored

The law

Programme	Great Britain provision	Northern Ireland equivalent
Universal Credit	UC Regs 2013 reg 49(1)	S.R. 2016/216 reg 49(1)
Housing Benefit	HB Regs 2006 reg 47; HB (SPC) Regs 2006 reg 45	S.R. 2006/405 reg 44; S.R. 2006/406 reg 43
Income Support	IS Regs 1987 reg 49	S.R. 1987/459 reg 49
Income-based JSA	JSA Regs 1996 reg 111	S.R. 1996/198 reg 111
Income-related ESA	ESA Regs 2008 reg 113	S.R. 2008/280 reg 113
Pension Credit	SPC Regs 2002 reg 19	S.R. 2003/28 reg 19

The decision maker takes the 10% from gross value before debt, only where sale incurs expenses, and real property always has sale costs (ADM H1604–H1608). The decision maker then deducts only debt secured on that source (H1615–H1616). Parameters start with each programme's existing capital-source list. Each programme uses the provision in its own instrument, including the later UC and ESA instruments.

What changes

• Each programme has capital.sale_expenses.rate: 0.1, an explicit list of sources, and its own capital.round_down rule. valued_capital applies the deduction before secured debt, with float64 arithmetic.
• UC and HB round to the nearest penny, half up (UC reg 6(1); HB reg 80 / SPC HB reg 61(6)). IS, JSA, ESA and PC round down under their respective regulations. Each valuation and final assessment follows that rule; UC holdings and property allocations also follow its penny rule.
• exact_amount recovers an unambiguous whole penny from float32 storage below £131,072. It preserves other stored amounts. Above that boundary, original pennies can be ambiguous; the result can differ by a penny in either direction. This PR cannot recover arbitrary precision lost before valuation.
• Lifetime ISAs use the baseline surrender-value calculation in float64, rounded per person under each programme's rule before summing. A £0.26 balance below the charge-free age gives £0.195: UC/HB count £0.20 and the down-rounding programmes count £0.19. The whole-penny property draws every penny, including this half-penny example.
• The valuation counts explicit LISA inputs as given. Replacement formulas retain their stored results, and neutralization remains effective. Recalculation requires the active baseline formula and the absence of a supplied input for that period and branch. Equality with the baseline float32 value cannot establish provenance: an explicit £0.195 also stores as 0.19499999284744263, but nearest-penny rounding of that supplied amount gives £0.19 where the baseline calculation gives £0.20. A regression covers this collision.
• The float64 LISA recomputation now applies the active variable's defined_for mask through Core's entity mapping. It keeps the stored result outside the mask. Regressions cover mixed masked/counted people across all six means tests and UC eligibility at the £16,000 capital limit. Commit dbc0c587f calculates the Lifetime ISA mask before its high-precision recomputation. It runs the formula only when at least one person applies and keeps Core's stored value outside the mask. The regression makes lifetime_isa_balance raise when a reform masks everyone and checks capital for all six programmes against a run without a Lifetime ISA.
• The capital property suite now generates cash_isa as well as savings. Its cash-only property checks their sum at face value. Direct source lookup still exposes a source omitted by the oracle as a KeyError; cash ISAs stay outside both the sale-expense and secured-debt mappings.
• All six lists name Itemise corporate_wealth's share-like components for the means tests #1974's share_like_capital as the sale-expense source, and corporate_wealth stays its backing household input. UC company-holding deductions use HOLDINGS_SOURCE consistently, including pool and reported-capital budgets read through exact_amount. Property oracles map the renamed source to the backing input.
• UC's existing property route shares the same sale-expense rate. Regulation 77 removes a disregarded holding at its counted value, while company capital substituted under reg 77(2) stays outside the sale-expense helper. Recorded financial totals and complete reported-capital overrides keep their existing distinct meanings.
• Three household inputs hold the debt secured on other residential property, non-residential property and land. Retain property in UC capital alongside financial reports #2447 put the first two on main; this PR adds owned_land_secured_debt and deducts all three in every programme that counts the asset. UC counts no land, so the land input changes the five legacy means tests only. Each defaults to zero, and uprating_indices.yaml lists each once.
• CTR schemes using UC capital inherit its valuation. National schemes testing only savings retain that scope.

Which sources take the 10%

Source	Deduction	Basis / limitation
Savings and cash ISAs	None	Account balance / withdrawal value; incidental withdrawal costs are not sale costs (ADM H1675, H1607).
Land and other residential/non-residential property	10%	Real property has sale costs (H1606); supplied property values are gross.
share_like_capital	10%	Direct shares have sale costs (H1665). The aggregate can also include unit trusts and stocks-and-shares ISAs, whose legal treatment differs (H1674, H1656). The parameter descriptions state this limit, and the data need a source split.

Review responses and integration

Finding	Response
v6: LISA half pennies lost on the float32 round-trip	Compute the baseline surrender value in float64 and round each person's value under the programme's rule. Widen the whole-penny property beyond multiples of 4p and cover UC boundaries, explicit inputs and equal-float32 provenance collisions.
v6: Incorrect claimant-favourable claim for large float32 values	Correct the documentation and test commentary: ambiguous pennies from £131,072 can produce a penny either way after valuation; plain amounts from £262,144 have the same issue.
v6: Float32 cast outside errstate	Put the cast inside the overflow/underflow/invalid guard.
v7: Baseline LISA recomputation bypassed defined_for	Apply the active mask to the float64 result and keep Core's stored result outside it (696ae34ad). Add mixed-person and UC-limit regressions. The v8 follow-up below also preserves Core's all-masked short circuit.
v7: Property generator omitted main's new cash_isa source	Generate cash ISAs, count them at face value, and check savings plus cash ISAs in the cash-only property (b168dc509). Keep direct lookup and existing tolerances.
v8: all-masked LISA recomputation evaluated unused dependencies (P2)	dbc0c587f evaluates the mask first and runs the formula only when someone applies. The new raising-dependency regression checks all six programmes.
v9: no finding (APPROVE at dbc0c587f)	No change.
CI at dbc0c587f: main's new test_isa_balances.py expected a stocks-and-shares ISA at full value in UC capital	fc066bd31 expects UC's sale-expense deduction on it: the ISA reaches capital through share_like_capital, which UC values less 10% until the data separate ISAs from shares. #2131 then values itemised ISAs without the 10%.
v10: no P1 or P2 on this PR; one optional nit in the edited test	Optional: read the rate at the instant the formula uses. v10 also records one defect already on main (below) for a separate issue.

• 646743859 merges main at 41fa5ddb5. The supplied-input registry retains both this PR's LISA entry and main's monthly_domestic_energy_consumption entry.
• d5c2a57e8 ports Add overseas and other real estate as property components, and count UK land once in household land #2688's company-capital conservation oracle correction from 1193614a6. The file matches that source revision byte for byte and keeps main's claimant/partner roles. The oracle reflects stored-input precision, holdings-budget scaling, separately rounded valuations and company capital, and the sum of rounded benefit units. The pinned example yields £25.28 + £25.28 = £50.56. The port changes no production code or tolerance. All seven company-owner properties passed in v7's CI.
• 5efb62cef merges main at 2d437ebba. Of 3,660 paths, only policyengine_uk/data/uprating_indices.yaml changed on both sides since 41fa5ddb, and the merge commit's combined diff shows no hand-resolved hunk in it. The merged file keeps main's new cash_isa_balance and stocks_and_shares_isa_balance, drops main's duplicate cash_isa and stocks_and_shares_isa entries, and keeps all three secured-debt inputs. It lists each of its 124 variables once, under 14 distinct indices. The merge keeps every one-sided change: 59 files from this branch and 123 from main.
• fc066bd31 changes only test_isa_balances.py. Main's Model the ISA subscription limits, with per-person ISA subscriptions and balances #2712 (issue Model ISA subscription limits and per-person cash and stocks-and-shares ISA subscriptions #2710) added the test; the edit makes it expect UC capital of (1,000 + 3,000 + 2,000 × (1 − rate)) × growth, which is £5,800 × 1.07224 = £6,218.99 in 2027. It reads the rate from the parameters. The test still checks first that the stored household totals grow with savings.
• Main's other changes since 41fa5ddb leave the valuation alone. Model the ISA subscription limits, with per-person ISA subscriptions and balances #2712 changes how cash_isa and stocks_and_shares_isa read their values but not which sources the means tests count, and its subscription limits move no balance. Update the economic assumptions to the October 2026 EFO #2717 changes growth rates, not sources or deductions. Compare property allowance routes on only the households with a choice #2732's household subsets slice every stored array and _model_values to the kept households, and its tests, which cover the ancestor walk that supplied_input uses, pass here. Make Pension Credit and pension-age HB projections safe under reforms #2092, Limit Housing Benefit childcare to qualifying charges and earnings residuals #2229 and Build the module-release test's systems with automatic GC off #2716 touch no capital code.
• 30d48c01b merges main at 2da212abc. Only uprating_indices.yaml conflicted. The merged file keeps main's move of other_investment_income, savings_interest_income and non_cash_isa_cash_interest to per_capita.savings_income and main's new company-car and income_not_otherwise_charged entries. It adds owned_land_secured_debt under per_capita.gdp, next to owned_land, and lists each of its 128 variables once, under 15 indices. Against main's file, the only added line is owned_land_secured_debt.
• Main's Keep Tax-Free Childcare over a smaller UC award, and take no deductions from awards only a reform creates #2754 lets a family give up a UC award worth less than its Tax-Free Childcare top-up. A London lone parent earning £44,000, with £10,000 of childcare and £17,000 of corporate_wealth, had £588.70 of UC and no top-up on this PR's old base, £1,411.30 worse off. At the merge the family counts £15,300 of capital, gives up the award and takes the £2,000 top-up. In eight cases, UC, Tax-Free Childcare and Scottish Child Payment together never fall below main at the merge.
• 3a3241cf6 corrects the owned_land_secured_debt documentation, which named UC. It changes no calculation.
• The review covered 30d48c01b54532603c0fad233a30935adab9280c, and that documentation commit follows it.

Validation

An independent Opus 5.5 review of the merge and a separate run of the changed tests covered 30d48c01b, one file at a time. Every test that finished passed.

Check at 30d48c01b	Result
test_capital_valuation_properties.py	18 passed
test_capital_share_components.py	14 passed
test_uc_property_capital.py and test_uc_property_capital_mock.py	91 passed
test_uc_company_owner_properties.py and test_uc_company_override_properties.py	18 passed
test_lifetime_isa_capital.py and lifetime_isa_capital.yaml	3 passed, 24 cases passed
test_uc_tax_free_childcare_choice.py and the two Tax-Free Childcare YAML files	20 passed, 12 cases passed
test_input_records.py	11 passed
test_projection_horizon.py	14 passed
test_fiscal_partition.py and test_aggregate_impact_partition.py	43 and 11 passed
HB accommodation disregard YAML file	50 cases passed

Three files hit local time caps under host load before finishing: test_household_subset.py, test_housing_benefit_accommodation_dates.py and the pair test_isa_accounting.py and test_wealth_components.py. None of those that ran failed, and CI ran them all at 3a3241cf6 and passed.

An earlier independent review (v10, Opus 5.5) ran these checks against fc066bd318f2e059623ab30df56985e3605e24d0, one file at a time. Every unmutated test passed.

Check	Result
test_isa_balances.py	2 passed
test_wealth_components.py	3 passed
test_capital_valuation_properties.py	18 passed
test_lifetime_isa_capital.py	3 passed
test_household_subset.py (main's #2732)	9 passed
17 YAML files that git grep -l finds naming cash_isa, stocks_and_shares_isa, share_like_capital or corporate_wealth	210 cases passed
lifetime_isa_capital.yaml	24 cases passed
Six-programme ISA probes on small in-memory datasets	165 of 176 checks match; the other 11 fail identically on main (below)
Head against main on the same 176 checks	head never exceeds main; main − head equals 10% of share_like_capital to within 2.8p of penny rounding

The probes cover UC, HB, PC, IS, income-based JSA and income-related ESA in 2025, 2027, 2032 and 2033. They use four kinds of data: stored household ISA totals, person balances, person balances with a Lifetime ISA, and corporate_wealth that already holds the ISA. Each programme counts savings and cash ISAs in full, takes 10% off share_like_capital, and counts a Lifetime ISA once, through valued_person_capital. No source counts twice.

The review ran four scratch mutations on the edited test, made each in place, and restored it byte for byte, checking SHA-256 before and after:

• Dropping the stocks-and-shares ISA from share_like_capital failed it at £4,288.96 (£4,000 × growth).
• Taking the 10% twice failed it at £6,025.99 (£5,620 × growth).
• Removing share_like_capital from UC's sale-expense sources failed it at £6,433.44 (£6,000 × growth).
• A nil sale-expense rate passed it, because the test reads the rate, but capital_valuation.yaml failed 8 cases.

cash_isa and stocks_and_shares_isa sum person balances through adds, so after the 2032 projection horizon main loses both on a dataset that stores only the household totals, and this PR leaves that as it stands. In the 2033 probe, main and this PR both count £1,310.81 of UC capital, the savings alone, where the stored totals give £7,602.69. policyengine-uk-data's Enhanced FRS writes neither total, but Microcosm's UK exports store both, so their runs for 2033 and later lose them. #2740 tracks it: #2712 replaced the totals' uprating attribute with adds.

The review ran model commands one at a time under a 4 GB and 1,500-second cap, ran mutations under 2 GB, and loaded no survey data.

CI at 3a3241cf6 passed: both required checks, all six Python shards and the YAML job.

Impact on the certified data

The aggregate-impact comment, updated at 2026-10-31T14:10:13Z, compares main 2da212abc with 2eb144a64, which merges 3a3241cf6 into that main. The workflow run reports 3a3241cf6 as its head, and both sides use enhanced_frs_2024_25.h5 (policyengine-uk-data 1.58.1). The job passed: no check broke, sign:vat fails on both sides, and none got fixed.

Change	2025-26	2026-27	2027-28	2028-29	2029-30	2030-31	2031-32
Universal Credit	+£222.8m	+£324.3m	+£543.0m	+£1.26bn	+£1.53bn	+£1.08bn	+£1.09bn
Universal Credit caseload	+12.5k	+35.0k	+51.0k	+91.4k	+96.8k	+73.8k	+69.3k
Housing Benefit	+£0.9m	+£0.3m	+£0.4m	+£2.8m	+£19.9m	+£42.6m	+£16.1m
Pension Credit	+£1.0m	+£1.0m	+£1.1m	+£1.0m	+£0.9m	+£0.8m	+£0.7m
ESA (income-related)	+£0.4m	+£0.4m	+£0.4m	+£2.6m	+£0.4m	+£0.4m	+£0.5m
JSA (income-based)	+£13,640	0	0	0	0	0	0
Income Support	+£43,929	0	0	0	0	0	0
Council Tax Reduction	+£0.8m	+£0.8m	+£0.3m	+£0.3m	+£1.0m	−£55,441	−£51,533
Scottish Child Payment	+£0.3m	0	0	0	+£6.0m	+£11.0m	+£24.1m
Tax-Free Childcare	−£0.6m	−£1.4m	−£0.7m	0	−£10.2m	−£11.2m	−£1.7m
Targeted childcare entitlement	0	0	0	0	0	0	+£7.0m
Household net income †	+£225.7m	+£325.6m	+£544.7m	+£1.27bn	+£1.55bn	+£1.13bn	+£1.14bn
Government balance †	−£225.7m	−£325.6m	−£545.2m	−£1.27bn	−£1.55bn	−£1.13bn	−£1.14bn
Absolute poverty AHC, children	−0.01pp	−0.17pp	−0.21pp	−0.27pp	−0.28pp	−0.09pp	−0.35pp

† The report rebuilds these totals without the suppressed Disabled Students' Allowance figure.

The model now assesses less capital, so it pays the same or more of each of the six benefits in every year. The report shows 0.0% of people losing over £1 in every year, and every base-run decile gains or holds. The moves the other way follow from higher awards:

• Council Tax Reduction counts the UC award as income in the default-scheme formula (council_tax_reduction/_legacy.py:50-53), so a larger award lowers it.
• Tax-Free Childcare excludes any family with universal_credit_pre_benefit_cap above nil (tax_free_childcare_program_eligible.py; disqualifying_benefits.yaml), unless the family gives up a smaller award through forgoes_universal_credit_for_tax_free_childcare.
• The TV licence fee falls by £0.1m to £0.3m a year: a household with someone aged 75 or over on Pension Credit gets a free licence (tv_licence_free_licence_share.py).
• VAT on private school fees moves both ways, from −£1.6m to +£2.0m, because attendance ranks households by net income including benefits (attends_private_school.py).
• Relative poverty rises in a few cells, such as +0.14pp for children before housing costs in 2030-31, because each run sets its line at 60% of its own median. Absolute poverty falls or holds in every cell.
• The report's own-decile means move both ways as households change deciles.

The targeted childcare entitlement moves only in 2031-32: a UC award above nil gives a family one route to it (meets_universal_credit_criteria_for_targeted_childcare_entitlement.py).

share_like_capital can also hold unit trusts and stocks-and-shares ISAs, so these aggregates take 10% off some sources whose legal treatment differs.

Coordination

• This PR incorporates Itemise corporate_wealth's share-like components for the means tests #1974's source rename. Keep share_like_capital in programme lists and retain corporate_wealth only as the backing input or an explanation of it.
• Add overseas and other real estate as property components, and count UK land once in household land #2688 targets main and lands after this PR. This PR ports only Add overseas and other real estate as property components, and count UK land once in household land #2688's company-capital rounding oracle correction (1193614a6).
• Stop counting interest, dividends and rent as Universal Credit unearned income #1950's capital-income cases and Model Universal Credit reg 77 for owner-managers of a company #1965's company-substitution rules remain integrated with valued capital.
• Later PRs should split direct shares, funds, ISAs and pension wealth in the data; export secured property debt; extend national CTR capital scope; review omitted UC land; and add independent rulespec capital valuation rather than feeding model capital into the oracle.

axiom: TheAxiomFoundation/rulespec-uk#395 queued

• rulespec-uk's pinned signed corpus holds none of these valuation provisions yet. The queued issue carries the legal text, ingestion path and hand-computed companion cases, and the encoder can't run on them until someone ingests them.

🤖 Generated with Claude Code

[MaxGhenis]

Coordination note from #1950 (UC capital income). If this PR lands after #1950, please update the "reg 49 is #1960" notes #1950 adds:

• in uc_income_from_capital.yaml, the header and both let-property cases (GB and NI);
• in uc_unearned_income.yaml, the savings-0 let-property case.

Those cases enter £10,000 of property as capital. At 90% that is 12 tariff steps, not 16, so either update the expected values or restate the input as a property value of £11,111.11. If #1950 lands second, I'll do it on rebase. #1950's merge is waiting on a decision from Max (over the £1bn/yr line).

🤖 Generated with Claude Code

[MaxGhenis]

#1950 merged (770bc06), so this PR is second. Please update the "reg 49 is #1960" notes:

• in uc_income_from_capital.yaml, the header and the GB and NI let-property cases;
• in uc_unearned_income.yaml, the savings-0 let-property case.

At 90% valuation, £10,000 of property is 12 tariff steps, not 16, so either update the expected values or enter £11,111.11.

🤖 Generated with Claude Code

[MaxGhenis]

Stacked follow-up: #2131 lists only directly_held_shares and unitemised_corporate_wealth as share-like sources with sale expenses, so unit and investment trusts (ADM H1673-H1674) and stocks and shares ISAs (ADM H1656) count at full value. It builds on this branch's head 22274ca and includes #1974, which itemises corporate_wealth in the six capital lists. Datasets that don't itemise keep this PR's flat treatment exactly.

🤖 Generated with Claude Code

[vahid-ahmadi]

Thanks Max. Reviewed at head 22274cad.

The law is right in every programme. I re-fetched each provision from legislation.gov.uk:

• UC Regs 2013 reg 49(1): "Capital is to be calculated at its current market value or surrender value less— (a) where there would be expenses attributable to sale, 10%; and (b) the amount of any encumbrances secured on it."

• The same rule appears, in older wording ("10 per cent", "encumbrance/incumbrance"), in:

  • SPC Regs 2002 reg 19;
  • HB Regs 2006 reg 47 and HB (SPC) Regs 2006 reg 45;
  • IS Regs 1987 reg 49;
  • JSA Regs 1996 reg 111;
  • ESA Regs 2008 reg 113.

  The regulation numbers are right (JSA 111 and ESA 113).

• CTR Prescribed Requirements SI 2012/2885 Sch 1 para 32 has the same 10% rule for pension-age CTR.

• SPC Sch V has no disregard that touches share, unit trust or ISA valuation. Para 9 is business assets only.

The helper follows the guidance. valued_capital takes the 10% off gross value before the debt (ADM H1608) and floors each encumbered source on its own (H1615-H1616).

Probes all match hand arithmetic:

• savings £5,000 + corporate_wealth £12,000 gives £15,800 for UC, HB and IS, and £15,800 for PC at 70 (main: £17,000);
• a £100,000 second home with £95,000 debt plus £3,000 savings gives £3,000;
• a second home of £20,000 with £25,000 debt plus premises of £10,000 gives £9,000.

Tests:

• At the head: properties, PC reported capital and stock periods, 9 passed. DWP, family and CTR YAML, 967 passed.
• Merged into current main b5b09231 (the merge is clean; the branch is 280 commits behind): the same YAML set, 1,274 passed. But two of the new property tests fail; see finding 1. The green CI is from the stale merge ref.

Findings:

1. Blocking (rebase). On main + this branch, test_valuation_matches_the_regulation_and_never_adds_capital and test_cash_only_households_have_no_deduction fail (2 failed, 8 passed). The valuation isn't the problem; the test's oracle is out of date.

   • Main now sets HB capital to nil for anyone on UC, IS, income-based JSA or income-related ESA (HB Regs Sch 6 para 5, housing_benefit_on_passporting_benefit). It also switches the pension-age rules on housing_benefit_pension_age_regulations_apply rather than age 67.
   • So a working-age single person with £2,441.62 of cash now has HB capital of nil (on main too), while applies() at tests/test_capital_valuation_properties.py:127 still expects their savings.
   • I reproduced the cash-only failure directly. The other failing test uses the same applies() predicate, so it is most likely the same cause.
   • Fix: rebase and key the pension-age branch on housing_benefit_pension_age_regulations_apply. Then either skip units where housing_benefit_on_passporting_benefit is true, or give the generated units enough earnings to stay off UC. Skipping alone would hollow out the working-age HB branch, because the strategy's no-income singles are nearly all on UC.

2. Blocking (merge order with #1974). Git merges this branch and #1974 cleanly, but together they undo this PR:

   • #1974 takes corporate_wealth out of every capital.sources list, while this PR's sale_expenses.sources still names it. So the 10% on shares silently stops.
   • On a 1969 + 1974 tree, the probe above goes back to £17,000. Seven YAML cases fail: 3 in capital_valuation.yaml, and 2 each in the IS and ESA capital files.
   • #2131 fixes this. So either merge #1974 first and then this PR and #2131 together, or merge this PR and then #2131 retargeted to main (it carries #1974).
   • A cheap guard in tests/test_capital_valuation_properties.py: assert set(sale_expenses.sources) <= set(capital.sources) for each programme. The existing check at line 160 intersects both sides with counted, so it can't see a stale name.

3. Should fix (body, disclosure). In "A few records carry each figure", the UC, PC and HB bullets, and the poverty bullet, attribute most of each year's change to one or a handful of records, with percentages and counts. Read against the impact table, that is effectively a record-level weighted amount. Keep the caveat ("driven by a handful of records; not an estimate") and drop the percentages, record counts and the median gain.

4. Nit. parameters/gov/dwp/income_support/means_test/capital/sale_expenses/rate.yaml:9. This starts on 2010-01-01, to match sources. IS reg 49 has applied the 10% since 11.4.1988. Add a sentence saying the date follows the sources list, as the HB and PC files already explain their own dates.

5. Nit. utils/capital_valuation.py:18-19. Netting debt across assets within a category is documented. H1616 actually allows it where one debt is secured on several assets. You could cite that, so the approximation reads as partly lawful rather than purely a data limitation.

6. Coordination with #1965. Merged with #1965 there is no textual conflict, but the holding comes off at 100% while it is counted at 90%: savings £5,000 + a £10,000 holding gives £4,000 instead of £5,000. I've put the fix on #1965, since it rebases second.

[MaxGhenis]

Merge-order note from #1974's owner. #1974 (head 6600477, main a8b2848 merged) is being finished for the Budget cut. If it lands first, this PR's next merge of main needs the following, or the 10% sale-expense deduction silently stops applying to shares.

#1974 renames the share-like source in all six capital sources lists from corporate_wealth to share_like_capital. That variable is corporate_wealth as supplied, or its itemised components where they exceed it beyond float32 rounding. On every released dataset it equals corporate_wealth exactly.

Rename in this PR. valued_capital applies the 10% only to a source listed in sale_expenses.sources, so these must change:

• All six sale_expenses/sources.yaml: corporate_wealth becomes share_like_capital.
• Three hardcoded counted_share(p.sale_expenses, "corporate_wealth") calls, in uc_assessable_capital.py, household_uc_pool_company_holdings.py and household_uc_reported_financial_capital.py. Import HOLDINGS_SOURCE from household_uc_company_holding_pool_scale and pass it instead.
• The exact_amount(person.household("corporate_wealth", period)) budgets, in the pool and reported-capital files. Itemise corporate_wealth's share-like components for the means tests #1974 already points main's versions of these lines at HOLDINGS_SOURCE (= "share_like_capital"), so take Itemise corporate_wealth's share-like components for the means tests #1974's side and keep exact_amount around it.

Tests.

• Itemise corporate_wealth's share-like components for the means tests #1974's test_lists_name_share_like_capital_only now also checks any sale_expenses list that exists, and fails if corporate_wealth is still listed there.
• This PR's property oracles that read unit["assets"][source] will raise KeyError: 'share_like_capital'. Map share_like_capital to the household's corporate_wealth.
• Itemise corporate_wealth's share-like components for the means tests #1974's test_components_alone_are_counted expects UC capital of £13,000. Under reg 49 it becomes £1,000 + 90% of £12,000 = £11,800.

If this PR lands first instead, #1974 does the same reconciliation when it merges main. #2131 is then rebuilt on whichever head results.

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[MaxGhenis]

UK hub: adopting this PR to finish it. Its owner session (CLI 8279ead2) stopped on 25 Oct at 00:02Z, after a weekly-limit stop, and can't be reached. Its last plan was to push, refresh the impact from CI and hand the PR to the hub.

What the owner left. None of it was pushed. On 27 Oct at 19:50Z the hub took a snapshot of the work; the owner's worktree is untouched.

• acafa19f9 merges main as of 24 Oct, Itemise corporate_wealth's share-like components for the means tests #1974's share_like_capital rename included.
• 812354085 values each Lifetime ISA to the penny in float64 under each programme's rule. It closes the three findings of the last independent review (v6, REQUEST_CHANGES at 9b9ef66).
• Uncommitted edits to three files keep a LISA value given as an input as given.

Next. A Subfleet build commits those edits and merges current main. It also ports #2688's oracle correction (1193614), which this PR needs once main's couple-role change lands. It then reruns the capital, company and property suites and pushes fast-forward to this branch. After that, an independent review of the delta from 9b9ef66 runs, and the PR lands on the usual gates. #2131, #2688 and #1995 follow it.

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[MaxGhenis]

UK hub: pushed d5c2a57, a fast-forward from 9b9ef66. These are the owner's two unpushed commits plus three from the hub's adoption build:

• acafa19f9 (owner): merges main as of 24 Oct, Itemise corporate_wealth's share-like components for the means tests #1974's share_like_capital rename included.
• 812354085 (owner): values each Lifetime ISA in float64 under each programme's rounding rule, closing the v6 review's three findings.
• a677cb348: keeps a supplied or reformed LISA value as given.
  • The owner's uncommitted edit told a supplied value from a computed one by float32 equality. That can't work: a £87,381.34 balance and a supplied £65,536.01 both store as 65,536.0078125.
  • This commit recomputes in float64 only when the baseline formula is active and no input was supplied for the period. It uses the existing supplied_input tracking.
• 646743859: merges main at 41fa5dd. The one conflict was a registry entry in utils/supplied_inputs.py, and both sides are kept.
• d5c2a57e8: ports Add overseas and other real estate as property components, and count UK land once in household land #2688's company-capital conservation oracle fix (1193614), which this PR needs once main's couple-role change is in. That one test file is byte-identical to the source commit, and no tolerance or production code changed.

Validation so far:

• Locally: the capital valuation YAML passed 26 of 26 cases and the focused property selection 8 of 8. The Itemise corporate_wealth's share-like components for the means tests #1974 rename audit is clean.
• On a loaded host, the company-owner property file passed its 45-minute local cap with 4 of 7 nodes passed and no failure. So the full suites run here in CI.
• An independent review (v7) of the delta since 9b9ef66 is running. It covers the provenance logic and three mutation checks, and decides whether this lands.

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[MaxGhenis]

Pushed dbc0c587f, which fixes the one P2 from the v8 review (GPT-6.1 Sol, REQUEST_CHANGES at 696ae34ad).

• What was wrong: Core works out a variable's defined_for mask first. When the mask applies to nobody, Core stores the default and runs no formula. The exact float64 Lifetime ISA valuation ran the formula before masking. So under a reform that masks everyone, it calculated dependencies Core never needs, and it could raise where Core returns zero.
• The fix: the valuation now works out the mask first and skips the formula when nobody is applicable. Outside the mask it still keeps the stored value.
• The regression: test_a_lifetime_isa_masked_for_everyone_runs_no_formula gives the balance a formula that raises, then checks every programme's capital against a run with no LISA. With the helper at 696ae34ad the test fails ("A masked Lifetime ISA balance was calculated"). With the fix it passes.

Local runs, each under a 4 GB RSS cap at -n 0:

Check	Result
test_capital_valuation_properties.py + test_lifetime_isa_capital.py	21 passed
capital_valuation.yaml	26 passed
lifetime_isa_capital.yaml	24 passed
ruff format, ruff check	clean

Next: a v9 delta review (GPT-6.1 Sol) reruns v8's nine mask probes and its provenance probe at this head, runs three mutations, and drafts the final body.

Merging waits: on 28 October Vahid asked for no automatic agent merging, and the hub holds every merge until that is resolved.

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[MaxGhenis]

UK hub: merged main and fixed one test it brought in. Head fc066bd31.

CI at dbc0c587f failed one test that came from main, not from this branch: test_isa_balances.py::test_stored_household_totals_without_person_balances_project_with_savings, from #2710 (3d5e7cc). It expected Universal Credit capital of £6,433.44 and got £6,218.99.

Why: the test counts £1,000 savings, a £3,000 cash ISA and a £2,000 stocks-and-shares ISA, all projected by the same growth (1.07224 in 2027). This PR values share_like_capital, which carries the stocks-and-shares ISA, less UC's 10% sale-expense rate, as sale_expenses/sources.yaml says, until the data separate ISAs from shares. So capital is (1,000 + 3,000 + 0.9 × 2,000) × 1.07224 = £6,218.99, not 6,000 × 1.07224. #2131 then values itemised ISAs without the 10%.

Commits:

• 5efb62cef merges main through 2d437eb, with no conflicts;
• fc066bd31 makes the test expect the deduction, reading the rate from the parameters.

Local runs on the merged tree:

• The test failed before the edit with the same £6,218.99 that CI got.
• After the edit:
  • test_isa_balances.py: 2 passed;
  • test_wealth_components.py: 3 passed;
  • test_capital_valuation_properties.py: 18 passed;
  • test_lifetime_isa_capital.py: 3 passed.
• YAML: capital_valuation 26, cash_isa_capital 8, lifetime_isa_capital 24 and isa_balances 2, all passed.
• Ruff format and check passed.

A delta review is running. The merge into main is still on hold under the team's no-automatic-merge request.

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