@barryb – it’s the same principle as for capital held in a non-UK bank to which there is no access – I’m thinking of South African accounts (I think) during the apartheid sanctions period, where SA nationals couldn’t take money out of the country. We’d not even think about excluding that as capital as it was clearly not available. So there’s nothing in the Regs about it because there doesn’t need to be. But I’d say that it’s not because it’s disregarded (as that only applies to capital listed in Sch6) as that the practical value is nil (and there is therefore nothing to disregard) because it is inaccessible.
