diff --git a/changelog.d/uc-capital-sale-expenses.fixed.md b/changelog.d/uc-capital-sale-expenses.fixed.md
new file mode 100644
index 0000000000..6b926ace41
--- /dev/null
+++ b/changelog.d/uc-capital-sale-expenses.fixed.md
@@ -0,0 +1 @@
+Value Universal Credit, Housing Benefit, Income Support, income-based JSA, income-related ESA and Pension Credit capital at market value less 10% where a sale would incur expenses and less any debt secured on the asset, as UC Regs 2013 reg. 49(1) and its legacy equivalents require. The 10% applies to land, property and corporate_wealth, not to cash savings; corporate_wealth also holds unit trusts, which have no costs of sale, and in datasets built before the private pension split it holds pension wealth, so the deduction reaches those too until the data separate them. Adds secured-debt inputs for other residential property, non-residential property and land.
diff --git a/policyengine_uk/data/uprating_indices.yaml b/policyengine_uk/data/uprating_indices.yaml
index 7cebef7f9a..1cd53488bb 100644
--- a/policyengine_uk/data/uprating_indices.yaml
+++ b/policyengine_uk/data/uprating_indices.yaml
@@ -104,10 +104,13 @@ gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 - miscellaneous_income
 - mortgage_capital_repayment
 - net_financial_wealth
+- non_residential_property_secured_debt
 - non_residential_property_value
 - other_investment_income
+- other_residential_property_secured_debt
 - other_residential_property_value
 - owned_land
+- owned_land_secured_debt
 # A formula of benunit_reported_capital; listed so a dataset that stores it
 # directly is uprated like the input.
 - pension_credit_reported_capital
diff --git a/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sale_expenses/rate.yaml b/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sale_expenses/rate.yaml
new file mode 100644
index 0000000000..e360c3ff9a
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sale_expenses/rate.yaml
@@ -0,0 +1,18 @@
+description: >
+  Share of the current market or surrender value deducted from income-related
+  ESA capital where there would be expenses attributable to sale. It is a flat
+  10% whatever the actual costs, taken from the gross value before any
+  encumbrance secured on the asset is deducted.
+values:
+  2008-10-27: 0.1
+metadata:
+  label: Income-related ESA capital sale expense deduction
+  period: year
+  unit: /1
+  reference:
+    - title: Employment and Support Allowance Regulations 2008 reg. 113(a)
+      href: https://www.legislation.gov.uk/uksi/2008/794/regulation/113
+    - title: Employment and Support Allowance Regulations (Northern Ireland) 2008 reg. 113(a)
+      href: https://www.legislation.gov.uk/nisr/2008/280/regulation/113
+    - title: Decision Makers' Guide chapter 52, para. 52624
+      href: https://assets.publishing.service.gov.uk/media/69d8f30ad3e08b8871b665ac/dmg-Ch-52.pdf#page=116
diff --git a/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sale_expenses/sources.yaml b/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sale_expenses/sources.yaml
new file mode 100644
index 0000000000..40f6f3fb9a
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/ESA/income/capital/sale_expenses/sources.yaml
@@ -0,0 +1,39 @@
+description: >
+  Capital sources whose sale would incur expenses, so that income-related ESA
+  values them at 90% of market value. Costs of sale normally arise where an
+  agent, broker, auctioneer, solicitor or accountant is needed, and real
+  property always has them (DMG 52622), so `owned_land`,
+  `other_residential_property_value` and `non_residential_property_value` are
+  listed. `savings` is not listed: a bank or building society account is
+  valued at its balance, and the costs of withdrawing money are not costs of
+  sale (DMG 52620-52623 and 52685). `corporate_wealth` is listed because
+  shares are valued less 10% for the costs of selling them (DMG 52671).
+  It is a mixed variable, though: it also holds unit trusts, which have no
+  costs of sale (DMG 52681), stocks and shares ISAs and employee share
+  options, and datasets built before private pension wealth was split out also
+  fold non-defined-benefit pension wealth into it, which is not capital at
+  all. The deduction reaches all of these until the data separate them.
+  Sources not counted as income-related ESA capital are ignored.
+metadata:
+  label: Income-related ESA capital sources with sale expenses
+  period: year
+  unit: list
+  reference:
+    - title: Employment and Support Allowance Regulations 2008 reg. 113(a)
+      href: https://www.legislation.gov.uk/uksi/2008/794/regulation/113
+    - title: Employment and Support Allowance Regulations (Northern Ireland) 2008 reg. 113(a)
+      href: https://www.legislation.gov.uk/nisr/2008/280/regulation/113
+    - title: Decision Makers' Guide chapter 52, paras. 52620-52622
+      href: https://assets.publishing.service.gov.uk/media/69d8f30ad3e08b8871b665ac/dmg-Ch-52.pdf#page=115
+    - title: Decision Makers' Guide chapter 52, para. 52623
+      href: https://assets.publishing.service.gov.uk/media/69d8f30ad3e08b8871b665ac/dmg-Ch-52.pdf#page=116
+    - title: Decision Makers' Guide chapter 52, para. 52671
+      href: https://assets.publishing.service.gov.uk/media/69d8f30ad3e08b8871b665ac/dmg-Ch-52.pdf#page=126
+    - title: Decision Makers' Guide chapter 52, paras. 52681 and 52685
+      href: https://assets.publishing.service.gov.uk/media/69d8f30ad3e08b8871b665ac/dmg-Ch-52.pdf#page=128
+values:
+  2008-10-27:
+    - owned_land
+    - other_residential_property_value
+    - non_residential_property_value
+    - corporate_wealth
diff --git a/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sale_expenses/rate.yaml b/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sale_expenses/rate.yaml
new file mode 100644
index 0000000000..e67f83c653
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sale_expenses/rate.yaml
@@ -0,0 +1,21 @@
+description: >
+  Share of the current market or surrender value deducted from income-based
+  JSA capital where there would be expenses attributable to sale. It is a flat
+  10% whatever the actual costs, taken from the gross value before any
+  encumbrance secured on the asset is deducted. Before 1 October 2007 the same
+  deduction sat in reg. 111(a)(i) alongside a separate valuation for National
+  Savings Certificates; SI 2007/2618 substituted the regulation in its current
+  form.
+values:
+  1996-10-07: 0.1
+metadata:
+  label: Income-based JSA capital sale expense deduction
+  period: year
+  unit: /1
+  reference:
+    - title: Jobseeker's Allowance Regulations 1996 reg. 111(a)
+      href: https://www.legislation.gov.uk/uksi/1996/207/regulation/111
+    - title: Jobseeker's Allowance Regulations (Northern Ireland) 1996 reg. 111(a), as substituted by S.R. 2007/396 reg. 7(11)
+      href: https://www.legislation.gov.uk/nisr/2007/396/regulation/7
+    - title: Decision Makers' Guide chapter 29, para. 29624
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=125
diff --git a/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sale_expenses/sources.yaml b/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sale_expenses/sources.yaml
new file mode 100644
index 0000000000..538833841b
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/JSA/income/capital/sale_expenses/sources.yaml
@@ -0,0 +1,37 @@
+description: >
+  Capital sources whose sale would incur expenses, so that income-based JSA
+  values them at 90% of market value. Costs of sale normally arise where an
+  agent, broker, auctioneer, solicitor or accountant is needed, and real
+  property always has them (DMG 29622), so `owned_land`,
+  `other_residential_property_value` and `non_residential_property_value` are
+  listed. `savings` is not listed: a bank or building society account is
+  valued at its balance, and the costs of withdrawing money are not costs of
+  sale (DMG 29620-29623 and 29685). `corporate_wealth` is listed because
+  shares are valued less 10% for the costs of selling them (DMG 29671). It is
+  a mixed variable, though: it also holds unit trusts, which have no costs of
+  sale (DMG 29681), stocks and shares ISAs and employee share options, and
+  datasets built before private pension wealth was split out also fold non-
+  defined-benefit pension wealth into it, which is not capital at all. The
+  deduction reaches all of these until the data separate them. Sources not
+  counted as income-based JSA capital are ignored.
+metadata:
+  label: Income-based JSA capital sources with sale expenses
+  period: year
+  unit: list
+  reference:
+    - title: Jobseeker's Allowance Regulations 1996 reg. 111(a)
+      href: https://www.legislation.gov.uk/uksi/1996/207/regulation/111
+    - title: Jobseeker's Allowance Regulations (Northern Ireland) 1996 reg. 111(a), as substituted by S.R. 2007/396 reg. 7(11)
+      href: https://www.legislation.gov.uk/nisr/2007/396/regulation/7
+    - title: Decision Makers' Guide chapter 29, paras. 29620-29623
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=124
+    - title: Decision Makers' Guide chapter 29, para. 29671
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=137
+    - title: Decision Makers' Guide chapter 29, paras. 29681 and 29685
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=139
+values:
+  1996-10-07:
+    - owned_land
+    - other_residential_property_value
+    - non_residential_property_value
+    - corporate_wealth
diff --git a/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sale_expenses/rate.yaml b/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sale_expenses/rate.yaml
new file mode 100644
index 0000000000..45b58092df
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sale_expenses/rate.yaml
@@ -0,0 +1,27 @@
+description: >
+  Share of the current market or surrender value deducted from Housing Benefit
+  capital where there would be expenses attributable to sale. It is a flat 10%
+  whatever the actual costs, taken from the gross value before any encumbrance
+  secured on the asset is deducted. Before 1 October 2007 the same deduction
+  sat in reg. 47(a)(i) (reg. 45(a)(i) at pension age) alongside a separate
+  valuation for National Savings Certificates; SI 2007/2618 substituted the
+  regulation in its current form.
+values:
+  2006-04-10: 0.1
+metadata:
+  label: Housing Benefit capital sale expense deduction
+  period: year
+  unit: /1
+  reference:
+    - title: The Housing Benefit Regulations 2006 reg. 47(a)
+      href: https://www.legislation.gov.uk/uksi/2006/213/regulation/47
+    - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 reg. 45(a)
+      href: https://www.legislation.gov.uk/uksi/2006/214/regulation/45
+    - title: The Housing Benefit Regulations (Northern Ireland) 2006 reg. 44(a)
+      href: https://www.legislation.gov.uk/nisr/2006/405/regulation/44
+    - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations (Northern Ireland) 2006 reg. 43(a)
+      href: https://www.legislation.gov.uk/nisr/2006/406/regulation/43
+    - title: Housing Benefit Guidance Manual BW1, para. W1.430
+      href: https://assets.publishing.service.gov.uk/media/5a749328ed915d0e8e3994c0/hbgm-bw1-assessment-of-capital.pdf#page=36
+    - title: MH v London Borough of Waltham Forest (HB) [2016] UKUT 161 (AAC), para. 43
+      href: https://www.gov.uk/administrative-appeals-tribunal-decisions/mh-v-london-borough-of-waltham-forest-hb-2016-ukut-161-aac
diff --git a/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sale_expenses/sources.yaml b/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sale_expenses/sources.yaml
new file mode 100644
index 0000000000..f57c9f5bd7
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sale_expenses/sources.yaml
@@ -0,0 +1,52 @@
+description: >
+  Capital sources whose sale would incur expenses, so that Housing Benefit
+  values them at 90% of market value. Costs of sale normally arise where an
+  agent, broker, auctioneer, solicitor or accountant is needed, and real
+  property always has them (R(IS) 21/93, as DMG 29622 applies it; HBGM W1.430
+  states the general 10% rule), so `owned_land`,
+  `other_residential_property_value` and `non_residential_property_value` are
+  listed. `savings` is not listed: a bank or building society account is
+  valued at its balance, and the costs of withdrawing money are not costs of
+  sale (HBGM BW1 Annex F and BP1 F2.03). `corporate_wealth` is listed because
+  shares are valued less 10% for the costs of selling them (HBGM W1.513). It
+  is a mixed variable, though: it also holds unit trusts, which have no costs
+  of sale (HBGM W1.530-W1.531), stocks and shares ISAs and employee share
+  options, and datasets built before private pension wealth was split out also
+  fold non-defined-benefit pension wealth into it, which is not capital at
+  all. The deduction reaches all of these until the data separate them.
+  Sources not counted as Housing Benefit capital are ignored.
+metadata:
+  label: Housing Benefit capital sources with sale expenses
+  period: year
+  unit: list
+  reference:
+    - title: The Housing Benefit Regulations 2006 reg. 47(a)
+      href: https://www.legislation.gov.uk/uksi/2006/213/regulation/47
+    - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 reg. 45(a)
+      href: https://www.legislation.gov.uk/uksi/2006/214/regulation/45
+    - title: The Housing Benefit Regulations (Northern Ireland) 2006 reg. 44(a)
+      href: https://www.legislation.gov.uk/nisr/2006/405/regulation/44
+    - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations (Northern Ireland) 2006 reg. 43(a)
+      href: https://www.legislation.gov.uk/nisr/2006/406/regulation/43
+    - title: Housing Benefit Guidance Manual BW1, para. W1.430
+      href: https://assets.publishing.service.gov.uk/media/5a749328ed915d0e8e3994c0/hbgm-bw1-assessment-of-capital.pdf#page=36
+    - title: Housing Benefit Guidance Manual BP1, para. P1.430
+      href: https://assets.publishing.service.gov.uk/media/5a7ec5d840f0b6230268b71f/hbgm-bp1-assessment-of-capital.pdf#page=31
+    - title: Decision Makers' Guide chapter 29, para. 29622 (real property, R(IS) 21/93)
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=124
+    - title: Housing Benefit Guidance Manual BW1, para. W1.513
+      href: https://assets.publishing.service.gov.uk/media/5a749328ed915d0e8e3994c0/hbgm-bw1-assessment-of-capital.pdf#page=43
+    - title: Housing Benefit Guidance Manual BW1, paras. W1.530-W1.531
+      href: https://assets.publishing.service.gov.uk/media/5a749328ed915d0e8e3994c0/hbgm-bw1-assessment-of-capital.pdf#page=43
+    - title: Housing Benefit Guidance Manual BP1, paras. P1.513 and P1.530-P1.531
+      href: https://assets.publishing.service.gov.uk/media/5a7ec5d840f0b6230268b71f/hbgm-bp1-assessment-of-capital.pdf#page=38
+    - title: Housing Benefit Guidance Manual BW1, Annex F
+      href: https://assets.publishing.service.gov.uk/media/5a749328ed915d0e8e3994c0/hbgm-bw1-assessment-of-capital.pdf#page=93
+    - title: Housing Benefit Guidance Manual BP1, paras. F2.00-F2.03
+      href: https://assets.publishing.service.gov.uk/media/5a7ec5d840f0b6230268b71f/hbgm-bp1-assessment-of-capital.pdf#page=83
+values:
+  2006-04-10:
+    - owned_land
+    - other_residential_property_value
+    - non_residential_property_value
+    - corporate_wealth
diff --git a/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sale_expenses/rate.yaml b/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sale_expenses/rate.yaml
new file mode 100644
index 0000000000..dd572337df
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sale_expenses/rate.yaml
@@ -0,0 +1,20 @@
+description: >
+  Share of the current market or surrender value deducted from Income Support
+  capital where there would be expenses attributable to sale. It is a flat 10%
+  whatever the actual costs, taken from the gross value before any encumbrance
+  secured on the asset is deducted. Before 1 October 2007 the same deduction
+  sat in reg. 49(a)(i) alongside a separate valuation for National Savings
+  Certificates; SI 2007/2618 substituted the regulation in its current form.
+values:
+  2010-01-01: 0.1
+metadata:
+  label: Income Support capital sale expense deduction
+  period: year
+  unit: /1
+  reference:
+    - title: Income Support (General) Regulations 1987 reg. 49(a)
+      href: https://www.legislation.gov.uk/uksi/1987/1967/regulation/49
+    - title: Income Support (General) Regulations (Northern Ireland) 1987 reg. 49(a), as substituted by S.R. 2007/396 reg. 4(10)
+      href: https://www.legislation.gov.uk/nisr/2007/396/regulation/4
+    - title: Decision Makers' Guide chapter 29, para. 29624
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=125
diff --git a/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sale_expenses/sources.yaml b/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sale_expenses/sources.yaml
new file mode 100644
index 0000000000..baa3504bda
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sale_expenses/sources.yaml
@@ -0,0 +1,37 @@
+description: >
+  Capital sources whose sale would incur expenses, so that Income Support
+  values them at 90% of market value. Costs of sale normally arise where an
+  agent, broker, auctioneer, solicitor or accountant is needed, and real
+  property always has them (DMG 29622), so `owned_land`,
+  `other_residential_property_value` and `non_residential_property_value` are
+  listed. `savings` is not listed: a bank or building society account is
+  valued at its balance, and the costs of withdrawing money are not costs of
+  sale (DMG 29620-29623 and 29685). `corporate_wealth` is listed because
+  shares are valued less 10% for the costs of selling them (DMG 29671). It is
+  a mixed variable, though: it also holds unit trusts, which have no costs of
+  sale (DMG 29681), stocks and shares ISAs and employee share options, and
+  datasets built before private pension wealth was split out also fold non-
+  defined-benefit pension wealth into it, which is not capital at all. The
+  deduction reaches all of these until the data separate them. Sources not
+  counted as Income Support capital are ignored.
+metadata:
+  label: Income Support capital sources with sale expenses
+  period: year
+  unit: list
+  reference:
+    - title: Income Support (General) Regulations 1987 reg. 49(a)
+      href: https://www.legislation.gov.uk/uksi/1987/1967/regulation/49
+    - title: Income Support (General) Regulations (Northern Ireland) 1987 reg. 49(a), as substituted by S.R. 2007/396 reg. 4(10)
+      href: https://www.legislation.gov.uk/nisr/2007/396/regulation/4
+    - title: Decision Makers' Guide chapter 29, paras. 29620-29623
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=124
+    - title: Decision Makers' Guide chapter 29, para. 29671
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=137
+    - title: Decision Makers' Guide chapter 29, paras. 29681 and 29685
+      href: https://assets.publishing.service.gov.uk/media/69d8f3a496c86b751317022c/dmg-Ch-29.pdf#page=139
+values:
+  2010-01-01:
+    - owned_land
+    - other_residential_property_value
+    - non_residential_property_value
+    - corporate_wealth
diff --git a/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sale_expenses/rate.yaml b/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sale_expenses/rate.yaml
new file mode 100644
index 0000000000..09c5550767
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sale_expenses/rate.yaml
@@ -0,0 +1,20 @@
+description: >
+  Share of the current market or surrender value deducted from Pension Credit
+  capital where there would be expenses attributable to sale. It is a flat 10%
+  whatever the actual costs, taken from the gross value before any encumbrance
+  secured on the asset is deducted. Before 1 October 2007 the same deduction
+  sat in reg. 19(a)(i) alongside a separate valuation for National Savings
+  Certificates; SI 2007/2618 substituted the regulation in its current form.
+values:
+  2003-10-06: 0.1
+metadata:
+  label: Pension Credit capital sale expense deduction
+  period: year
+  unit: /1
+  reference:
+    - title: State Pension Credit Regulations 2002 reg. 19(a)
+      href: https://www.legislation.gov.uk/uksi/2002/1792/regulation/19
+    - title: State Pension Credit Regulations (Northern Ireland) 2003 reg. 19(a)
+      href: https://www.legislation.gov.uk/nisr/2003/28/regulation/19
+    - title: Decision Makers' Guide chapter 84, paras. 84712-84716
+      href: https://assets.publishing.service.gov.uk/media/6a5e38bb8b7e4fa537e693d5/dmg-ch84.pdf#page=99
diff --git a/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sale_expenses/sources.yaml b/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sale_expenses/sources.yaml
new file mode 100644
index 0000000000..1dbbd6816f
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sale_expenses/sources.yaml
@@ -0,0 +1,39 @@
+description: >
+  Capital sources whose sale would incur expenses, so that Pension Credit
+  values them at 90% of market value. Costs of sale normally arise where an
+  agent, broker, auctioneer, solicitor or accountant is needed, and real
+  property always has them (DMG 84714), so `owned_land`,
+  `other_residential_property_value` and `non_residential_property_value` are
+  listed. `savings` is not listed: a bank or building society account is
+  valued at its balance, and the costs of withdrawing money are not costs of
+  sale (DMG 84712-84715 and 84731). `corporate_wealth` is listed because
+  shares are valued less 10% for the costs of selling them (DMG 84763). It is
+  a mixed variable, though: it also holds unit trusts, which have no costs of
+  sale (DMG 84772), stocks and shares ISAs and employee share options, and
+  datasets built before private pension wealth was split out also fold non-
+  defined-benefit pension wealth into it, which is not capital at all. The
+  deduction reaches all of these until the data separate them. Sources not
+  counted as Pension Credit capital are ignored.
+metadata:
+  label: Pension Credit capital sources with sale expenses
+  period: year
+  unit: list
+  reference:
+    - title: State Pension Credit Regulations 2002 reg. 19(a)
+      href: https://www.legislation.gov.uk/uksi/2002/1792/regulation/19
+    - title: State Pension Credit Regulations (Northern Ireland) 2003 reg. 19(a)
+      href: https://www.legislation.gov.uk/nisr/2003/28/regulation/19
+    - title: Decision Makers' Guide chapter 84, paras. 84712-84715
+      href: https://assets.publishing.service.gov.uk/media/6a5e38bb8b7e4fa537e693d5/dmg-ch84.pdf#page=99
+    - title: Decision Makers' Guide chapter 84, para. 84731
+      href: https://assets.publishing.service.gov.uk/media/6a5e38bb8b7e4fa537e693d5/dmg-ch84.pdf#page=102
+    - title: Decision Makers' Guide chapter 84, para. 84763
+      href: https://assets.publishing.service.gov.uk/media/6a5e38bb8b7e4fa537e693d5/dmg-ch84.pdf#page=107
+    - title: Decision Makers' Guide chapter 84, para. 84772
+      href: https://assets.publishing.service.gov.uk/media/6a5e38bb8b7e4fa537e693d5/dmg-ch84.pdf#page=109
+values:
+  2003-10-06:
+    - owned_land
+    - other_residential_property_value
+    - non_residential_property_value
+    - corporate_wealth
diff --git a/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sale_expenses/rate.yaml b/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sale_expenses/rate.yaml
new file mode 100644
index 0000000000..fe3a72ab6b
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sale_expenses/rate.yaml
@@ -0,0 +1,18 @@
+description: >
+  Share of the current market or surrender value deducted from Universal
+  Credit capital where there would be expenses attributable to sale. It is a
+  flat 10% whatever the actual costs, taken from the gross value before any
+  encumbrance secured on the asset is deducted.
+values:
+  2013-04-29: 0.1
+metadata:
+  label: Universal Credit capital sale expense deduction
+  period: year
+  unit: /1
+  reference:
+    - title: The Universal Credit Regulations 2013 reg. 49(1)(a)
+      href: https://www.legislation.gov.uk/uksi/2013/376/regulation/49
+    - title: The Universal Credit Regulations (Northern Ireland) 2016 reg. 49(1)(a)
+      href: https://www.legislation.gov.uk/nisr/2016/216/regulation/49
+    - title: Advice for Decision Making chapter H1, paras. H1602-H1608
+      href: https://assets.publishing.service.gov.uk/media/6a5e0ac7a2662d4563fe39e0/adm-ch-h1.pdf#page=44
diff --git a/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sale_expenses/sources.yaml b/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sale_expenses/sources.yaml
new file mode 100644
index 0000000000..fe25cbe7d8
--- /dev/null
+++ b/policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sale_expenses/sources.yaml
@@ -0,0 +1,39 @@
+description: >
+  Capital sources whose sale would incur expenses, so that Universal Credit
+  values them at 90% of market value. Costs of sale normally arise where an
+  agent, broker, auctioneer, solicitor or accountant is needed, and real
+  property always has them (ADM H1606), so `owned_land`,
+  `other_residential_property_value` and `non_residential_property_value` are
+  listed. `savings` is not listed: a bank or building society account is
+  valued at its balance, and the costs of withdrawing money are not costs of
+  sale (ADM H1604-H1607 and H1675). `corporate_wealth` is listed because
+  shares are valued less 10% for the costs of selling them (ADM H1665). It is
+  a mixed variable, though: it also holds unit trusts, which have no costs of
+  sale (ADM H1674), stocks and shares ISAs and employee share options, and
+  datasets built before private pension wealth was split out also fold non-
+  defined-benefit pension wealth into it, which is not capital at all. The
+  deduction reaches all of these until the data separate them. Sources not
+  counted as Universal Credit capital are ignored.
+metadata:
+  label: Universal Credit capital sources with sale expenses
+  period: year
+  unit: list
+  reference:
+    - title: The Universal Credit Regulations 2013 reg. 49(1)(a)
+      href: https://www.legislation.gov.uk/uksi/2013/376/regulation/49
+    - title: The Universal Credit Regulations (Northern Ireland) 2016 reg. 49(1)(a)
+      href: https://www.legislation.gov.uk/nisr/2016/216/regulation/49
+    - title: Advice for Decision Making chapter H1, paras. H1604-H1607
+      href: https://assets.publishing.service.gov.uk/media/6a5e0ac7a2662d4563fe39e0/adm-ch-h1.pdf#page=44
+    - title: Advice for Decision Making chapter H1, para. H1656
+      href: https://assets.publishing.service.gov.uk/media/6a5e0ac7a2662d4563fe39e0/adm-ch-h1.pdf#page=55
+    - title: Advice for Decision Making chapter H1, para. H1665
+      href: https://assets.publishing.service.gov.uk/media/6a5e0ac7a2662d4563fe39e0/adm-ch-h1.pdf#page=57
+    - title: Advice for Decision Making chapter H1, paras. H1673-H1675
+      href: https://assets.publishing.service.gov.uk/media/6a5e0ac7a2662d4563fe39e0/adm-ch-h1.pdf#page=59
+values:
+  2013-04-29:
+    - owned_land
+    - other_residential_property_value
+    - non_residential_property_value
+    - corporate_wealth
diff --git a/policyengine_uk/tests/policy/baseline/finance/benefit/family/esa_income/esa_income_capital.yaml b/policyengine_uk/tests/policy/baseline/finance/benefit/family/esa_income/esa_income_capital.yaml
index aac4fec6c6..ebdc0cf82f 100644
--- a/policyengine_uk/tests/policy/baseline/finance/benefit/family/esa_income/esa_income_capital.yaml
+++ b/policyengine_uk/tests/policy/baseline/finance/benefit/family/esa_income/esa_income_capital.yaml
@@ -19,7 +19,9 @@
         other_residential_property_value: 3_000
         non_residential_property_value: 4_000
   output:
-    esa_income_assessable_capital: 10_500
+    # Savings at face value; land, shares and property less 10% for the
+    # expenses of sale (ESA Regs 2008 reg. 113(a)): 1,000 + 90% of 9,500.
+    esa_income_assessable_capital: 9_550
 
 - name: Income-related ESA has no tariff income at the lower capital threshold
   period: 2026
@@ -209,4 +211,6 @@
         corporate_wealth: 2_000
         private_pension_wealth: 150_000
   output:
-    esa_income_assessable_capital: 3_000
+    # Savings at face value; shares less 10% for the expenses of sale
+    # (ESA Regs 2008 reg. 113(a)): 1,000 + 90% of 2,000.
+    esa_income_assessable_capital: 2_800
diff --git a/policyengine_uk/tests/policy/baseline/finance/benefit/family/housing_benefit/housing_benefit_capital.yaml b/policyengine_uk/tests/policy/baseline/finance/benefit/family/housing_benefit/housing_benefit_capital.yaml
index d6eee69d34..5c10a19a8d 100644
--- a/policyengine_uk/tests/policy/baseline/finance/benefit/family/housing_benefit/housing_benefit_capital.yaml
+++ b/policyengine_uk/tests/policy/baseline/finance/benefit/family/housing_benefit/housing_benefit_capital.yaml
@@ -89,7 +89,7 @@
 
 - name: Housing Benefit counts direct land holdings as capital
   period: 2025
-  absolute_error_margin: 0
+  absolute_error_margin: 0.01
   input:
     people:
       person:
@@ -103,11 +103,36 @@
     households:
       household:
         members: person
-        owned_land: 16_001
+        # 90% of 17,780 is 16,002, over the 16,000 limit after the 10%
+        # deduction for the expenses of sale (HB Regs 2006 reg. 47(a)).
+        owned_land: 17_780
   output:
-    housing_benefit_assessable_capital: 16_001
+    housing_benefit_assessable_capital: 16_002
     housing_benefit_eligible: false
 
+- name: Housing Benefit values land less 10% for the expenses of sale
+  period: 2025
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+        in_social_housing: true
+        housing_benefit_reported: 1
+    benunits:
+      benunit:
+        members: person
+        would_claim_uc: false
+    households:
+      household:
+        members: person
+        # Land worth 16,001 is valued at 14,400.90 (HB Regs 2006 reg. 47(a)),
+        # within the limit.
+        owned_land: 16_001
+  output:
+    housing_benefit_assessable_capital: 14_400.9
+    housing_benefit_eligible: true
+
 - name: Housing Benefit counts corporate wealth as a broad financial-capital proxy
   period: 2025
   absolute_error_margin: 0
@@ -126,7 +151,9 @@
         members: person
         corporate_wealth: 50_000
   output:
-    housing_benefit_assessable_capital: 50_000
+    # Market value less 10% for the expenses of sale (HB Regs 2006
+    # reg. 47(a)).
+    housing_benefit_assessable_capital: 45_000
     housing_benefit_eligible: false
 
 - name: Mixed benunits split household Housing Benefit capital by claimant and partner share
diff --git a/policyengine_uk/tests/policy/baseline/finance/benefit/family/income_support/income_support_capital.yaml b/policyengine_uk/tests/policy/baseline/finance/benefit/family/income_support/income_support_capital.yaml
index a68862b4d8..3018ddfcfd 100644
--- a/policyengine_uk/tests/policy/baseline/finance/benefit/family/income_support/income_support_capital.yaml
+++ b/policyengine_uk/tests/policy/baseline/finance/benefit/family/income_support/income_support_capital.yaml
@@ -22,7 +22,9 @@
         other_residential_property_value: 3000
         non_residential_property_value: 4000
   output:
-    income_support_assessable_capital: 10500
+    # Savings at face value; land, shares and property less 10% for the
+    # expenses of sale (IS Regs 1987 reg. 49(a)): 1,000 + 90% of 9,500.
+    income_support_assessable_capital: 9550
 
 - name: Income Support has no tariff income at the lower capital threshold
   period: 2021
@@ -229,4 +231,6 @@
         corporate_wealth: 2000
         private_pension_wealth: 150000
   output:
-    income_support_assessable_capital: 3000
+    # Savings at face value; shares less 10% for the expenses of sale
+    # (IS Regs 1987 reg. 49(a)): 1,000 + 90% of 2,000.
+    income_support_assessable_capital: 2800
diff --git a/policyengine_uk/tests/policy/baseline/finance/benefit/family/jsa_income/jsa_income_capital.yaml b/policyengine_uk/tests/policy/baseline/finance/benefit/family/jsa_income/jsa_income_capital.yaml
index 024036709e..aec8eaf01f 100644
--- a/policyengine_uk/tests/policy/baseline/finance/benefit/family/jsa_income/jsa_income_capital.yaml
+++ b/policyengine_uk/tests/policy/baseline/finance/benefit/family/jsa_income/jsa_income_capital.yaml
@@ -19,7 +19,9 @@
         other_residential_property_value: 3_000
         non_residential_property_value: 4_000
   output:
-    jsa_income_assessable_capital: 10_500
+    # Savings at face value; land, shares and property less 10% for the
+    # expenses of sale (JSA Regs 1996 reg. 111(a)): 1,000 + 90% of 9,500.
+    jsa_income_assessable_capital: 9_550
 
 - name: Income-based JSA has no tariff income at the lower capital threshold
   period: 2025
@@ -184,4 +186,6 @@
         corporate_wealth: 2_000
         private_pension_wealth: 150_000
   output:
-    jsa_income_assessable_capital: 3_000
+    # Savings at face value; shares less 10% for the expenses of sale
+    # (JSA Regs 1996 reg. 111(a)): 1,000 + 90% of 2,000.
+    jsa_income_assessable_capital: 2_800
diff --git a/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/income/uc_income_from_capital.yaml b/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/income/uc_income_from_capital.yaml
index 4467658980..a3846fc16d 100644
--- a/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/income/uc_income_from_capital.yaml
+++ b/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/income/uc_income_from_capital.yaml
@@ -18,11 +18,9 @@
 # Every case below has income under the personal allowance, so no income tax
 # or National Insurance, and no housing, child or disability element.
 #
-# Property values are taken as UC capital as entered. Reg. 49(1) would first
-# deduct 10% for sale costs and any secured debt from a property's market
-# value; the model does not yet (#1960). So "£10,000 of let property" below
-# means £10,000 of assessable capital, for example a property with a market
-# value of £11,111.11 and no mortgage.
+# Property is valued under reg. 49(1): its market value less 10% for the
+# expenses of sale and less any debt secured on it. So "£10,000 of let
+# property" below, with no mortgage, is £9,000 of assessable capital.
 
 - name: Savings interest, dividends and rent below £6,000 of capital leave the award unchanged
   period: 2026
@@ -66,12 +64,12 @@
         savings: 0
         other_residential_property_value: 10_000
   output:
-    # Tariff income on £10,000 of capital: (10,000 - 6,000) / 250 = 16 steps
-    # x £4.35 = £69.60 a month, £835.20 a year. UC = 5,098.80 - 835.20 =
-    # £4,263.60.
-    uc_tariff_income: 835.20
-    uc_unearned_income: 835.20
-    universal_credit: 4_263.60
+    # £10,000 of let property is 90% x 10,000 = £9,000 of capital (reg.
+    # 49(1)(a)). Tariff income: (9,000 - 6,000) / 250 = 12 steps x £4.35 =
+    # £52.20 a month, £626.40 a year. UC = 5,098.80 - 626.40 = £4,472.40.
+    uc_tariff_income: 626.40
+    uc_unearned_income: 626.40
+    universal_credit: 4_472.40
 
 - name: Northern Ireland treats rent and interest from capital the same way
   period: 2026
@@ -92,10 +90,11 @@
         savings: 0
         other_residential_property_value: 10_000
   output:
-    # UC Regs (NI) 2016 regs. 66(1) and 72 match the GB text on these points.
-    uc_tariff_income: 835.20
-    uc_unearned_income: 835.20
-    universal_credit: 4_263.60
+    # UC Regs (NI) 2016 regs. 49(1), 66(1) and 72 match the GB text on these
+    # points, so the property is £9,000 of capital here too.
+    uc_tariff_income: 626.40
+    uc_unearned_income: 626.40
+    universal_credit: 4_472.40
 
 - name: Rent from a lodger in the home does not reduce the award
   period: 2026
diff --git a/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/income/uc_unearned_income.yaml b/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/income/uc_unearned_income.yaml
index f193617754..59cad3f69b 100644
--- a/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/income/uc_unearned_income.yaml
+++ b/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/income/uc_unearned_income.yaml
@@ -221,11 +221,11 @@
         savings: 0
         other_residential_property_value: 10_000
   output:
-    # Tariff income on £10,000 of capital in let property (taken as entered;
-    # reg. 49 valuation is #1960): (10,000 - 6,000) / 250 = 16 steps x £4.35
-    # x 12 = £835.20. Neither the rent nor the interest is added on top of it.
-    uc_tariff_income: 835.20
-    uc_unearned_income: 835.20
+    # £10,000 of let property is 90% x 10,000 = £9,000 of capital (reg.
+    # 49(1)(a)): (9,000 - 6,000) / 250 = 12 steps x £4.35 x 12 = £626.40.
+    # Neither the rent nor the interest is added on top of it.
+    uc_tariff_income: 626.40
+    uc_unearned_income: 626.40
 
 - name: Reported capital drives tariff income for multi-benunit households
   period: 2025
diff --git a/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/is_UC_eligible.yaml b/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/is_UC_eligible.yaml
index 926ade283d..d92ded2dac 100644
--- a/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/is_UC_eligible.yaml
+++ b/policyengine_uk/tests/policy/baseline/finance/benefit/family/universal_credit/is_UC_eligible.yaml
@@ -259,7 +259,9 @@
         members: person
         other_residential_property_value: 50_000
   output:
-    uc_assessable_capital: 50_000
+    # Market value less 10% for the expenses of sale (UC Regs 2013
+    # reg. 49(1)(a)).
+    uc_assessable_capital: 45_000
     is_uc_eligible: false
 
 - name: Countable non-residential property can push capital over the upper threshold
@@ -277,7 +279,9 @@
         members: person
         non_residential_property_value: 50_000
   output:
-    uc_assessable_capital: 50_000
+    # Market value less 10% for the expenses of sale (UC Regs 2013
+    # reg. 49(1)(a)).
+    uc_assessable_capital: 45_000
     is_uc_eligible: false
 
 - name: Countable corporate wealth can push capital over the upper threshold
@@ -295,7 +299,9 @@
         members: person
         corporate_wealth: 50_000
   output:
-    uc_assessable_capital: 50_000
+    # Market value less 10% for the expenses of sale (UC Regs 2013
+    # reg. 49(1)(a)).
+    uc_assessable_capital: 45_000
     is_uc_eligible: false
 
 - name: Main residence value is excluded from Universal Credit capital
diff --git a/policyengine_uk/tests/policy/baseline/gov/dwp/capital_valuation.yaml b/policyengine_uk/tests/policy/baseline/gov/dwp/capital_valuation.yaml
new file mode 100644
index 0000000000..1b4870b502
--- /dev/null
+++ b/policyengine_uk/tests/policy/baseline/gov/dwp/capital_valuation.yaml
@@ -0,0 +1,295 @@
+# Capital is valued at market value less 10% where a sale would incur
+# expenses, and less any encumbrance secured on it: UC Regs 2013 reg. 49(1);
+# HB Regs 2006 reg. 47; IS Regs 1987 reg. 49; JSA Regs 1996 reg. 111; ESA Regs
+# 2008 reg. 113; SPC Regs 2002 reg. 19. A bank or building society account is
+# valued at its balance (ADM H1604-H1607, H1675); land and property always have
+# costs of sale (H1606) and shares are valued less 10% (H1665).
+# Expected values are worked by hand from those provisions.
+
+- name: UC values a mortgaged holiday home as in ADM H1602
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # 125,000 - 10% (12,500) - 100,500 mortgage = 12,000.
+        other_residential_property_value: 125_000
+        other_residential_property_secured_debt: 100_500
+  output:
+    uc_assessable_capital: 12_000
+    is_uc_eligible: true
+    # 24 steps of 250 above 6,000 at 4.35 a month: 24 * 4.35 * 12.
+    uc_tariff_income: 1_252.8
+
+- name: UC counts cash savings at face value
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        savings: 15_000
+  output:
+    uc_assessable_capital: 15_000
+    is_uc_eligible: true
+
+- name: UC shares valued less sale expenses bring capital within the limit
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # 5,000 + 90% of 12,000 = 15,800, within the 16,000 limit; at full
+        # value the household would hold 17,000.
+        savings: 5_000
+        corporate_wealth: 12_000
+  output:
+    uc_assessable_capital: 15_800
+    is_uc_eligible: true
+    # 9,800 above 6,000 is 40 steps of 250 (rounded up): 40 * 4.35 * 12.
+    uc_tariff_income: 2_088
+
+- name: UC negative equity in a second home does not reduce savings
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # The mortgage is deducted only from the property it is secured on
+        # (ADM H1615-H1616), so the property is valued at nil.
+        savings: 10_000
+        other_residential_property_value: 100_000
+        other_residential_property_secured_debt: 150_000
+  output:
+    uc_assessable_capital: 10_000
+    is_uc_eligible: true
+
+- name: UC deducts sale expenses before the encumbrance on business premises
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # (90% of 40,000 - 20,000) + 90% of 5,000 = 16,000 + 4,500.
+        non_residential_property_value: 40_000
+        non_residential_property_secured_debt: 20_000
+        corporate_wealth: 5_000
+  output:
+    uc_assessable_capital: 20_500
+    is_uc_eligible: false
+
+- name: Housing Benefit values encumbered land less sale expenses
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+        in_social_housing: true
+        housing_benefit_reported: 1
+    benunits:
+      benunit:
+        members: person
+        would_claim_uc: false
+    households:
+      household:
+        members: person
+        # 1,000 + (90% of 20,000 - 5,000) = 14,000 (HB Regs 2006 reg. 47).
+        savings: 1_000
+        owned_land: 20_000
+        owned_land_secured_debt: 5_000
+  output:
+    housing_benefit_assessable_capital: 14_000
+    # 32 steps of 250 above 6,000 at 1 a week: 32 * 52.
+    housing_benefit_tariff_income: 1_664
+    housing_benefit_eligible: true
+
+- name: Income Support values encumbered land less sale expenses
+  period: 2021
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # 90% of 20,000 - 5,000 = 13,000 (IS Regs 1987 reg. 49).
+        owned_land: 20_000
+        owned_land_secured_debt: 5_000
+  output:
+    income_support_assessable_capital: 13_000
+
+- name: Income-based JSA values a mortgaged second home less sale expenses
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # 2,000 + (90% of 30,000 - 25,000) = 4,000 (JSA Regs 1996 reg. 111).
+        savings: 2_000
+        other_residential_property_value: 30_000
+        other_residential_property_secured_debt: 25_000
+  output:
+    jsa_income_assessable_capital: 4_000
+
+- name: Income-related ESA values shares less sale expenses
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 40
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # 3,000 + 90% of 10,000 = 12,000 (ESA Regs 2008 reg. 113).
+        savings: 3_000
+        corporate_wealth: 10_000
+  output:
+    esa_income_assessable_capital: 12_000
+
+- name: Pension Credit values mortgaged business premises less sale expenses
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 70
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # 2,000 + (90% of 30,000 - 10,000) = 19,000 (SPC Regs 2002 reg. 19).
+        savings: 2_000
+        non_residential_property_value: 30_000
+        non_residential_property_secured_debt: 10_000
+  output:
+    pension_credit_assessable_capital: 19_000
+    # 18 steps of 500 above 10,000 at 1 a week: 18 * 52.
+    pension_credit_deemed_income: 936
+
+- name: UC floors each encumbered source at nil on its own
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # The second home is in negative equity (90,000 - 150,000), so it is
+        # valued at nil; the business premises keep 90% of 10,000. Netting the
+        # debts across both would wrongly give nil.
+        other_residential_property_value: 100_000
+        other_residential_property_secured_debt: 150_000
+        non_residential_property_value: 10_000
+  output:
+    uc_assessable_capital: 9_000
+
+- name: Housing Benefit values mortgaged second homes and premises less sale expenses
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 30
+        in_social_housing: true
+        housing_benefit_reported: 1
+    benunits:
+      benunit:
+        members: person
+        would_claim_uc: false
+    households:
+      household:
+        members: person
+        # 1,000 + (90% of 50,000 - 30,000) + max(0, 90% of 20,000 - 25,000)
+        # = 1,000 + 15,000 + 0 = 16,000, at the limit (HB Regs 2006 reg. 47).
+        savings: 1_000
+        other_residential_property_value: 50_000
+        other_residential_property_secured_debt: 30_000
+        non_residential_property_value: 20_000
+        non_residential_property_secured_debt: 25_000
+  output:
+    housing_benefit_assessable_capital: 16_000
+    # 40 steps of 250 above 6,000 at 1 a week: 40 * 52.
+    housing_benefit_tariff_income: 2_080
+    housing_benefit_eligible: true
+
+- name: Pension-age Housing Benefit values encumbered land less sale expenses
+  period: 2026
+  absolute_error_margin: 0.01
+  input:
+    people:
+      person:
+        age: 70
+    benunits:
+      benunit:
+        members: person
+    households:
+      household:
+        members: person
+        # 90% of 200,000 - 50,000 = 130,000 (HB (SPC) Regs 2006 reg. 45). Its
+        # Pension Credit deemed income, 240 steps of 500 above 10,000 at 1 a
+        # week (12,480 a year), exceeds the 12,376 guarantee, so there is no
+        # guarantee credit to disregard the capital.
+        owned_land: 200_000
+        owned_land_secured_debt: 50_000
+  output:
+    pension_credit_assessable_capital: 130_000
+    pension_credit_deemed_income: 12_480
+    guarantee_credit: 0
+    housing_benefit_assessable_capital: 130_000
diff --git a/policyengine_uk/tests/policy/baseline/gov/dwp/pension_credit/pension_credit_deemed_income.yaml b/policyengine_uk/tests/policy/baseline/gov/dwp/pension_credit/pension_credit_deemed_income.yaml
index cf16632edc..5e4f8db1ae 100644
--- a/policyengine_uk/tests/policy/baseline/gov/dwp/pension_credit/pension_credit_deemed_income.yaml
+++ b/policyengine_uk/tests/policy/baseline/gov/dwp/pension_credit/pension_credit_deemed_income.yaml
@@ -78,9 +78,11 @@
     households:
       household:
         members: person
-        owned_land: 10_001
+        # 90% of 11,120 is 10,008 after the 10% deduction for the expenses
+        # of sale (SPC Regs 2002 reg. 19(a)): one 500 step above 10,000.
+        owned_land: 11_120
   output:
-    pension_credit_assessable_capital: 10_001
+    pension_credit_assessable_capital: 10_008
     pension_credit_deemed_income: 52
 
 - name: Pension Credit does not dilute pensioner capital across unrelated adult benunits.
diff --git a/policyengine_uk/tests/policy/baseline/gov/dwp/pension_credit/pension_credit_income.yaml b/policyengine_uk/tests/policy/baseline/gov/dwp/pension_credit/pension_credit_income.yaml
index a69dfec245..42b0ef9066 100644
--- a/policyengine_uk/tests/policy/baseline/gov/dwp/pension_credit/pension_credit_income.yaml
+++ b/policyengine_uk/tests/policy/baseline/gov/dwp/pension_credit/pension_credit_income.yaml
@@ -76,10 +76,16 @@
         other_residential_property_value: 55_370
         savings: 455
   output:
-    pension_credit_assessable_capital: 55_825
-    pension_credit_deemed_income: 4_784
-    pension_credit_income: 15_260
-    pension_credit: 0
+    # 455 + 90% of 55,370 (SPC Regs 2002 reg. 19(a)). Deemed income is
+    # 81 steps of 500 above 10,000 at 1 a week: 81 * 52 = 4,212.
+    pension_credit_assessable_capital: 50_288
+    pension_credit_deemed_income: 4_212
+    pension_credit_income: 14_688
+    # Income exceeds the 12,376 guarantee, so no guarantee credit. Savings
+    # credit: 60% of (12,376 - 208.07 * 52) = 933.82, less 40% of
+    # (14,688 - 12,376) = 924.80, leaves 9.02.
+    guarantee_credit: 0
+    pension_credit: 9.016
 
 - name: Case 5, 2026 Pension Credit uses tariff income with the published guarantee rate.
   period: 2026
@@ -99,12 +105,14 @@
         savings: 87_285
         corporate_wealth: 12_650
   output:
-    pension_credit_assessable_capital: 99_935
-    pension_credit_deemed_income: 9_360
-    pension_credit_income: 9_360
+    # 87,285 + 90% of 12,650 (SPC Regs 2002 reg. 19(a)). Deemed income is
+    # 178 steps of 500 above 10,000 at 1 a week: 178 * 52 = 9,256.
+    pension_credit_assessable_capital: 98_670
+    pension_credit_deemed_income: 9_256
+    pension_credit_income: 9_256
     standard_minimum_guarantee: 12_376
-    guarantee_credit: 3_016
-    pension_credit: 3_016
+    guarantee_credit: 3_120
+    pension_credit: 3_120
 
 - name: Pension Credit capital disregards private pension wealth
   period: 2026
diff --git a/policyengine_uk/tests/policy/baseline/gov/local_authorities/council_tax_reduction/council_tax_reduction_pension_credit.yaml b/policyengine_uk/tests/policy/baseline/gov/local_authorities/council_tax_reduction/council_tax_reduction_pension_credit.yaml
index e07ff2f6f8..5a29964d97 100644
--- a/policyengine_uk/tests/policy/baseline/gov/local_authorities/council_tax_reduction/council_tax_reduction_pension_credit.yaml
+++ b/policyengine_uk/tests/policy/baseline/gov/local_authorities/council_tax_reduction/council_tax_reduction_pension_credit.yaml
@@ -466,12 +466,16 @@
         savings: 10_000
         other_residential_property_value: 7_000
   output:
-    savings_credit: 267.42
+    # Capital 10,000 + 90% of 7,000 = 16,300 (SPC Regs 2002 reg. 19(a)), so
+    # deemed income is 13 steps x 52 = 676 and Pension Credit income is
+    # 13,314 + 676 = 13,990. Savings credit: 60% of (12,376 - 208.07 x 52)
+    # = 933.82, less 40% of (13,990 - 12,376) = 645.60, leaves 288.22.
+    savings_credit: 288.22
     in_receipt_of_savings_credit_only: true
     # Pension Credit counts the second property as capital; household
     # savings alone (10,000) are under the limit. Before: CTR 1,999.60.
-    pension_credit_assessable_capital: 17_000
-    council_tax_reduction_assessable_capital: 17_000
+    pension_credit_assessable_capital: 16_300
+    council_tax_reduction_assessable_capital: 16_300
     council_tax_reduction: 0
 
 - name: The same pensioner not claiming Pension Credit is tested on household savings only
@@ -655,20 +659,21 @@
         savings: 0
         corporate_wealth: 20_000
   output:
-    # (12,000 + 1,500 - 12,570) x 0.2 = 186. (20,000 - 10,000) / 500 = 20
-    # steps of £1 a week; 20 x 52 = 1,040 of deemed income.
-    pension_credit_assessable_capital: 20_000
-    pension_credit_deemed_income: 1_040
-    # 13,500 - 186 + 1,040 = 14,354, above the minimum guarantee of 12,376.
-    pension_credit_income: 14_354
+    # (12,000 + 1,500 - 12,570) x 0.2 = 186. Shares are valued at 90% for the
+    # expenses of sale (SPC Regs 2002 reg. 19(a)): 18,000. (18,000 - 10,000) /
+    # 500 = 16 steps of £1 a week; 16 x 52 = 832 of deemed income.
+    pension_credit_assessable_capital: 18_000
+    pension_credit_deemed_income: 832
+    # 13,500 - 186 + 832 = 14,146, above the minimum guarantee of 12,376.
+    pension_credit_income: 14_146
     guarantee_credit: 0
-    # 933.816 - 0.4 x (14,354 - 12,376) = 933.816 - 791.20 = 142.616.
-    savings_credit: 142.62
+    # 933.816 - 0.4 x (14,146 - 12,376) = 933.816 - 708 = 225.816.
+    savings_credit: 225.82
     in_receipt_of_savings_credit_only: true
-    # The Pension Credit capital is 20,000, over 16,000, with nil savings in
+    # The Pension Credit capital is 18,000, over 16,000, with nil savings in
     # the household. The same pensioner with 20,000 of private_pension_wealth
     # keeps CTR in the next case.
-    council_tax_reduction_assessable_capital: 20_000
+    council_tax_reduction_assessable_capital: 18_000
     council_tax_reduction: 0
 
 - name: Savings credit only, private_pension_wealth is not Pension Credit capital, so it does not take the pensioner over the CTR capital limit
diff --git a/policyengine_uk/tests/test_capital_valuation_properties.py b/policyengine_uk/tests/test_capital_valuation_properties.py
new file mode 100644
index 0000000000..4bafb0c51d
--- /dev/null
+++ b/policyengine_uk/tests/test_capital_valuation_properties.py
@@ -0,0 +1,220 @@
+"""Property-based tests for how the means tests value capital.
+
+Universal Credit and each legacy means test calculate capital in the United
+Kingdom at its current market or surrender value less 10% where there would
+be expenses attributable to sale, and less any encumbrance secured on it (UC
+Regs 2013 reg. 49(1); HB Regs 2006 reg. 47; HB (SPC) Regs 2006 reg. 45; IS
+Regs 1987 reg. 49; JSA Regs 1996 reg. 111; ESA Regs 2008 reg. 113; SPC Regs
+2002 reg. 19). A bank or building society account is valued at its balance
+(ADM H1675); land and property always have costs of sale (H1606) and shares
+are valued less 10% (H1665).
+
+Invariants, for any generated population of single-adult households:
+
+1. Non-increasing: every programme's assessable capital is at most the same
+   household's capital with the deduction switched off (rate 0, no debt).
+2. Cash only: a household holding only savings has the same capital with the
+   deduction on or off.
+3. Differential: capital equals a direct implementation of the regulation,
+   savings + sum over sources of max(0, 90% of value - secured debt), where
+   the test itself fixes which assets take the 10% (land, property and
+   shares, not cash), so a wrong parameter list fails it.
+4. Monotone: a higher sale-expense rate, or more secured debt, never raises
+   capital.
+5. Isolation: debt secured on one source never takes capital below the value
+   of the household's unencumbered sources, and capital is never negative.
+   (Isolation between two encumbered sources is pinned by the differential and
+   by a YAML case.)
+"""
+
+from functools import reduce
+
+import numpy as np
+from hypothesis import HealthCheck, given, settings
+from hypothesis import strategies as st
+
+from policyengine_uk import Simulation
+
+YEAR = 2026
+PROPERTY_SETTINGS = settings(
+    max_examples=5,
+    deadline=None,
+    derandomize=True,
+    suppress_health_check=[HealthCheck.too_slow, HealthCheck.data_too_large],
+)
+# Assessable capital variable -> parameter node holding its sources and
+# sale-expense rule. Pension Credit counts only pension-age adults; Housing
+# Benefit is checked at both ages, disregarding all capital for pension-age
+# Guarantee Credit recipients (HB (SPC) Regs 2006 reg. 26); the others are
+# checked on working-age adults.
+PROGRAMMES = {
+    "uc_assessable_capital": "gov.dwp.universal_credit.means_test.capital",
+    "housing_benefit_assessable_capital": "gov.dwp.housing_benefit.means_test.capital",
+    "income_support_assessable_capital": "gov.dwp.income_support.means_test.capital",
+    "jsa_income_assessable_capital": "gov.dwp.JSA.income.capital",
+    "esa_income_assessable_capital": "gov.dwp.ESA.income.capital",
+    "pension_credit_assessable_capital": "gov.dwp.pension_credit.income.capital",
+}
+PENSION_AGE_ONLY = {"pension_credit_assessable_capital"}
+# The assets whose sale incurs expenses, fixed here from the law rather than
+# read from the parameters: real property always (ADM H1606), shares (H1665);
+# never a bank or building society balance (H1675).
+SALE_EXPENSE_ASSETS = {
+    "owned_land",
+    "other_residential_property_value",
+    "non_residential_property_value",
+    "corporate_wealth",
+}
+LEGAL_RATE = 0.1
+ASSETS = [
+    "savings",
+    "owned_land",
+    "corporate_wealth",
+    "other_residential_property_value",
+    "non_residential_property_value",
+]
+DEBTS = {
+    "owned_land": "owned_land_secured_debt",
+    "other_residential_property_value": "other_residential_property_secured_debt",
+    "non_residential_property_value": "non_residential_property_secured_debt",
+}
+amount = st.one_of(st.just(0.0), st.floats(0, 400_000, allow_nan=False))
+
+
+@st.composite
+def households(draw, cash_only=False):
+    assets = {asset: draw(amount) for asset in ASSETS}
+    debts = {debt: draw(amount) for debt in DEBTS.values()}
+    if cash_only:
+        assets = {asset: 0.0 for asset in ASSETS} | {"savings": assets["savings"]}
+        debts = {debt: 0.0 for debt in debts}
+    return dict(age=draw(st.sampled_from([30, 70])), assets=assets, debts=debts)
+
+
+def situation(units, debt_scale=1.0):
+    people, benunits, homes = {}, {}, {}
+    for i, unit in enumerate(units):
+        people[f"p{i}"] = {"age": {YEAR: unit["age"]}}
+        benunits[f"b{i}"] = {"members": [f"p{i}"]}
+        homes[f"h{i}"] = {
+            "members": [f"p{i}"],
+            **{k: {YEAR: v} for k, v in unit["assets"].items()},
+            **{k: {YEAR: v * debt_scale} for k, v in unit["debts"].items()},
+        }
+    return {"people": people, "benunits": benunits, "households": homes}
+
+
+def rate_reform(rate):
+    return {
+        f"{node}.sale_expenses.rate": {str(YEAR): rate} for node in PROGRAMMES.values()
+    }
+
+
+def calculate(units, rate=None, debt_scale=1.0):
+    sim = Simulation(
+        situation=situation(units, debt_scale),
+        reform=None if rate is None else rate_reform(rate),
+    )
+    values = {v: np.asarray(sim.calculate(v, YEAR), dtype=float) for v in PROGRAMMES}
+    values["guarantee_credit"] = np.asarray(sim.calculate("guarantee_credit", YEAR))
+    values["hb_passported"] = np.asarray(
+        sim.calculate("housing_benefit_on_passporting_benefit", YEAR)
+    )
+    return sim, values
+
+
+def parameter_node(sim, path):
+    return reduce(getattr, path.split("."), sim.tax_benefit_system.parameters(YEAR))
+
+
+def applies(variable, unit, guarantee_credit=0.0, hb_passported=False):
+    if variable == "housing_benefit_assessable_capital":
+        # A family on a passporting benefit has nil HB capital
+        # (housing_benefit_on_passporting_benefit, on main since #1927).
+        if hb_passported:
+            return False
+        return unit["age"] < 67 or guarantee_credit <= 0
+    return (unit["age"] >= 67) == (variable in PENSION_AGE_ONLY)
+
+
+def expected_capital(unit, node):
+    """Reg. 49(1) applied source by source, independently of the model."""
+    total = 0.0
+    for source in node.sources:
+        value = unit["assets"][source]
+        if source in SALE_EXPENSE_ASSETS:
+            value *= 1 - LEGAL_RATE
+        if source in DEBTS:
+            value = max(0.0, value - unit["debts"][DEBTS[source]])
+        total += value
+    return total
+
+
+def close(a, b):
+    return abs(a - b) <= 1 + 1e-6 * abs(b)
+
+
+@PROPERTY_SETTINGS
+@given(st.lists(households(), min_size=20, max_size=200))
+def test_valuation_matches_the_regulation_and_never_adds_capital(units):
+    sim, valued = calculate(units)
+    _, full = calculate(units, rate=0.0, debt_scale=0.0)
+    for variable, path in PROGRAMMES.items():
+        node = parameter_node(sim, path)
+        assert node.sale_expenses.rate == LEGAL_RATE
+        assert "savings" in node.sources
+        counted = set(node.sources)
+        assert set(node.sale_expenses.sources) & counted == (
+            SALE_EXPENSE_ASSETS & counted
+        ), variable
+        for i, unit in enumerate(units):
+            gc = valued["guarantee_credit"][i]
+            assert valued[variable][i] >= 0, (variable, unit)
+            assert valued[variable][i] <= full[variable][i] + 0.01, (variable, unit)
+            if variable == "housing_benefit_assessable_capital" and unit["age"] >= 67:
+                if gc > 0:
+                    assert valued[variable][i] == 0, unit
+            if applies(variable, unit, gc, valued["hb_passported"][i]):
+                expected = expected_capital(unit, node)
+                assert close(valued[variable][i], expected), (variable, unit)
+                # Debt secured on property never reaches the other assets.
+                floor = sum(
+                    unit["assets"][s] * (1 - LEGAL_RATE * (s in SALE_EXPENSE_ASSETS))
+                    for s in node.sources
+                    if s not in DEBTS
+                )
+                assert valued[variable][i] >= floor - 1, (variable, unit)
+
+
+@PROPERTY_SETTINGS
+@given(st.lists(households(cash_only=True), min_size=20, max_size=200))
+def test_cash_only_households_have_no_deduction(units):
+    _, valued = calculate(units)
+    _, full = calculate(units, rate=0.0)
+    for variable in PROGRAMMES:
+        assert np.allclose(valued[variable], full[variable]), variable
+        for i, unit in enumerate(units):
+            if applies(
+                variable,
+                unit,
+                valued["guarantee_credit"][i],
+                valued["hb_passported"][i],
+            ):
+                assert close(valued[variable][i], unit["assets"]["savings"]), variable
+
+
+@PROPERTY_SETTINGS
+@given(
+    st.lists(households(), min_size=20, max_size=200),
+    st.floats(0, 0.5),
+    st.floats(0, 0.5),
+    st.floats(0, 2),
+)
+def test_capital_is_non_increasing_in_rate_and_secured_debt(units, r1, r2, scale):
+    low, high = sorted([r1, r2])
+    _, at_low = calculate(units, rate=low)
+    _, at_high = calculate(units, rate=high)
+    _, more_debt = calculate(units, rate=low, debt_scale=1 + scale)
+    for variable in PROGRAMMES:
+        assert np.all(at_high[variable] <= at_low[variable] + 0.01), variable
+        assert np.all(more_debt[variable] <= at_low[variable] + 0.01), variable
diff --git a/policyengine_uk/tests/test_pension_credit_reported_capital_properties.py b/policyengine_uk/tests/test_pension_credit_reported_capital_properties.py
index 0c60e1dcaa..6da75b2030 100644
--- a/policyengine_uk/tests/test_pension_credit_reported_capital_properties.py
+++ b/policyengine_uk/tests/test_pension_credit_reported_capital_properties.py
@@ -11,9 +11,11 @@
 1. Override identity: a pension-age unit with reported capital R >= 0 has
    assessable capital R, whatever the household holds.
 2. Default differential: with nothing reported, assessable capital equals the
-   household proxy recomputed here from the inputs (household sources times
-   the unit's share of the household's pension-age adults, plus person-level
-   sources of the claimant or partner), the formula before this change.
+   household proxy recomputed here from the inputs (household sources, valued
+   under SPC Regs 2002 reg. 19 with savings at face value and the others at
+   90%, times the unit's share of the household's pension-age adults, plus
+   person-level sources of the claimant or partner), the formula before this
+   change.
 3. Locality: reporting capital for one unit never changes another unit's
    assessable capital. The strategy for this property always gives the other
    unit someone over State Pension age, nothing recorded and household capital,
@@ -110,7 +112,11 @@ def proxy(people, units, household, index):
         "non_residential_property_value",
         "corporate_wealth",
     ]
-    household_capital = sum(household.get(s, 0) for s in sources)
+    # SPC Regs 2002 reg. 19(a): sources whose sale would incur expenses (land,
+    # property, shares) are valued at 90%; savings at face value.
+    household_capital = sum(
+        household.get(s, 0) * (1 if s == "savings" else 0.9) for s in sources
+    )
     sp_age = {name: p["age"] >= 66 for name, p in people.items()}
     unit = units[index]["members"]
     unit_sp = sum(sp_age[n] for n in unit)
diff --git a/policyengine_uk/tests/test_stock_capital_periods.py b/policyengine_uk/tests/test_stock_capital_periods.py
index d36c3068b2..eead7689d9 100644
--- a/policyengine_uk/tests/test_stock_capital_periods.py
+++ b/policyengine_uk/tests/test_stock_capital_periods.py
@@ -15,6 +15,7 @@ def test_uc_capital_stocks_are_not_prorated_in_monthly_calculations():
                 "members": ["person"],
                 "savings": {"2026": 12_000},
                 "other_residential_property_value": {"2026": 12_000},
+                "other_residential_property_secured_debt": {"2026": 5_000},
                 "corporate_wealth": {"2026": 12_000},
             }
         },
@@ -23,7 +24,14 @@ def test_uc_capital_stocks_are_not_prorated_in_monthly_calculations():
 
     assert simulation.calculate("savings", "2026-01")[0] == 12_000
     assert simulation.calculate("corporate_wealth", "2026-01")[0] == 12_000
-    assert simulation.calculate("uc_assessable_capital", "2026-01")[0] == 36_000
+    assert (
+        simulation.calculate("other_residential_property_secured_debt", "2026-01")[0]
+        == 5_000
+    )
+    # Savings at face value; property and shares less 10% for the expenses
+    # of sale, and the property less its mortgage (UC Regs 2013 reg. 49(1)):
+    # 12,000 + (10,800 - 5,000) + 10,800.
+    assert simulation.calculate("uc_assessable_capital", "2026-01")[0] == 28_600
     assert not simulation.calculate("is_uc_eligible", "2026-01")[0]
 
 
@@ -43,7 +51,9 @@ def test_pension_credit_capital_stocks_are_not_prorated_monthly():
     simulation = Simulation(situation=situation)
 
     assert simulation.calculate("savings", "2026-01")[0] == 12_000
+    # Land and shares less 10% for the expenses of sale (SPC Regs 2002
+    # reg. 19(a)): 12,000 + 2 * 10,800.
     assert (
         simulation.calculate("pension_credit_assessable_capital", "2026-01")[0]
-        == 36_000
+        == 33_600
     )
diff --git a/policyengine_uk/utils/capital_valuation.py b/policyengine_uk/utils/capital_valuation.py
new file mode 100644
index 0000000000..8c76af629d
--- /dev/null
+++ b/policyengine_uk/utils/capital_valuation.py
@@ -0,0 +1,43 @@
+"""Value means-tested capital as the capital-valuation regulations require.
+
+Universal Credit calculates capital "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" (UC Regs 2013 reg. 49(1)).
+The legacy means tests have equivalent rules (HB Regs 2006 reg. 47, IS Regs
+1987 reg. 49, JSA Regs 1996 reg. 111, ESA Regs 2008 reg. 113, SPC Regs 2002
+reg. 19). Each programme sets its own rate and the capital sources whose sale
+would incur expenses in a ``capital.sale_expenses`` parameter node.
+"""
+
+from policyengine_core.model_api import max_
+
+# Household inputs holding the debt secured on each capital source, such as a
+# mortgage on a second property. The debt is deducted from the source it is
+# secured on and that source is floored at nil, so negative equity in one
+# source never reduces another (ADM H1615-H1616). Each source is a category
+# summed over the household's assets, so within a category the debts on one
+# asset still offset equity in another.
+SECURED_DEBT = {
+    "other_residential_property_value": "other_residential_property_secured_debt",
+    "non_residential_property_value": "non_residential_property_secured_debt",
+    "owned_land": "owned_land_secured_debt",
+}
+
+
+def valued_capital(value_of, sources, sale_expenses):
+    """Sum ``sources`` at market value less sale expenses and secured debt.
+
+    ``value_of(variable)`` returns that household variable on the entity the
+    caller is working with. The sale-expense deduction is taken from the gross
+    value before the encumbrance (ADM H1608), and a source carrying secured
+    debt is never valued below nil.
+    """
+    total = 0
+    for source in sources:
+        value = value_of(source)
+        if source in sale_expenses.sources:
+            value = value * (1 - sale_expenses.rate)
+        if source in SECURED_DEBT:
+            value = max_(0, value - value_of(SECURED_DEBT[source]))
+        total = total + value
+    return total
diff --git a/policyengine_uk/variables/gov/dwp/esa_income_assessable_capital.py b/policyengine_uk/variables/gov/dwp/esa_income_assessable_capital.py
index 5487fc42a9..1d760dfb38 100644
--- a/policyengine_uk/variables/gov/dwp/esa_income_assessable_capital.py
+++ b/policyengine_uk/variables/gov/dwp/esa_income_assessable_capital.py
@@ -1,4 +1,5 @@
 from policyengine_uk.model_api import *
+from policyengine_uk.utils.capital_valuation import valued_capital
 
 
 class esa_income_assessable_capital(Variable):
@@ -7,7 +8,8 @@ class esa_income_assessable_capital(Variable):
     label = "Assessable capital for income-related ESA"
     documentation = (
         "Household capital apportioned to the benefit unit for the income-related "
-        "ESA capital test. Because the dataset only stores these stocks at "
+        "ESA capital test, valued at market value less 10% where a sale would "
+        "incur expenses and less any debt secured on it (reg. 113). Because the dataset only stores these stocks at "
         "household level, the model allocates full household capital to any "
         "benunit with a reported income-related ESA award and only falls back to "
         "a claimant-and-partner share when nobody in the household is on that "
@@ -29,8 +31,10 @@ def formula(benunit, period, parameters):
         person = benunit.members
         claiming_esa_income = add(benunit, period, ["esa_income_reported"]) > 0
 
-        household_capital = sum(
-            benunit.max(person.household(source, period)) for source in sources
+        household_capital = valued_capital(
+            lambda variable: benunit.max(person.household(variable, period)),
+            sources,
+            ESA.capital.sale_expenses,
         )
         # Regulation 83(2) excludes children's and young persons' capital.
         # The claimant/partner weights approximate otherwise unobserved ownership.
diff --git a/policyengine_uk/variables/gov/dwp/housing_benefit/housing_benefit_assessable_capital.py b/policyengine_uk/variables/gov/dwp/housing_benefit/housing_benefit_assessable_capital.py
index 2af26611c4..ce0b138b81 100644
--- a/policyengine_uk/variables/gov/dwp/housing_benefit/housing_benefit_assessable_capital.py
+++ b/policyengine_uk/variables/gov/dwp/housing_benefit/housing_benefit_assessable_capital.py
@@ -1,4 +1,5 @@
 from policyengine_uk.model_api import *
+from policyengine_uk.utils.capital_valuation import valued_capital
 
 
 class housing_benefit_assessable_capital(Variable):
@@ -6,7 +7,10 @@ class housing_benefit_assessable_capital(Variable):
     entity = BenUnit
     label = "Housing Benefit assessable capital"
     documentation = (
-        "Housing Benefit capital counted from the configured capital sources. "
+        "Housing Benefit capital counted from the configured capital sources, "
+        "each valued at market value less 10% where a sale would incur "
+        "expenses and less any debt secured on it (reg. 47 of SI 2006/213, "
+        "reg. 45 of SI 2006/214). "
         "Household sources are allocated across benunits in proportion to their "
         "claimants and partners, a PolicyEngine convention because household "
         "capital data cannot identify ownership; children and young persons add "
@@ -42,7 +46,9 @@ def formula(benunit, period, parameters):
             "housing_benefit_pension_age_regulations_apply", period
         )
         p = parameters(period).gov.dwp.housing_benefit.means_test.capital
-        household_capital = sum(household(source, period) for source in p.sources)
+        household_capital = valued_capital(
+            lambda variable: household(variable, period), p.sources, p.sale_expenses
+        )
         claimant_or_partner = person("is_claimant_or_partner", period)
         person_capital = sum(
             benunit.sum(person(source, period) * claimant_or_partner)
diff --git a/policyengine_uk/variables/gov/dwp/income_support_assessable_capital.py b/policyengine_uk/variables/gov/dwp/income_support_assessable_capital.py
index 55c6f2aad1..e382b938f1 100644
--- a/policyengine_uk/variables/gov/dwp/income_support_assessable_capital.py
+++ b/policyengine_uk/variables/gov/dwp/income_support_assessable_capital.py
@@ -1,4 +1,5 @@
 from policyengine_uk.model_api import *
+from policyengine_uk.utils.capital_valuation import valued_capital
 
 
 class income_support_assessable_capital(Variable):
@@ -7,7 +8,8 @@ class income_support_assessable_capital(Variable):
     label = "Assessable capital for Income Support"
     documentation = (
         "Household capital apportioned to the benefit unit for the Income Support "
-        "capital test. Because the dataset only stores these stocks at household "
+        "capital test, valued at market value less 10% where a sale would incur "
+        "expenses and less any debt secured on it (reg. 49). Because the dataset only stores these stocks at household "
         "level, the model allocates full household capital to any benunit on the "
         "IS claim path and only falls back to a claimant-and-partner share when "
         "nobody in the household is on that path. This allocation is a "
@@ -34,8 +36,10 @@ def formula(benunit, period, parameters):
         # If nobody in the household is on that path, use claimant/partner
         # weights. Regulation 23 excludes children's and young persons' capital;
         # the household allocation itself is a modelling convention.
-        household_capital = sum(
-            benunit.max(person.household(source, period)) for source in sources
+        household_capital = valued_capital(
+            lambda variable: benunit.max(person.household(variable, period)),
+            sources,
+            IS.means_test.capital.sale_expenses,
         )
         benunit_claimants_and_partners = add(
             benunit, period, ["is_claimant_or_partner"]
diff --git a/policyengine_uk/variables/gov/dwp/jsa_income_assessable_capital.py b/policyengine_uk/variables/gov/dwp/jsa_income_assessable_capital.py
index ec3a6631ee..c83148a1b4 100644
--- a/policyengine_uk/variables/gov/dwp/jsa_income_assessable_capital.py
+++ b/policyengine_uk/variables/gov/dwp/jsa_income_assessable_capital.py
@@ -1,4 +1,5 @@
 from policyengine_uk.model_api import *
+from policyengine_uk.utils.capital_valuation import valued_capital
 
 
 class jsa_income_assessable_capital(Variable):
@@ -7,7 +8,8 @@ class jsa_income_assessable_capital(Variable):
     label = "Assessable capital for income-based JSA"
     documentation = (
         "Household capital apportioned to the benefit unit for the income-based "
-        "JSA capital test. Because the dataset only stores these stocks at "
+        "JSA capital test, valued at market value less 10% where a sale would "
+        "incur expenses and less any debt secured on it (reg. 111). Because the dataset only stores these stocks at "
         "household level, the model allocates full household capital to any "
         "benunit with a reported income-based JSA award and only falls back to "
         "a claimant-and-partner share when nobody in the household is on that "
@@ -29,8 +31,10 @@ def formula(benunit, period, parameters):
         person = benunit.members
         claiming_jsa_income = add(benunit, period, ["jsa_income_reported"]) > 0
 
-        household_capital = sum(
-            benunit.max(person.household(source, period)) for source in sources
+        household_capital = valued_capital(
+            lambda variable: benunit.max(person.household(variable, period)),
+            sources,
+            JSA.capital.sale_expenses,
         )
         # Regulation 88(2) excludes children's and young persons' capital.
         # The claimant/partner weights approximate otherwise unobserved ownership.
diff --git a/policyengine_uk/variables/gov/dwp/pension_credit/pension_credit_assessable_capital.py b/policyengine_uk/variables/gov/dwp/pension_credit/pension_credit_assessable_capital.py
index 5803c56af2..3e3914d5be 100644
--- a/policyengine_uk/variables/gov/dwp/pension_credit/pension_credit_assessable_capital.py
+++ b/policyengine_uk/variables/gov/dwp/pension_credit/pension_credit_assessable_capital.py
@@ -1,4 +1,5 @@
 from policyengine_uk.model_api import *
+from policyengine_uk.utils.capital_valuation import valued_capital
 
 
 class pension_credit_assessable_capital(Variable):
@@ -7,7 +8,8 @@ class pension_credit_assessable_capital(Variable):
     label = "Pension Credit assessable capital"
     documentation = (
         "Pension Credit capital counted from the configured capital sources, "
-        "split only across pension-age adults in the household so pensioner "
+        "each valued at market value less 10% where a sale would incur "
+        "expenses and less any debt secured on it (reg. 19), split only across pension-age adults in the household so pensioner "
         "couples pool capital together without dilution by unrelated working-"
         "age adults. Person-level sources, such as a Lifetime ISA, count "
         "only for the holder's own benunit, and only when the holder is its "
@@ -28,7 +30,9 @@ def formula(benunit, period, parameters):
         household = benunit.household
         person = benunit.members
         p = parameters(period).gov.dwp.pension_credit.income.capital
-        household_capital = sum(household(source, period) for source in p.sources)
+        household_capital = valued_capital(
+            lambda variable: household(variable, period), p.sources, p.sale_expenses
+        )
         claimant_or_partner = person("is_claimant_or_partner", period)
         person_capital = sum(
             benunit.sum(person(source, period) * claimant_or_partner)
diff --git a/policyengine_uk/variables/gov/dwp/universal_credit/uc_assessable_capital.py b/policyengine_uk/variables/gov/dwp/universal_credit/uc_assessable_capital.py
index a821162b77..046a6886f8 100644
--- a/policyengine_uk/variables/gov/dwp/universal_credit/uc_assessable_capital.py
+++ b/policyengine_uk/variables/gov/dwp/universal_credit/uc_assessable_capital.py
@@ -1,4 +1,5 @@
 from policyengine_uk.model_api import *
+from policyengine_uk.utils.capital_valuation import valued_capital
 
 
 class uc_assessable_capital(Variable):
@@ -6,9 +7,11 @@ class uc_assessable_capital(Variable):
     entity = BenUnit
     label = "Universal Credit assessable capital"
     documentation = (
-        "Universal Credit capital counted from the configured capital sources. "
-        "Where the benefit unit's capital is recorded (uc_reported_capital, by "
-        "default benunit_reported_capital), that figure replaces them. "
+        "Universal Credit capital counted from the configured capital sources, "
+        "each valued at market value less 10% where a sale would incur "
+        "expenses and less any debt secured on it (reg. 49(1)). Where the "
+        "benefit unit's capital is recorded (uc_reported_capital, by default "
+        "benunit_reported_capital), that figure replaces them, as recorded. "
         "PolicyEngine allocates "
         "the remaining household capital between unreported benefit units in "
         "proportion to their claimant and partner counts, including units that "
@@ -31,8 +34,10 @@ class uc_assessable_capital(Variable):
     def formula(benunit, period, parameters):
         household = benunit.household
         p = parameters(period).gov.dwp.universal_credit.means_test
-        household_capital = sum(
-            household(source, period) for source in p.capital.sources
+        household_capital = valued_capital(
+            lambda variable: household(variable, period),
+            p.capital.sources,
+            p.capital.sale_expenses,
         )
         benunit_claimants = add(benunit, period, ["is_uc_claimant"])
         claimant_or_partner = benunit.members("is_uc_claimant", period)
diff --git a/policyengine_uk/variables/input/non_residential_property_secured_debt.py b/policyengine_uk/variables/input/non_residential_property_secured_debt.py
new file mode 100644
index 0000000000..f5da202655
--- /dev/null
+++ b/policyengine_uk/variables/input/non_residential_property_secured_debt.py
@@ -0,0 +1,19 @@
+from policyengine_uk.model_api import *
+
+
+class non_residential_property_secured_debt(Variable):
+    label = "debt secured on non-residential property"
+    documentation = (
+        "Amount owed on mortgages and other charges secured on non-residential "
+        "property the household owns. Means tests deduct it from that "
+        "property's value after the 10% for sale expenses, flooring the "
+        "property at nil (UC Regs 2013 reg. 49(1)(b) and its legacy "
+        "equivalents). The value and the debt are household totals across all "
+        "such properties, so debt on one property offsets equity in another."
+    )
+    entity = Household
+    definition_period = YEAR
+    value_type = float
+    unit = GBP
+    quantity_type = STOCK
+    uprating = "gov.economic_assumptions.indices.obr.per_capita.gdp"
diff --git a/policyengine_uk/variables/input/other_residential_property_secured_debt.py b/policyengine_uk/variables/input/other_residential_property_secured_debt.py
new file mode 100644
index 0000000000..340e8842fd
--- /dev/null
+++ b/policyengine_uk/variables/input/other_residential_property_secured_debt.py
@@ -0,0 +1,20 @@
+from policyengine_uk.model_api import *
+
+
+class other_residential_property_secured_debt(Variable):
+    label = "debt secured on other residential property"
+    documentation = (
+        "Amount owed on mortgages and other charges secured on residential "
+        "property the household owns other than the main residence, such as a "
+        "buy-to-let mortgage. Means tests deduct it from that property's value "
+        "after the 10% for sale expenses, flooring the property at nil (UC Regs "
+        "2013 reg. 49(1)(b) and its legacy equivalents). The value and the debt "
+        "are household totals across all such properties, so debt on one "
+        "property offsets equity in another."
+    )
+    entity = Household
+    definition_period = YEAR
+    value_type = float
+    unit = GBP
+    quantity_type = STOCK
+    uprating = "gov.economic_assumptions.indices.obr.per_capita.gdp"
diff --git a/policyengine_uk/variables/input/owned_land_secured_debt.py b/policyengine_uk/variables/input/owned_land_secured_debt.py
new file mode 100644
index 0000000000..5f8380682c
--- /dev/null
+++ b/policyengine_uk/variables/input/owned_land_secured_debt.py
@@ -0,0 +1,19 @@
+from policyengine_uk.model_api import *
+
+
+class owned_land_secured_debt(Variable):
+    label = "debt secured on owned land"
+    documentation = (
+        "Amount owed on mortgages and other charges secured on land-only plots "
+        "the household owns. Means tests deduct it from that land's value after "
+        "the 10% for sale expenses, flooring the land at nil (UC Regs 2013 reg. "
+        "49(1)(b) and its legacy equivalents). The value and the debt are "
+        "household totals across all plots, so debt on one plot offsets equity "
+        "in another."
+    )
+    entity = Household
+    definition_period = YEAR
+    value_type = float
+    unit = GBP
+    quantity_type = STOCK
+    uprating = "gov.economic_assumptions.indices.obr.per_capita.gdp"