Itemise corporate_wealth's share-like components for the means tests

changelog.d/wealth-share-components.added.md

@@ -0,0 +1 @@
+- Add `directly_held_shares` and `unit_and_investment_trusts` household inputs for the share-like components of `corporate_wealth`, count share-like capital in every means test as `corporate_wealth` or, where the components exceed it beyond float32 rounding, their sum (`share_like_capital`), and uprate the components and the ISA balances with per-capita GDP.

docs/book/assumptions/growthfactors.md

@@ -62,7 +62,7 @@ We derive these rates from OBR GDP growth and ONS population projections.
 |-------------|------|------|------|------|------|------|------|------|
 | Growth rate | 9.2% | 5.0% | 3.8% | 2.8% | 2.8% | 3.1% | 3.3% | 3.3% |
 
-We use per capita GDP for these variables: `capital_gains`, `capital_gains_badr`, `capital_gains_before_response`, `capital_gains_carried_interest`, `capital_gains_residential_property`, `corporate_wealth`, `dividend_income`, `gross_financial_wealth`, `household_lifetime_isa_balance`, `lifetime_isa_balance`, `lump_sum_income`, `main_residence_value`, `maintenance_income`, `miscellaneous_income`, `mortgage_capital_repayment`, `net_financial_wealth`, `non_residential_property_value`, `other_investment_income`, `other_residential_property_value`, `owned_land`, `pension_income`, `private_pension_wealth`, `private_transfer_income`, `property_income`, `property_rental_income`, `savings`, `savings_interest_income`, `sublet_income`
+We use per capita GDP for these variables: `benunit_reported_capital`, `capital_gains`, `capital_gains_badr`, `capital_gains_before_response`, `capital_gains_carried_interest`, `capital_gains_residential_property`, `cash_isa`, `corporate_wealth`, `directly_held_shares`, `dividend_income`, `gross_financial_wealth`, `household_lifetime_isa_balance`, `lifetime_isa_balance`, `lump_sum_income`, `main_residence_value`, `maintenance_income`, `miscellaneous_income`, `mortgage_capital_repayment`, `net_financial_wealth`, `non_residential_property_value`, `other_investment_income`, `other_residential_property_value`, `owned_land`, `pension_credit_reported_capital`, `pension_income`, `private_pension_wealth`, `private_transfer_income`, `property_income`, `property_rental_income`, `savings`, `savings_interest_income`, `stocks_and_shares_isa`, `sublet_income`, `uc_reported_capital`, `unit_and_investment_trusts`
 
 ## Council tax
 

policyengine_uk/data/uprating_indices.yaml

@@ -111,7 +111,9 @@ gov.economic_assumptions.yoy_growth.capital_gains:
 - capital_gains_carried_interest
 gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 - benunit_reported_capital
+- cash_isa
 - corporate_wealth
+- directly_held_shares
 - dividend_income
 - gross_financial_wealth
 - household_lifetime_isa_balance
@@ -138,6 +140,7 @@ gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 - property_rental_income
 - savings
 - savings_interest_income
+- stocks_and_shares_isa
 - sublet_income
 - cash_isa
 - consumer_debt
@@ -151,6 +154,7 @@ gov.economic_assumptions.yoy_growth.obr.per_capita.gdp:
 # An explicit complete UC override stored in a dataset is uprated like the
 # financial input; its default no longer derives from that input.
 - uc_reported_capital
+- unit_and_investment_trusts
 gov.economic_assumptions.yoy_growth.obr.per_capita.mixed_income:
 - self_employment_income
 - self_employment_gross_receipts

policyengine_uk/parameters/gov/dwp/ESA/income/capital/sources.yaml

@@ -3,21 +3,26 @@ description: >
   Support Allowance capital. The Employment and Support Allowance Regulations
   2008 treat capital as assessable unless it is disregarded under Schedule 9.
   The current mappings are `savings` for liquid capital, `owned_land` for land
-  held directly, `corporate_wealth` as the broad available proxy for share-like
-  financial assets, `other_residential_property_value` for residential
-  property other than the home, and `non_residential_property_value` for other
-  land and premises. `main_residence_value` is excluded because Schedule 9
-  paragraph 1 disregards premises occupied as the claimant's home.
-  `private_pension_wealth` is excluded because Schedule 9 paragraphs 28 and 29
-  disregard the value of the right to receive an occupational or personal
-  pension and the value of funds held under a personal pension scheme. Other
-  Schedule 9 disregards and the higher residential-care capital disregard are
-  not yet modeled because the current dataset does not isolate those states or
-  asset holdings. Because the dataset only provides household-level capital
-  stocks, the model allocates the full household total to benunits with a
-  reported income-related ESA award and only falls back to an adult-share
-  proxy when nobody in the household is on that reported claim path. That
-  allocation is a data approximation, not a legislated ownership rule.
+  held directly, the share-like sources, `other_residential_property_value`
+  for residential property other than the home, and
+  `non_residential_property_value` for other land and premises.
+  `share_like_capital` is `corporate_wealth` as supplied, or the sum of its
+  itemised components (`directly_held_shares`, `unit_and_investment_trusts`,
+  `stocks_and_shares_isa`) where they exceed it beyond float32 rounding (see
+  `share_like_capital`), so a household given only the components has them
+  counted and no holding counts twice. `main_residence_value` is excluded
+  because Schedule 9 paragraph 1 disregards premises occupied as the
+  claimant's home. `private_pension_wealth` is excluded because Schedule 9
+  paragraphs 28 and 29 disregard the value of the right to receive an
+  occupational or personal pension and the value of funds held under a
+  personal pension scheme. Other Schedule 9 disregards and the higher
+  residential-care capital disregard are not yet modeled because the current
+  dataset does not isolate those states or asset holdings. Because the dataset
+  only provides household-level capital stocks, the model allocates the full
+  household total to benunits with a reported income-related ESA award and
+  only falls back to an adult-share proxy when nobody in the household is on
+  that reported claim path. That allocation is a data approximation, not a
+  legislated ownership rule.
 metadata:
   label: Income-related ESA countable capital sources
   period: year
@@ -33,6 +38,6 @@ values:
   2008-10-27:
     - savings
     - owned_land
-    - corporate_wealth
+    - share_like_capital
     - other_residential_property_value
     - non_residential_property_value

policyengine_uk/parameters/gov/dwp/JSA/income/capital/sources.yaml

@@ -3,22 +3,26 @@ description: >
   Allowance capital. The Jobseeker's Allowance Regulations 1996 treat capital
   as assessable unless it is disregarded under Schedule 8. The current
   mappings are `savings` for liquid capital, `owned_land` for land held
-  directly, `corporate_wealth` as the broad available proxy for share-like
-  financial assets, `other_residential_property_value` for residential
-  property other than the home, and `non_residential_property_value` for other
-  land and premises. `main_residence_value` is excluded because Schedule 8
-  paragraph 1 disregards premises occupied as the claimant's home.
-  `private_pension_wealth` is excluded because Schedule 8 paragraphs 28 and 29
-  disregard the value of the right to receive an occupational or personal
-  pension and the value of funds held under a personal pension scheme. Other
-  Schedule 8 disregards, the higher residential-care capital disregard, and
-  the separate child-capital disregard are not yet modeled because the current
-  dataset does not isolate those states or asset holdings. Because the dataset
-  only provides household-level capital stocks, the model allocates the full
-  household total to benunits with a reported income-based JSA award and only
-  falls back to an adult-share proxy when nobody in the household is on that
-  reported claim path. That allocation is a data approximation, not a
-  legislated ownership rule.
+  directly, the share-like sources, `other_residential_property_value` for
+  residential property other than the home, and
+  `non_residential_property_value` for other land and premises.
+  `share_like_capital` is `corporate_wealth` as supplied, or the sum of its
+  itemised components (`directly_held_shares`, `unit_and_investment_trusts`,
+  `stocks_and_shares_isa`) where they exceed it beyond float32 rounding (see
+  `share_like_capital`), so a household given only the components has them
+  counted and no holding counts twice. `main_residence_value` is excluded
+  because Schedule 8 paragraph 1 disregards premises occupied as the
+  claimant's home. `private_pension_wealth` is excluded because Schedule 8
+  paragraphs 28 and 29 disregard the value of the right to receive an
+  occupational or personal pension and the value of funds held under a
+  personal pension scheme. Other Schedule 8 disregards, the higher
+  residential-care capital disregard, and the separate child-capital disregard
+  are not yet modeled because the current dataset does not isolate those
+  states or asset holdings. Because the dataset only provides household-level
+  capital stocks, the model allocates the full household total to benunits
+  with a reported income-based JSA award and only falls back to an adult-share
+  proxy when nobody in the household is on that reported claim path. That
+  allocation is a data approximation, not a legislated ownership rule.
 metadata:
   label: Income-based JSA countable capital sources
   period: year
@@ -34,6 +38,6 @@ values:
   1996-10-07:
     - savings
     - owned_land
-    - corporate_wealth
+    - share_like_capital
     - other_residential_property_value
     - non_residential_property_value

policyengine_uk/parameters/gov/dwp/housing_benefit/means_test/capital/sources.yaml

@@ -1,24 +1,28 @@
 description: >
-  Model variables currently mapped to countable Housing Benefit capital.
-  The Housing Benefit Regulations 2006 treat the whole of a claimant's capital
-  as assessable unless it is disregarded under Schedule 6. The current mappings
-  are `savings` for liquid capital, `owned_land` for land held directly,
-  `corporate_wealth` as the broad available proxy for share-like financial
-  assets such as stocks, shares, unit trusts, and investment ISAs,
-  `other_residential_property_value` for residential property other than the
-  home, and `non_residential_property_value` for other land and premises.
+  Model variables currently mapped to countable Housing Benefit capital. The
+  Housing Benefit Regulations 2006 treat the whole of a claimant's capital as
+  assessable unless it is disregarded under Schedule 6. The current mappings
+  are `savings` for liquid capital, `owned_land` for land held directly, the
+  share-like sources, `other_residential_property_value` for residential
+  property other than the home, and `non_residential_property_value` for other
+  land and premises. `share_like_capital` is `corporate_wealth` as supplied,
+  or the sum of its itemised components (`directly_held_shares`,
+  `unit_and_investment_trusts`, `stocks_and_shares_isa`) where they exceed it
+  beyond float32 rounding (see `share_like_capital`), so a household given
+  only the components has them counted and no holding counts twice.
   `main_residence_value` is excluded because Schedule 6 paragraph 1 disregards
-  premises occupied as the claimant's home. `private_pension_wealth` is
-  excluded because Schedule 6 paragraphs 31 and 32 disregard the value of the
-  right to receive an occupational or personal pension and the value of funds
-  held under a personal pension scheme (paragraph 24 of Schedule 6 to the
-  pension-age regulations and paragraphs 32 and 33 of Schedule 7 to the
-  Northern Ireland regulations make the same disregard). Datasets built before
-  private pension wealth was split out of `corporate_wealth` still carry it
-  inside that countable bucket. Other Schedule 6 disregards within these broad
-  asset classes are not yet split out separately. Because the
-  dataset only provides household-level capital stocks, the model allocates
-  them across benunits using an adult-share proxy.
+  premises occupied as the claimant's home (paragraph 26 of Schedule 6 to the
+  pension-age regulations). `private_pension_wealth` is excluded because
+  Schedule 6 paragraphs 31 and 32 disregard the value of the right to receive
+  an occupational or personal pension and the value of funds held under a
+  personal pension scheme (paragraph 24 of Schedule 6 to the pension-age
+  regulations and paragraphs 32 and 33 of Schedule 7 to the Northern Ireland
+  regulations make the same disregard). Datasets built before private pension
+  wealth was split out of `corporate_wealth` still carry it inside
+  `share_like_capital`. Other Schedule 6 disregards within these broad asset
+  classes are not yet split out separately. Because the dataset only provides
+  household-level capital stocks, the model allocates them across benunits
+  using an adult-share proxy.
 metadata:
   label: Housing Benefit countable capital sources
   period: year
@@ -34,14 +38,14 @@ metadata:
       href: https://www.legislation.gov.uk/nisr/2006/405/schedule/7/paragraph/32
     - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 reg. 44(1)
       href: https://www.legislation.gov.uk/uksi/2006/214/regulation/44
-    - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 Schedule 6 para. 1
-      href: https://www.legislation.gov.uk/uksi/2006/214/schedule/6/paragraph/1
+    - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 Schedule 6 para. 26
+      href: https://www.legislation.gov.uk/uksi/2006/214/schedule/6/paragraph/26
     - title: The Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 Schedule 6 para. 24
       href: https://www.legislation.gov.uk/uksi/2006/214/schedule/6/paragraph/24
 values:
   2006-04-10:
     - savings
     - owned_land
-    - corporate_wealth
+    - share_like_capital
     - other_residential_property_value
     - non_residential_property_value

policyengine_uk/parameters/gov/dwp/income_support/means_test/capital/sources.yaml

@@ -3,6 +3,11 @@ description: >
   `private_pension_wealth` is excluded because Schedule 10 paragraphs 23 and
   23A disregard the value of the right to receive an occupational or personal
   pension and the value of funds held under a personal pension scheme.
+  `share_like_capital` is `corporate_wealth` as supplied, or the sum of its
+  itemised components (`directly_held_shares`, `unit_and_investment_trusts`,
+  `stocks_and_shares_isa`) where they exceed it beyond float32 rounding (see
+  `share_like_capital`), so a household given only the components has them
+  counted and no holding counts twice.
 metadata:
   label: Income Support capital sources
   period: year
@@ -22,6 +27,6 @@ values:
   2010-01-01:
   - savings
   - owned_land
-  - corporate_wealth
+  - share_like_capital
   - other_residential_property_value
   - non_residential_property_value

policyengine_uk/parameters/gov/dwp/pension_credit/income/capital/sources.yaml

@@ -5,7 +5,11 @@ description: >
   (Part I) disregard the value of the right to receive income from an
   occupational or personal pension scheme or under a retirement annuity
   contract; the notional income rule for undrawn money purchase pots
-  (regulation 18) is not modelled.
+  (regulation 18) is not modelled. `share_like_capital` is `corporate_wealth`
+  as supplied, or the sum of its itemised components (`directly_held_shares`,
+  `unit_and_investment_trusts`, `stocks_and_shares_isa`) where they exceed it
+  beyond float32 rounding (see `share_like_capital`), so a household given
+  only the components has them counted and no holding counts twice.
 metadata:
   label: Pension Credit capital sources
   unit: list
@@ -25,4 +29,4 @@ values:
     - owned_land
     - other_residential_property_value
     - non_residential_property_value
-    - corporate_wealth
+    - share_like_capital

policyengine_uk/parameters/gov/dwp/universal_credit/means_test/capital/sources.yaml

@@ -1,32 +1,36 @@
 description: >
-  Household financial proxies for Universal Credit: savings and corporate
-  financial wealth. A nonnegative benunit_reported_capital replaces these
-  financial proxies and covered person-level sources, including a Lifetime ISA.
-  Each benefit unit's complete uc_reported_capital override, otherwise its
-  observed financial total, reduces this financial pool. Subtracting complete
-  overrides retains the inherited allocation convention. An override precedes
-  regulation 77 company substitution and includes its claimant's and partner's
-  holdings: consume at least their disregarded holdings after applying one
-  household corporate_wealth budget without removing them again from the pool.
-  First clip each person's holding to [0, max(0, corporate_wealth)], with
-  positive infinity mapped to the upper bound and negative infinity to zero.
-  If total bounded holdings exceed nonnegative corporate_wealth, scale each
-  person's bounded holding proportionally before override floors and separate
-  pool deductions.
-  This is a defensive rule for inconsistent inputs, not a statutory determination;
-  regulation 77 substitution in the owner's own assessment is unchanged.
-  The residual is allocated by
-  claimant/partner counts to benefit units with neither a financial observation
-  nor a complete override,
-  including units that do not receive UC. This allocation is an assumption
-  about unobserved ownership, not a statutory rule. Countable property is
-  valued and shared independently through property_sources across ALL
-  claimant/partner adults, with complete-override units consuming their shares.
-  Main-home property and the named private_pension_wealth input are excluded
-  under Schedule 10 paragraphs 1 and 10. For missing-report households, the
-  legacy corporate_wealth proxy can still contain non-DB pension wealth that
-  is not separately identified and removed. Asset-specific Schedule 10 disregards
-  within these broad financial classes are not separately observed.
+  Household financial proxies for Universal Credit: savings and share-like
+  financial wealth. `share_like_capital` is `corporate_wealth` as supplied, or
+  the sum of its itemised components (`directly_held_shares`,
+  `unit_and_investment_trusts`, `stocks_and_shares_isa`) where they exceed it
+  beyond float32 rounding, so a household given only the components has them
+  counted and no holding counts twice. A nonnegative benunit_reported_capital
+  replaces these financial proxies and covered person-level sources, including
+  a Lifetime ISA. Each benefit unit's complete uc_reported_capital override,
+  otherwise its observed financial total, reduces this financial pool.
+  Subtracting complete overrides retains the inherited allocation convention.
+  An override precedes regulation 77 company substitution and includes its
+  claimant's and partner's holdings: consume at least their disregarded
+  holdings after applying one household share_like_capital budget without
+  removing them again from the pool. First clip each person's holding to [0,
+  max(0, share_like_capital)], with positive infinity mapped to the upper
+  bound and negative infinity to zero. If total bounded holdings exceed
+  nonnegative share_like_capital, scale each person's bounded holding
+  proportionally before override floors and separate pool deductions. This is
+  a defensive rule for inconsistent inputs, not a statutory determination;
+  regulation 77 substitution in the owner's own assessment is unchanged. The
+  residual is allocated by claimant/partner counts to benefit units with
+  neither a financial observation nor a complete override, including units
+  that do not receive UC. This allocation is an assumption about unobserved
+  ownership, not a statutory rule. Countable property is valued and shared
+  independently through property_sources across ALL claimant/partner adults,
+  with complete-override units consuming their shares. Main-home property and
+  the named private_pension_wealth input are excluded under Schedule 10
+  paragraphs 1 and 10. For missing-report households, the legacy
+  corporate_wealth proxy, and so share_like_capital, can still contain non-DB
+  pension wealth that is not separately identified and removed. Asset-specific
+  Schedule 10 disregards within these broad financial classes are not
+  separately observed.
 metadata:
   label: Universal Credit financial capital proxy sources
   period: year
@@ -41,4 +45,4 @@ metadata:
 values:
   2013-04-29:
     - savings
-    - corporate_wealth
+    - share_like_capital