(1) For the purposes of Article 17 (2) (e) (ii) of the Regulations of 1984 the "relevant capital sum" of life assurance activities shall mean -
(a) for whole life assurances, the sum assured,
(b) for policies where a sum is payable on maturity (including policies where a sum is also payable on earlier death), the sum payable on maturity,
(c) for deferred annuities, the capitalised value of the annuity at the vesting date (or the cash option if it is greater),
(d) for capital redemption contracts, the sum payable at the end of the contract period, and
(e) for linked life assurance contracts, notwithstanding paragraphs (a) to (d) the lesser of -
(i) the amount for the time being payable on death, and
(ii) the aggregate of the value for the time being of the units allocated to the contract (or, where entitlement is not denoted by means of units, the value for the time being of any other measure of entitlement under the contract equivalent to units) and the total amount of the premium