This section applies in a case where an adult's needs have been or are being met by a local authority under sections 18 to 20 and where—
The transferee is liable to pay to the local authority an amount equal to the difference between—
But the transferee is not liable to pay to the authority an amount which exceeds the benefit accruing to the transferee from the transfer.
Where an asset has been transferred to more than one transferee, the liability of each transferee is in proportion to the benefit accruing to that transferee from the transfer.
"Asset" means anything which may be taken into account for the purposes of a financial assessment.
The value of an asset (other than cash) is the amount which would have been realised if it had been sold on the open market by a willing seller at the time of the transfer, with a deduction for—
Regulations may specify cases or circumstances in which liability under subsection (2) does not arise.