3.—(1) Where after the coming into operation of this Order an election is exercised in accordance with subsection (6) or (7) of section 47A of the Administration of Estates Act 1925, the capital value of the life interest of the surviving spouse shall be reckoned in accordance with the following provisions of this article.
(2) There shall be ascertained, by reference to the index compiled by the Financial Times, The Institute of Actuaries and the Faculty of Actuaries, the average gross redemption yield on medium coupon fifteen-year Government Stocks at the date on which the election was exercised or, if the index was not complied on that date, by reference to the index on the last date before that date on which it was complied; and the column which corresponds to that yield in whichever of the Tables set out in the Schedule hereto is applicable to the sex of the surviving spouse shall be the appropriate column for the purposes of paragraph (3) of this article.
(3) The capital value for the purposes of paragraph (1) of this article is the product of the part of the residuary estate (whether or not yielding income) in respect of which the election was exercised and the multiplier shown in the appropriate column opposite the age which the surviving spouse had attained at the date on which the election was exercised.