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Proceeds of Crime Act 2002

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This is the original version (as it was originally enacted).

271Agreements about associated and joint property
This section has no associated Explanatory Notes

(1)Where—

(a)this section applies, and

(b)the enforcement authority (on the one hand) and the person who holds the associated property or who is the excepted joint owner (on the other) agree,

the recovery order may, instead of vesting the recoverable property in the trustee for civil recovery, require the person who holds the associated property or who is the excepted joint owner to make a payment to the trustee.

(2)A recovery order which makes any requirement under subsection (1) may, so far as required for giving effect to the agreement, include provision for vesting, creating or extinguishing any interest in property.

(3)The amount of the payment is to be the amount which the enforcement authority and that person agree represents—

(a)in a case within section 270(2), the value of the recoverable property,

(b)in a case within section 270(3), the value of the recoverable property less the value of the excepted joint owner’s share.

(4)But if—

(a)an interim receiving order or interim administration order applied at any time to the associated property or joint tenancy, and

(b)the enforcement authority agrees that the person has suffered loss as a result of the interim receiving order or interim administration order,

the amount of the payment may be reduced by any amount the enforcement authority and that person agree is reasonable, having regard to that loss and to any other relevant circumstances.

(5)If there is more than one such item of associated property or excepted joint owner, the total amount to be paid to the trustee, and the part of that amount which is to be provided by each person who holds any such associated property or who is an excepted joint owner, is to be agreed between both (or all) of them and the enforcement authority.

(6)A recovery order which makes any requirement under subsection (1) must make provision for any recoverable property to cease to be recoverable.

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