34(1)The value of any donation falling within paragraph 31(1)(a) (other than money) is to be taken to be the market value of the property in question.
(2)Where, however, paragraph 31(1)(a) applies by virtue of paragraph 31(2), the value of the donation is to be taken to be the difference between—
(a)the value of the money or (as the case may be) the market value of the property, in question, and
(b)the total value in monetary terms of the consideration provided by or on behalf of the permitted participant.
(3)The value of any donation falling within paragraph 31(1)(b) is to be taken to be the value of the money or (as the case may be) the market value of the property, transferred as mentioned in paragraph 32(1) and accordingly any value in monetary terms of any benefit conferred on the person providing the sponsorship in question is to be disregarded.
(4)The value of any donation falling within paragraph 31(1)(d) is to be taken to be the amount representing the difference between—
(a)the total value in monetary terms of the consideration that would have had to be provided by or on behalf of the permitted participant in respect of the provision of the property, services or facilities if the property, services or facilities had been provided on commercial terms, and
(b)the total value in monetary terms of the consideration (if any) actually so provided by or on behalf of the permitted participant.
(5)Where a donation such as is mentioned in sub-paragraph (4) confers an enduring benefit on the donee over a particular period, the value of the donation—
(a)is to be determined at the time when it is made, but
(b)is to be so determined by reference to the total benefit accruing to the donee over that period.