Part 2Confiscation: England and Wales
Interpretation
80 Value of property obtained from conduct
(1)
This section applies for the purpose of deciding the value of property obtained by a person as a result of or in connection with his criminal conduct; and the material time is the time the court makes its decision.
(2)
F1Except where subsection (3A) or (3B) applies, the value of the property at the material time is the greater of the following—
(a)
the value of the property (at the time the person obtained it) adjusted to take account of later changes in the value of money;
(b)
the value (at the material time) of the property found under subsection (3).
(3)
The property found under this subsection is as follows—
(a)
if the person holds the property obtained, the property found under this subsection is that property;
(b)
if he holds no part of the property obtained, the property found under this subsection is any property which directly or indirectly represents it in his hands;
(c)
if he holds part of the property obtained, the property found under this subsection is that part and any property which directly or indirectly represents the other part in his hands.
F2(3A)
Where the person no longer holds the property obtained because it has been sold, the value of the property at the material time is the greater of the following—
(a)
the proceeds of the sale, adjusted to take account of later changes in the value of money;
(b)
the value (immediately before the sale) of the property, adjusted to take account of later changes in the value of money.
(3B)
Where the person no longer holds the property obtained because it has been destroyed by virtue of a court order under section 51(2)(e) or section 67AA (orders for destruction of cryptoassets), the value of the property at the material time is the market value of the property as set out in the court order, adjusted to take account of later changes in the value of money.
(3C)
For the purposes of subsection (3A)(a), if the proceeds of the sale are in a currency other than sterling, they must be taken to be the sterling equivalent calculated in accordance with the rate of exchange prevailing at the end of the day of the sale.
(4)
The references in subsection (2)(a) and (b) F3and subsection (3A)(b) to the value are to the value found in accordance with section 79.
F4(5)
If only a proportion of the property was obtained by the person as a result of or in connection with the person’s criminal conduct, only that proportion is to be taken into account for the purposes of subsections (2) to (4).
(6)
This section does not apply in a case where section 80A applies.