Assessment of value of proceeds

(1) Subject to the provisions of this section, for the purposes of this Act, the value of property, other than cash, in relation to any person holding the property is– (a) where any other person holds an interest in the property, the market value of the first mentioned person’s beneficial interest in the property, less the amount required to discharge any encumbrance on that interest, other than a charging order; and (b) in any other case, the market value of the (2) Subject to section 36(6), references in this Act to the value at any time, in this section referred to as the material time, of a gift caught by this Act or of any payment or reward, are references to– (a) the value of the gift, payment or reward to the recipient when he received it, adjusted to take account of subsequent changes in the value of money; or (b) where sub-section (3) applies, the value mentioned in that sub-section, whichever is the greater. (3) Subject to section 36(6), if at the material time the recipient holds– (a) the property which he received, not being cash; or (b) the property which, in whole or in part, directly or indirectly represents, in his hands, the property which he received, 53 the value referred to in sub-section (2)(b) is the value to him at the material time of the property mentioned in paragraph (a) or (b) so far as it so represents the property which he received, but disregarding in either case any charging order. (4) For the purposes of this Act, a “charging order” is an order made by the court imposing on any such realisable property as may be specified in the order a charge for securing the payment of money to the Government.