Section 3

In this Order, "realisable property" means, subject to subsection (2) -

(a} any property held by the defendant; and

Property is not realisable property if an order under section 25 of the

Misuse of Drugs Act !Chapter 27) is in force in respect of the property.

For the purposes of this Order, the amount that may be realised under a confiscation order is -

·

(a} the total of the values at the time of realisation of all the realisable property held by the defendant, less

Subject to the following provisions of this section, for the purposes of this Order the value of property (not being cash) in relation to any person holding the property -

{a) where any other person holds an interest in the property, is -

If at the material time a person holds

{a) the property which he obtained [not being cash); or

{b) property which, in whole or in part, directly or indirectly represents in his hands the property which he obtained, the value referred to in paragraph {b) of subsection (5) is the value to him at the material time of the property mentioned in paragraph {a) of this subsection or, as the case may be, of the property mentioned in paragraph {b) of this subsection, so far as it represents the property which he obtained, but disregarding in either case any charging order.

Subject to subsection ( 12), a reference in this Order to the value at any time (referred to in subsection (8) as "the material time") of a gift caught by this

Order is a reference to -

{a) the value of the gift to the recipient when he received it, adjusted to take account of subsequent changes in the value of money; or

{b) where subsection (8) applies, the value there mentioned, whichever is the greater.

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l8) Subject to subsection (12). if at the material time a person holds

{aj the property which he received (not being cash); or fb} property which, in whole or in part, directly or indirectly represents in his hands the property which he received, the value referred to in subsection (7) is the value to him at the material time of the property mentioned in paragraph fa} or, as the case may be, of the property mentioned in paragraph fbJ, so far as it represents the property which he received, but disregarding in either case any charging order.

For the purpose of subsection (3), an obligation has priority at any time if it is an obligation of the defendant to pay an amount due in respect of a fine, or other order of a court, imposed or made on conviction of an offence, where the fine was imposed or order made before the confiscation order.

( 10)

A gift [including a gift made before the commencement of this Order) is caught by this Order if-fa) it was made by the defendant at any time after the commission of the offence or, if more than one, the earliest of the offences to which the proceedings for the time being relate; and fb) the Court considers it appropriate in all the circumstances to take the gift into account.

( 11) The reference in subsection ( 10) to an offence to which the proceedings for the time being relate includes, where the proceedings have resulted in the conviction of the defendant, a reference to any offence which the Court takes into consideration when determining his sentence.

For the purposes of this Order-fa} the circumstances in which the defendant is to be treated as making a gift include those where he transfers property to another person directly or indirectly for a consideration the value of which is significantly less than the value of the consideration provided by the defendant; and fb} in those circumstances, the preceding provisions of this section shall apply as if the defendant had made a gift of such share in the property as bears to the whole property the same proportion as the difference between the values referred to in paragraph fa} bears to the value of the consideration provided by the defendant.