(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)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.
(4)The references in subsection (2)(a) and (b) to the value are to the value found in accordance with section 79.
Cases considering section 80 23
[2014] UKSC 36 · 18 June 2014Interprets
The provision places the valuation of obtained property at the time when the court makes its decision. (see para [31])
The provision selects the greater of the inflation-adjusted value when obtained and the property’s current value. (see paras [6]; [31])
The provision applies section 79’s valuation rules to property both when obtained and when held. This textual difference from the former legislation did not alter the outcome. (see paras [31]; [33])
[2012] UKSC 51 · 14 November 2012Interprets
Section 80(1) defines the material time as the time of the court’s decision. The court used it to reject valuation of remortgage proceeds that were no longer held at confiscation day. (see para [74])
Section 80(2) provides two alternative bases for valuing criminal property: its original value, adjusted for money values, and the value of representing property. The alternatives are not cumulative. (see paras [55]; [74]-[75])
Section 80(2)(a) fixes one valuation basis at the value of property when obtained, adjusted for changes in money values. It remains available when representing property is not held at confiscation day. (see paras [43]; [55]; [75])
Section 80(2)(b) permits valuation of property found under section 80(3), but only as an alternative to the original-value basis. (see paras [44]; [55])
Section 80(3) applies where criminal property has been exchanged for or represented by other property in the defendant’s hands. It does not import all equitable tracing rules, but is broad enough for straightforward direct or indirect substitutions supported by evidence. (see paras [55]-[61])
Where none of the original property is held, section 80(3)(b) requires identifiable property directly or indirectly representing it in the defendant’s hands. Dissipated remortgage proceeds could not be included. (see paras [74]-[75])
Section 80(3)(c) covers partial representation of criminal property. The court held that it is not confined to complete substitutions where sufficient evidence identifies the representing property. (see paras [58]-[61])
[2009] UKHL 30 · 10 June 2009Interprets
The section applies to valuation of property obtained through or in connection with criminal conduct. (see paras [23]; [29])
Property obtained through criminal conduct is valued when obtained, adjusted for later monetary change. For imported heroin, that objective value could be its black-market value at importation. (see paras [33]-[34]; [38])
An alternative current valuation applies if it produces a greater figure for property still held or represented by other property. The relevant market remains dependent on the property and context. (see paras [33]-[35])
The provision identifies property still held by the defendant or property directly or indirectly representing what was obtained. It does not require lawful replacement property to be valued by an unrelated black market. (see paras [29]; [35])
The values required by section 80(2) are determined in accordance with section 79. (see paras [17]; [29])
3 more judgments, and what each says about section 80, are in the
case-law panel in the full Act.