Paragraph 11 Value of property sold or destroyedI1I2

Section 80 of the Proceeds of Crime Act 2002 (value of property obtained from conduct) is amended as follows.

In subsection (2), at the beginning insert “Except where subsection (3A) or (3B) applies,”.

After subsection (3) insert—

“(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.”

In subsection (4), after “(2)(a) and (b)” insert “and subsection (3A)(b)”.