Article 90 Value of tainted giftsI1

United Kingdom

(1)

The value at any time (the material time) of a tainted gift is the greater of the following—

(a)

the value (at the time of the gift) of the property gives, adjusted to take account of later changes in the value of money;

(b)

the value (at the material time) of the property found under paragraph (2).

(2)

The property found under this paragraph is as follows—

(a)

if the recipient holds the property given, that property;

(b)

if the recipient holds no part of the property given, any property which directly or indirectly represents it in his hands;

(c)

if the recipient holds part of the property given, that part and any property which directly or indirectly represents the other part in his hands.

(3)

The references in paragraph (1)(a) and (b) to the value are to the value found in accordance with article 89.

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