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FIRST SCHEDULE—continued :(b) in any other case, shall be its market value.

(2) References in this Part to the value at any time (referred to in this paragraph as the material time) of a gift caught by this Schedule are references 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 sub-paragraph (3) applies, the value mentioned therein, whichever is the greater.

(3) If at the material time the recipient holds—
 * (a) the property which he received (not being cash); or
 * (b) property which, in whole or in part, directly or indirectly represents in his hands the property which he received,

the value referred to in sub-paragraph (2) (b) shall be the value to him at the material time of the property mentioned in sub-paragraph (a) or, as the case may be, of the property mentioned in sub-paragraph (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 Part, "foreign confiscation order" excludes an instrumentality forfeiture order.

Gifts caught by Schedule

4.—(1) A reference in this Part to a gift caught by this Schedule is a reference to a gift made, whether before, on or after the commencement of this Act—
 * (a) by the defendant since the beginning of the period of 6 years ending when the judicial proceedings were instituted against him; or
 * (b) by the defendant at any time, being a gift of property which is or is part of the benefits derived by the defendant from criminal conduct.

(2) For the purposes of this Part—
 * (a) 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
 * (b) in those circumstances, 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 sub-paragraph (a) bears to the value of the consideration provided by the defendant.

(3) For the purposes of sub-paragraph (1), "criminal conduct" means—
 * (a) doing or being concerned in any act constituting a foreign offence;