R v Rose; R v Whitwam [2008] EWCA Crim 239, [2008] All ER (D) 314 (Feb)
Market value, within the meaning of s 79(2) of the Proceeds of Crime Act 2002 (POCA 2002), of property obtained by a thief or handler is the amount it would have cost the defendant to obtain the property legitimately, or the economic value to the loser, rather than what the defendant could get for the property if he sold it (or what he could get for his interest in the property if he were to sell that interest).
On that basis there is no need to consider the nature of the defendant’s interest in the property obtained or the market value of that interest: the focus is on the incoming value of the property, not the value of the property in his hands.