National heritage: section 258(5) TCGA: breach of undertaking
If the Commissioners of HMRC are satisfied that an undertaking has not been observed in a material respect the asset is deemed to have been disposed of and immediately reacquired at its market value. In this situation, the gain or loss arising is calculated in the normal way. Specialist PT - IHT - Heritage Team are responsible for deciding whether any such breach has occurred. See CG73301.