In addition to the designation by the Board (see I7.504), it is necessary for an undertaking to be given by the person the Board thinks appropriate in the circumstances of the case — see Chapter 6 of HMRC's publication Capital Taxation and the National Heritage for further detail. Generally speaking, this will be the transferee—that is, the intended beneficial owner. Where the property will be subject to a trust, the trustee is also required to give the undertaking.
Pictures, prints, books etc
With regard to pictures, prints, books, manuscripts, works of art, scientific collections and other things not producing income, the requisite undertaking is that, until the person beneficially entitled to the property dies or the property is disposed of, whether by sale or gift or otherwise:
- Ìý
•ÌýÌýÌýÌý the property will be kept permanently in the UK and will not leave it temporarily except for a purpose and a period approved by the Board, and
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•ÌýÌýÌýÌý such steps as are agreed between the Board and the person giving the undertaking, and are set out
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