Section 79A — Inheritance Tax Act 1984: Variation of undertakings.

Variation of undertakings. 79A 1 An undertaking given under section 78 or 79 above may be varied from time to time by agreement between the Board and the person bound by the undertaking.

2 Where the tribunal is satisfied that—

a the Board have made a proposal for the variation of such an undertaking to the person bound by the undertaking, b that person has failed to agree to the proposed variation within six months after the date on which the proposal was made, and c it is just and reasonable, in all the circumstances, to require the proposed variation to be made, the tribunal may direct that the undertaking is to have effect from a specified date as if the proposed variation had been agreed to by the person bound by the undertaking.

3 The date specified by the tribunal must not be less than sixty days after the date of the tribunal's direction .

4 A direction under this section shall not take effect if, before the date specified by the tribunal , a variation different from that to which the direction relates is agreed between the Board and the person bound by the undertaking.