669(1) This section applies if a club holds any asset (within the meaning of TCGA 1992) and, without disposing of it (within the meaning of that Act)–
(a)the club ceases to be a registered club, or
(b)the club ceases to hold the asset for qualifying purposes.
669(2) The club is treated for the purposes of TCGA 1992 as disposing of, and immediately reacquiring, the asset at the time of the cessation for a consideration equal to its market value at that time.
669(3) The exemption under section 665 does not apply to any gain accruing on that deemed disposal.