In order to determine whether investors' relief applies it is necessary to establish whether the shares disposed of are qualifying shares, potentially qualifying shares, or excluded shares. The way in which the differing types of shares affect the calculations of the relief is explained in C3.1324 and C3.1325.
Qualifying shares
A share is a qualifying share if1:
- Ìý
(a)ÌýÌýÌýÌý it was subscribed for by the person making the disposal (the investor)
- Ìý
(b)ÌýÌýÌýÌý the investor has held it continuously for the period beginning with its issue and ending with the disposal
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(c)ÌýÌýÌýÌý it was issued on or after 17 March 2016
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(d)ÌýÌýÌýÌý at the time it was issued, none of the shares or securities of the company were listed on a recognised stock exchange.
- Ìý
(e)ÌýÌýÌýÌý it was an ordinary share2 (see D2.108) when issued and immediately before the disposal
- Ìý
(f)ÌýÌýÌýÌý the company was a trading company or the holding company of a trading group (see below) when the share was issued and has been
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