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The question says that Wendy owned a 1% holding in the company, doesn’t this mean that she is not eligible for gift relief? In the notes and lectures, the requirement is a 5% minimum holding, yet the answer to this question gives partial gift relief. Please clarify why. Thank you.
ANY shareholding in an UNQUOTED trading company is eligible for gift relief – see OT notes chapter 14, page 95, section 3.4(b)
Noted. Many thanks.