Gifts: business assets: assets used in trade: trustees
TCGA92/SCH7/PARA2 (2) (a) & (b)
Trustees qualify on the same basis as individuals with these two differences.
The only trades etc which can be taken into account are
- those carried on by the trustees themselves
- those carried out by a beneficiary with an interest in possession. This term is explained in CG36320+.
Listed shares (up to 1 April 1996 quoted shares) only qualify if the trustees can exercise not less than 25 per cent of the voting rights, see CG64050.