Paragraph 7 F1

at any time within the period of twelve months before the disposal not less than 25 per cent. of the voting rights exercisable by shareholders of the company in general meeting are exercisable by the transferor, or

the transferor is an individual and, at any time within that period, the company is his family company,

the denominator is the market value on the date of the disposal of all the chargeable assets of the company, or as the case may be of the group, and

the numerator is the market value on that date of those chargeable assets of the company or of the group which are business assets.

an asset is a business asset in relation to a company or a group if it is or is an interest in an asset used for the purposes of a trade, profession or vocation carried on by the company, or as the case may be by a member of the group; and

an asset is a chargeable asset in relation to a company or a group at any time if, on a disposal at that time, a gain accruing to the company, or as the case may be to a member of the group, would be a chargeable gain.

the holding by one member of the group of the ordinary share capital of another member shall not count as a chargeable asset, and

if the whole of the ordinary share capital of a 51 per cent. subsidiary of the holding company is not owned directly or indirectly by that company, the value of the chargeable assets of the subsidiary shall be taken to be reduced by multiplying it by the fraction of which the denominator is the whole of the ordinary share capital of the subsidiary and the numerator is the amount of that share capital owned directly or indirectly by the holding company.