Investors' relief is subject to a lifetime limit of £10 million. However, trustees do not have their own separate lifetime limit and effectively trustee disposals use up the eligible beneficiary's lifetime limit. There are two separate sets of rules, depending whether the disposal is made by an individual or by trustees.
Disposals by an individual
Where an individual who is a qualifying person disposes of a holding that comprises or includes qualifying shares (TCGA 1992, s. 169VC(1); see ¶573-625 ) and the aggregate of the ‘relevant gain’ and: