Example 1 – a ‘first relevant disposal’ before 23 June 2010

In October 2006 W exchanged his shares in his ‘personal company’ partly for cash and partly for QCBs. The original cost of the shares was £900,000 and he received total consideration of £4,000,000, consisting of £250,000 cash and £3,750,000 QCBs. W then disposes of his QCBs in three tranches:-

one third in January 2008,

one third in March 2009, and

one third in October 2010.

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