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No, they will be liable to Capital Gains Tax (CGT) on the gain made at disposal at 10% or 20% or a combination of the two rates depending on their income including the gain in the relevant tax year. The each have a non cumulative Annual Exempt Amount (AEA), currently 11.7K, to offset any gain.
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Some years ago I attended a seminar by a well known experts on the subject of the valuation of unquoted companies. His sage opening words were that an unlisted company is only worth what someone is prepared to pay for it! The seminar then went on to explain valuation methods and in your case this would be based on the income flow less expenses on a Years Purchase (YP) basis. Inevitably, in the event of disposal by gift, the donor will be in for an argy bargy with HMRC!
I am sure that you will appreciate that at this stage no clear position can be determined as even the quantum of YP is a Tom Tiddler's Ground for dispute, so back to the lecturer's original statement!
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