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Introduction and layout of guidance

Investors� Relief: How the relief works

Rates from April 2025 and from April 2026

Investors� Relief: Qualifying shares, potentially qualifying shares and excluded shares

Investors� Relief: meaning of subscribe

Investors� Relief: Trading Company

Investors� Relief: relevant employee

Investors� Relief: Claims for relief

Investors� Relief: Calculating relief: Disposal where not all shares are qualifying shares

Investors� Relief: calculating relief: part disposals and previous part disposals

Investors� Relief: qualifying disposals by trustees

Investors� Relief: qualifying disposals by trustees: example

Investors� Relief: the lifetime cap

Investors� Relief: Joint Holdings

Investors� Relief: Share reorganisations

Investors� Relief: Exchange of shares for those in another company

Investors� Relief: Value received by the investor: introduction

Investors� Relief: Meaning of receiving value

Investors' Relief: Receiving benefits from a company

Investors� Relief: Receipts of insignificant value

Investors� relief: receipt of replacement value