In HMRC v The Quentin Skinner 2005 Settlement L and others [2021] UKUT 29 (TCC) (11 February 2021) the Upper Tribunal found that for the purposes of entrepreneurs’ relief (now business asset disposal relief) TCGA 1992 s 169J(4) requires a beneficiary to have been a qualifying beneficiary throughout the period of one year ending not earlier than three years before the disposal.
The case involved a disposal by trustees of company shares held by the trust. TCGA 1992 s 169J makes business asset disposal relief available to the trustees provided there is an individual who is a qualifying beneficiary and that throughout a qualifying period of one year (two years for disposals on or after 6 April 2019) ending not earlier than three years before the disposal date:
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