Q: I am selling office premises used by my limited company to a third party. I will be gifting shares in the company to my son at the same time. What reliefs are available to me?
A: If you gift the shares to your son this is deemed to happen at their current market value.
If the company is a trading company in which you hold at least 5% of the voting rights, you and your son can jointly claim gift holdover relief. This means you pay no tax now but the downside is that your son takes over the shares at your original cost. See HMRC helpsheet HS295 for further details.