In November 2019, Bill gifted his shares in Dripfree Plumbing Ltd (an unquoted company) to his son Jack. Bill's shareholding, which represents 15% of the company, was purchased for 9,000 in August 1988 and was worth 336,000 at the date of the gift. Bill has never worked for the company. The market values of the company assets at November 2019 were: Freehold property 800,000 Goodwill 530,000 Cars 250,000 Plant and machinery 134,000 Investments 266,000 Net current assets 220,000 2,200,000 Jack intends to sell his shares to raise funds for a proposed new business venture.

a) calculate the capital gains arising on the disposals and gifts made during the tax year, demonstrating the tax effect of all available reliefs; b) explain the conditions and time limits governing any elections that you recommend should be made; c) calculate the capital gains tax payable in 2019/20 assuming that these are the only disposals in the tax year.