Shares in Major Lid In May 2020 Tracy gave all of her shares in Major Lid to her daughter Louise.

The shares on that date had

a market value of 22,000. Major Ltd is an unquoted trading company.

Tracy has worked for Major Lid since it was incorporated in 2009. On incorporation

Tracy bought her shares for 5,000. At the dale that Tracy's shares were transferred to Louise 15% of the chargeable assets held by Major Ltd were investments not required for the company's trade.

Principal Private Residence

Tracy gold her prineipal private residence on 30 June 2020 for 450,000. Agent's commission of 2% was due on the sale. She purchased the properly for 150,000 on 30 June 2008 and lived there until 30 June 2015 when she moved out to live wilh her new husband Tony. The property remained vacant until it was sold on 30 June 2020

Tracy has a capital loss brought forward from lax year

2019/20 of 12,000.

Required

(a) Identify the conditions that must be satisfied to

make a successful claim for gift relief on the shares in note

b) Calculate the capital gains tax payable by Tracy

for tax year 2020/21, assuming all conditions are met for gift relief. Clearly show how Tracy's losses have been utilised and what loss, if any, is available to carry forward