In 2010, Shaun bought 20% of the ordinary shares of an unlisted trading company. The shares cost £140,000. He owned the shares until January 2018 when he gave all the shares to a friend. On the date of the gift, the shares had a market value of £500,000 and the company's assets were valued as follows:

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Freehold land and buildings Goodwill Investments Motor cars Net current assets 1,700,000 500,000 100,000 40,000 160,000 Calculate the chargeable gain, assuming that both Shaun and his friend elect that the gain arising should (as far as possible) be held-over.