Roy owns 3,500 ordinary shares in an unlisted company which has an issued share capital of 10,000 ordinary shares. Roy's wife owns a further 1,600 shares. Shareholdings in the company are valued as follows:

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500 shares 4,600 shares 5,000 64,400 3,000 shares 5,100 shares 33,000 96,900 3,500 shares 43,750 Roy now transfers 500 of his shares to a relevant property trust. Cal culate the value of this transfer for IHT purposes.