GHI Ltd, a private company, was incorporated in Ireland on 1 November 1980. It has issued only one class of share. These are held by:
John Buckley (parent) 40%
Mary Buckley (parent) 40%
Michael Buckley (son) 20%
Catherine is not related to the Buckleys. She has worked as full-time accounts manager with the company since 1 November 1980. John wishes to give Catherine a 10% shareholding as a gift.
These shares will qualify as relevant business property if Catherine continues to work full-time in the company until the date she receives the gift.