Were trustees entitled to entrepreneurs’ relief?

The company met the qualifying conditions for entrepreneurs’ relief (ER) and the individuals had held their personal shares for the 12-month qualifying period. However the trust had only held the shares for four months before they were sold. The question was whether the trustees were entitled to ER on the disposal by virtue of the individuals’ 12 month qualifying period or whether the trust also needed to have held the shares for 12 months. The First-tier Tribunal had said no; the Upper Tribunal had said yes.