Jerome made the following gifts to family members during the tax year 2014–15:

(2) On 24 June 2014, Jerome made a gift of his entire 12% holding of 12,000 £1 ordinary shares in Reward Ltd, an unquoted trading company, to his son. The market value of the shares on that date was £98,400. The shares had been purchased on 15 March 2006 for £39,000. On 24 June 2014, the market value of Reward Ltd’s chargeable assets was £540,000, of which £460,000 was in respect of chargeable business assets. Jerome and his son have elected to hold over the gain on this gift of a business asset.

Required:
(a) Calculate Jerome’s chargeable gains for the tax year 2014–15.
Note: You should ignore inheritance tax. (7 marks)