Company created an asset some time ago, at a cost of say £1,000 (its then value). Its current value is £20k. The asset has not been used or depreciated, and is transferred to a shareholder (not an employee or director) for nothing. CTM60550 directs one to the old SE Manual SE21640, which says that the value to be used for s1064 purposes is the second-hand value, which I assume would be £20k in this case. But what if the asset had actually been used prior to transfer (but without being provided as a benefit to anyone)? EIM21655 (and its SE predecessor) suggests that a value higher than MV when first acquired is only used when the benefit is chargeable under s62. It is not so chargeable in this case, so if the asset were to have been used prior to transfer, is the s1064 value then only £1k?
EDIT - thanks for the interesting discussion below! What I can confirm is that the transferee is not a shadow director. But she is a direct shareholder, so it looks like section 1020 trumps section 1064 in this case.