Shares in a Racehorse Exempt from CGT? (PNTA)

madeleinedampier

I'm revising for my PNTA exam and came across a question asking whether selling shares in a racehorse for £30,000 is subject to Capital Gains Tax. The answer in the book states that it is exempt, but I’m unsure why. I understand that a racehorse itself is a wasting chattel and therefore exempt, but my understanding is that shares are generally liable to CGT. Since this question refers to selling shares (not the actual horse), wouldn’t they be taxable? I know the book provides the answer, but I’d really appreciate it if someone could clarify the reasoning behind this.