This is the original version (as it was originally enacted).
(1)This section has effect in relation to shares to which EIS relief is not attributable.
(2)An individual subscribes for shares in a company if they are issued to the individual by the company in consideration of money or money’s worth.
(3)If—
(a)an individual (“A”) subscribed for, or is treated under subsection (4) or this subsection as having subscribed for, any shares,
(b)A transferred the shares to another individual (“B”) during their lives, and
(c)A was B’s spouse or civil partner at the time of the transfer,
B is treated as having subscribed for the shares.
(4)If—
(a)an individual has subscribed for, or is treated under subsection (3) or this subsection as having subscribed for, any shares, and
(b)any corresponding bonus shares are subsequently issued to the individual,
the individual is treated as having subscribed for the bonus shares.
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