Modifications etc. (not altering text)
C1Pt. 7 modified by 2005 c. 7, s. 54A (as inserted (10.7.2008) by The Alternative Finance Arrangements (Community Investment Tax Relief) Order 2008 (S.I. 2008/1821), arts. 1, 2)
(1)This section applies if—
(a)corresponding bonus shares are issued to the investor in respect of any shares (“the original shares”) included in the investment, and
(b)the original shares have been continuously held by the investor, as sole beneficial owner, from the time they were issued until the issue of the bonus shares.
(2)A proportionate part of any amount attributed to the original shares, in respect of a tax year, immediately before the bonus shares are issued is attributed to each of the shares in the holding consisting of the original shares and the bonus shares, in respect of that year.
(3)After the issue of the bonus shares this Part applies as if—
(a)the original issue had included the bonus shares, and
(b)the bonus shares had been held by the investor, as sole beneficial owner, continuously from the time the original shares were issued until the bonus shares were issued.
(4)In this section—
“” means bonus shares that are in the same company, are of the same class, and carry the same rights as the original shares,
“original issue” means the issue of shares forming the investment.