Section 135 — Income Tax Act 2007: Subscriptions for shares

Subscriptions for shares 135 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.