Part 4Loss relief
Chapter 6Losses on disposal of shares
Qualifying trading companies: supplementary
146Substitution of new shares for old shares
1
Subsection (2) applies if, in the case of any new shares held by an individual or by a nominee for an individual, the old shares for which they were exchanged were shares—
a
to which EIS relief was not attributable, and
b
which had been subscribed for by the individual.
2
This Chapter has effect in relation to any subsequent disposal or other event as if—
a
the new shares had been subscribed for by the individual at the time when, and for the amount for which, the old shares were subscribed for by the individual,
b
the new shares had been issued by the new company at the time when the old shares were issued to the individual by the old company, and
c
any requirements of this Chapter which were met at any time before the exchange by the old company had been met at that time by the new company.