249 Substitution of new shares for old shares
Income Tax Act 2007 (2007 c 3) | Legislation

249  Substitution of new shares for old shares

(1)     Subsection (2) applies if, in the case of any new shares held by an individual to which EIS relief becomes attributable under section 247, the old shares for which they were exchanged were subscribed for by and issued to the individual.

(2)     This Part [(except section 195(7))] has effect 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

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