Taxes Consolidation Act 1997 section 600G

Subscription for shares

Section 600G defines what it means for an individual to subscribe for shares for the purposes of angel investor relief.

• The individual must subscribe for and be issued the share by the company for consideration consisting wholly of cash.
• The subscription must be for bona fide commercial reasons and not part of an arrangement whose main purpose, or one of whose main purposes, is to secure a tax advantage for any person, and must be at arm's length.
• Shares subscribed for, issued to, held by, or disposed of by a nominee on behalf of an individual are treated as subscribed for, issued to, held or disposed of by the individual, provided the nominee complies with sections 892 and 894.
• An individual who subscribes for a share jointly with another individual is treated as having subscribed for that share.