ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL These changes are adverse to some taxpayers and favourable to others in principle. But they are expected to have no practical effect as they are in line with current practice. Change 34: Share loss relief: time of issue of corresponding bonus shares: section 150
This change inserts an explicit provision determining the time at which corresponding bonus shares are treated as issued. It is consequential on the inclusion of section 135(4) (see Change 23) which treats corresponding bonus shares as subscribed for by an individual.
The time at which such shares are treated as issued to the individual claiming relief needs to be ascertained for the purposes of determining:
	the beginning of the period during which the company must carry on its business wholly or mainly in the United Kingdom (section 134(5)(a));
	the time at which the gross assets requirement is to be met (section 142(1)(a) and (2)(a));
	the time at which the unquoted status requirement is to be met (section 143(1)); and
	if section 145 applies, the time at which the new shares are to be treated as having been issued for the purposes of section 146(2)(b).