For EIS relief to be available, the shares issued must be ‘relevant shares’ which, throughout Period B (see ¶323-030) comply with the following conditions:

(a)they are shares forming part of the company’s ordinary share capital which, throughout Period B (see ¶323-030), do not carry any present or future preferential rights to dividends or assets on a winding up, nor any present or future rights to be redeemed. For these purposes a preferential right to dividend is only within the restriction if:

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