VCM12200 - The investment process: Date of issue of shares

The date when shares are issued is to be ascertained in accordance with company law (see National Westminster Bank plc v CIR, 67TC1). Shares are issued to a person when that person's title to them has become complete. When that happens will depend on the circumstances of the particular case, but normally it will be when the shareholding is entered in the company's Register of Members.

The issue of shares should not be confused with the issue of a share certificate, which merely provides evidence of ownership of shares.