(1) Section 503 of the Principal Act is amended by substituting the following for subsection (1):

"(1) A claim for the relief in respect of eligible shares issued by a company in any year of assessment shall be made

(a) not earlier than -

(i) in the case of a relevant investment, the date on which the company commences to carry on the relevant trading operations, and

(ii) in any other case, the end of the period of 4 months mentioned in section 489(7)(a)(i)(II),

and

(b) not later than -

(i) 2 years after the end of that year of assessment or, if that period of 4 months mentioned in section 489(7)(a)(i)(II) ended after the end of that year, 2 years after the end of that 4 month period, whichever last occurs, or

(ii) 3 months after the date the statement referred to in subsection (3) is furnished, where such statement is furnished within the 3 months prior to the expiry of the time specified in subparagraph (i).".

(2) Subsection (1) applies and has effect as on and from 1 January 2009.