(1) Part 16 of the Principal Act is amended -
(a) in section 489 -
(i) by inserting the following after subsection (4A) (inserted by the Finance Act 2002):
"(4B) Notwithstanding any other provision of this section, where -
(i) in accordance with section 508 relief is due in respect of an amount subscribed as nominee for a qualifying individual by the managers of a designated fund,
(ii) the amount so subscribed was subscribed to the designated fund in the period beginning on 1 January 2004 and ending on 4 February 2004, and
(iii) the eligible shares in respect of which the amount is subscribed by the managers of the designated fund are issued on or before 31 December 2004,
or
(b) eligible shares are issued by a qualifying company to a qualifying individual in the period beginning on 1 January 2004 and ending on 4 February 2004,
then the qualifying individual may elect, by notice in writing to the inspector, to have the relief due given as a deduction from his or her total income for
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