Different reliefs

I refer to Penny Bates' article What a relief! which I enjoyed very much — well done. In the section of the article headed up 'Shares purchased rather than loans' Penny states on page 443 that:

'To qualify the shares must be newly issued. It is not sufficient that they are purchased from another shareholder as such expenditure would not qualify. However ITA 2007 s 392(2)(a) refers to 'acquiring any part of the ordinary share capital of a close company that is not a close investment-holding company.'

It is not apparent to me from the legislation that acquisition of existing ordinary shares from a shareholder (as opposed to a new issue of ordinary shares by the company) does not qualify. Nor could I see any commentary in the HMRC manuals which effectively equates 'acquiring' with 'subscribing'.

I wonder...