Santander issued a scrip dividend in November 2009 instead of paying a regular dividend. If a UK client received this, do I need to put anything on his 2009/10 tax return about the "dividend"? If he sold the new shares and received cash for them, can I treat this as a small part-disposal and say nothing on the return about the disposal? Their UK shareholders' website seems to be somewhat lacking in detail about the UK tax treatment.
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Part 5 from page 12 on
in the following document seems to answer your question
Scrip Dividend questions and answers
Broadly it's either CGT or nothing