Client received 3 Nedbank Group shares from his small holding in Old Mutual Limited, which I assume is possibly a South African quoted company.
The 26.9.18 Old Mutual circular explained that the new Nedbank shares SHOULD be treated as a dividend for UK tax purposes. It then says that the tax value of the dividend would be the market value of the Nedbank shares at the time of the Nedbank unbundling (but that discussions between OM/Nedbank and HMRC about this are ongoing).
So I assume that the deemed dividend value will go on the UK SATR foreign pages rather than being treated as a UK dividend.
Does anyone know the answer for sure.
And also, does anyone know the tax value for each Nedbank share at the time of the unbundling on which the dividend (and CGT base cost) is based. I reckon it must be around £12 to £13 per share.
Thanks for any input.