The rights issue in June 2001
and the demerger of O2 in November 2001 adjusted the value for capital
gains tax purposes of BT shares.
note on the effects of the rights issue on the CGT position
relating to BT shareholdings is available from the Shareholder
Demerger of O2 – capital
gains tax calculation
The confirmed official opening
prices for BT Group and O2 shares on 19 November 2001 following the
demerger were 285.75p and 82.75p respectively. This means that, of the
total (combined) value of 368.50p, 77.544% is attributable to BT Group and
22.456% to O2. Accordingly, for CGT calculations, the base cost of BT
Group shares and O2 shares is calculated by multiplying the acquisition
cost of a BT shareholding by 77.544% and 22.456%, respectively.