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Demerger BHP Billiton South32 May 2015

BHP Billiton implemented a demerger of South32 on the 19th of May 2015. Key details:

  • One South32 Share was issued for every one BHP Billiton Share
  • Demerger became effective on the 19th of May 2015
  • South32 share price closed on the 19th of May 2015 at 117.1755 pence
  • BHP Billiton share price closed on the 19th of May 2015 at 1405.50 pence


Some background information on the BHP Billiton demerger:


Price Charts:


TimeToTrade accounting and taxation product can be used to calculate the cost apportioned to the BHP Billiton and South32 after the demerger and the resulting UK HMRC Tax Liabilities upon the disposal of the shares. To learn more about how to enter demergers into TimeToTrade and how the apportioned cost of each share is calculated, see:



For this example, it will be assumed that 1000 BHP Billiton shares where purchased on the 2nd of January 2013 for 2200 pence. The BHP Billiton share transactions have been entered into TimeToTrade as per the following screen shot:


BHP Billiton South32 Demerger 1.png



To enter the Share Reorganisation, click on the 'share reorganisation' button below the 'Open Positions'. Set the date to the 19th May 2015, which is when the reorganisation occurred:


BHP Billiton South32 Demerger 2.png



Click on the 'submit' button then select BHP Billiton from the list of open positions on that date:


BHP Billiton South32 Demerger 3.png



Click on the 'submit' button, then select 'Demerger' from the drop down menu:


BHP Billiton South32 Demerger 4.png



Click on the 'submit' button then enter the BHP Billiton share reorganisation details where:

  • Share Issue Ratio is 1 : 1 as the original BHP Billiton share holding remains the same after the demerger
  • The share 'issue price' was the closing price of the BHP Billiton shares on the 19th May 2015, which was £14.0550 (1405.50 pence)
  • There was no cash received


BHP Billiton South32 Demerger 5.png



Click on the 'add another' button to enter the South32 details where:

  • Share Issue Ratio is 1 : 1
  • The share 'issue price' was the closing price of the South32 shares on the 19th May 2015, which was £1.171755 (117.1755 pence)
  • There was no cash received


BHP Billiton South32 Demerger 6.png



Click on the 'submit' button to process the Demerger. Note that the cost is apportioned between the BHP Billiton and South32 share holding:


BHP Billiton South32 Demerger 7.png


The correct costs will now be apportioned when using TimeToTrade to Generate UK HMRC SA108 or Investment Club Tax Return Form 185.


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