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On the April 2, 2014 Google completed a stock dividend by issuing a new Class C Capital stock on a one for one basis for the outstanding common stock, with a record date of March 27, 2014 and a payment date of 2014. The Class A shares will continue to trade under the ticker GOOG and the new Class C shares will trade under the ticker GOOGL
The following explains how to enter the Google Stock Dividend Spin Off into timetotrade, to ensure that cost is correctly apportioned when preparing HMRC Tax Returns.
Some background reading that may be of interest:
- 1 new GOOGL share was issued for each GOOG share owned on March 27, 2014
- The new GOOGL shares were issued on April 2, 2014 and commenced trading on April 3, 2014
- GOOG close price on April 3, 2014 was $569.74
- GOOGL close price on April 3, 2014 was $571.50
If the Google shares where purchased in Pounds (GBP), enter the "Issue price" on the Share Reorg interface in Pounds, using the GBP/USD exchange rate on April 3rd, 2014, which was 1.65979 i.e.
- GOOG close price on April 3, 2014 was $569.74 therefore enter £343.26
- GOOGL close price on April 3, 2014 was $571.50 therefore enter £344.32
The issue of the new Class C GOOGL shares will be treated as a 'Capital Reorganisation' when using timetotrade. The following link provides some background reading on Capital Reorganisations
For this example, it will be assumed that 10 Google shares where purchased on the 1st of January 2014 for $555. The Google share transactions have been entered into timetotrade as per the following screen shot:
To enter the Share Reorganisation, click on the 'share reorganisation' button below the 'Open Positions'. Set the date to the April 2, 2014, which is when the reorganisation occurred:
Click on the 'submit' button then select Google from the list of open positions on that date:
Click on the 'submit' button, then select 'Capital Reorganisation' from the drop down menu:
Click on the 'submit' button then enter the Google share reorganisation details where:
- Share Issue Ratio is 1:1
- The share 'issue price' for GOOG on April 3, 2014 was $569.74
Click on the 'add another' button to enter the GOOGL details where:
- Share Issue Ratio is 1:1
- The share 'issue price' for GOOGL on April 3, 2014 was $571.50
Click on the 'submit' button to process the Capital Reorganisation.
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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