3rd May 2018 10:34
LONDON (Alliance News) - AVEVA Group PLC said Thursday it has received confirmation from Her Majesty's Revenue & Customs that the return on value to shareholders from its reverse takeover of Schneider Electric SE will not be taxed as income.
The engineering and industrial software company said the treatment of the GBP10.15 per share return of value is in line with its own expectations.
HMRC also confirmed to AVEVA the issue of the B shares to shareholders should not be treated as a tax-free reorganisation of the company's share capital.
Instead, shareholders in receipt of B shares "should be treated as making a part-disposal of their holding of ordinary shares when the B shares were received" - which would "give rise to a chargeable gain (or allowable loss) for UK tax purposes".
Shares in AVEVA were up 0.7% to 2,254.00 pence each Thursday morning.
Related Shares:
AVV.L