I have questions relating to the CGT treatment of a Rights Issue when, many years later, the shares in the company are sold. (1) Am I correct in understanding that the cash proceeds from the sale of pre-emptive subscription rights (the option to buy new shares was not given) should be treated as a disposal in the relevant tax year when the rights issue was made? And that no CGT would be due if the small proceeds are within the CGT allowance for that year? (2) Or when the shareholding is sold a number of years later, should the cash obtained via the rights issue be included in the overall calculation of gain? Many thanks