I have questions relating to the CGT treatment of a Rights Issue when new shares are received under a cashless take-up (tail-swallowing) option, where the company sells a sufficient number of nil paid rights so that the balance of the entitlement under the Rights Issue can be taken up using the net proceeds from the sale of the Rights. (1) Should the receipt of the additional shares be treated a capital gain? (2) If yes, should this be considered as a gain in the tax year in which the Rights Issue is held? (3) Or is the gain from receiving the new shares factored in when any gain is calculated when the whole shareholding (including the new shares obtained from the Rights Issue) is sold at a later date? Thank you