How to define Cash from May 22 - AVIVA 76 for 100 Share Consolidation

On 13 May 22 AVIVA did a share consolidation of 76 new shares for 100 Old shares and a cash amount. The cash amount was meant to equal the loss of the 24% of shares based on closing price on 13 May 22 of £5.37 When the shares opened on the Mon 16 May 22 at £3.84, this was a 28.5% loss in value. My questions are; 1. Do I treat the cash given as a Dividend or the proceeds from selling 24% of my holding 2. How do I treat my Sect 104 holding Average? Do I reduce the Average by the 24% or 28.5% or leave it as is...? Brenty

Hi Brent Sandiford,
Please refer to:
HS285 Share reorganisations, company takeovers and Capital Gains Tax (2022)
Item 9 details the tax implications of getting shares with cash and there is a formula which will help you determine if you will need to pay Capital Gains Tax on the payment received.
There is also an example (9.1) detailing the potential effects on the S104 holding.
Thank you.