I have questions relating to the CGT treatment of shares originally obtained at no cost from a building society demutualisation. (1) When calculating any gain or loss on the disposal of so-called “free” shares obtained from a building society demutualisation, is the base cost £nil or is it the value of the shares on the date of the demutualisation? I have seen reference on company websites to the latter approach being adopted, including providing information on the share value on that date, but other sources suggest the former is correct. (2) If the base cost is £nil, am I correct in understanding that the gain is the value of the shares when sold? Many thanks